Be honest.

How often you do check your bank balance or sit down and draw up a budget for the month ahead? If you tend to chuck statements on a pile on papers on the kitchen table or you check in with the bank every couple of months; now is the time to start monitoring your money more closely! Managing your finances has never been easier and it can help you to save more and spend less.

Creating a Budget
If you don’t live by a budget, there’s no better time to break the habit of a lifetime. Traditionally, at this time of the year, finances are usually pretty tight, and the sooner you can start saving, the better. Budgeting is simple, fast, and completely hassle-free in this day and age. While some people prefer to stick to old-school techniques and draw up columns of figures with a pen and paper, many opt to use apps or specially designed programmes. It’s a good idea to do a bit of research to find the best personal finance software and to think about what you need and what kinds of features you’d like. Budgeting enables you to monitor how much money is coming in and how much is going out, and it can give you a much better idea of where your cash is going every month. Sticking to a budget can help to prevent overspending and enable you to save more. You can use your budget to set a spending limit every week or to establish how much you’re going to transfer to a savings account or pay off a credit card each month.

Online Banking
The days of having to trudge out to the ATM or wait for a monthly statement to come sailing through the letterbox are long gone. This means that there is no excuse to have no idea what is going on in your accounts. With online banking and apps, you can check your balance on the go and keep a close eye on spending. If you don’t already use online banking, you’ll need to register online. With this service, you can check your balances, open new accounts, transfer money, pay bills, and find out more about other financial products, such as mortgages. It’s so easy to lose track of spending with contactless technology and online shopping, so it’s crucial to look at your bank on a regular basis.

Shopping Around
Once you’ve got an idea of how much disposable income you have available, you can take steps to increase this figure by shopping around and comparing prices. Take a look at how much you’re paying for insurance, for example. If you’ve got car, health, house or pet insurance policies that are due for renewal, don’t just accept the new price from your existing provider. Use the Internet to track down the best deals. You can do this to save money on everything from buying gifts and household items to finding cheaper broadband, TV and mobile phone services!

Even if you’re not the most diligent amateur accountant, it’s never too late to start monitoring your money today! If you’re looking for a credible and sound financial adviser, let us know and we will help you out!

Author

Melvin is an experienced Swimming Coach, Outdoor Teacher, and Youth Leadership Trainer with more than 8 years of experience. During his free time, he enjoys a healthy dose of reading, travelling and writing.

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