I’m no expert, but I’ve never had much of a problem managing my money, no matter how little or much I have. Here are some of my favourite finance tips.
I’m sure there are tonnes of posts around like this, but I’m hoping I can bring something new to the table. This post is for you lovely people with too much week at the end of your wages, or too much month at the end of your money! Take from this what you want, you can use every tip if you want, or just the odd one. (FYI, origami – not all that relaxing)
- Let’s get the most extreme tip out of the way! Calculate your direct debits *to the penny* between now and your next pay, then see how much is left over. Think about how much you need to live on, and how much you want to save (if you do), consider also if you’ll need any extra money left over for your next “round” of direct debits. *bare with friends there’ll be an example*. Once you’ve got all that out the way, either withdraw what is left in cash, or transfer it to another account you can spend from. As anal as it seems, especially if you’re going to be withdrawing in cash, being meticulous with the pennies (unless you use a £5 note cash machine 🙌🏼) can mean you have a frustratingly odd number close to £10 left over when you could have withdrew it!
- Before you withdraw or put your extra money aside, consider if you’ll be doing any online shopping. If so, definitely carry on reading for more tips about managing money!
- With what’s left, think about what you have to spend in cash this week (bus tickets, lunches, food shopping etc). Don’t leave yourself short, but think of an amount you could save (if you want to start saving). Even if it’s £10, put it to one side as it really will add up. If not you have a whole £150 to get you through the week!
- Following on from that *step away from the debit card* if only having just enough money in your account to cover your direct debits isn’t enough inspo to lay off the plastic then I don’t know what is.
- Having cash as oppose to debit cards for spending, really can stop any unnecessary purchases, being able to see what you’ve got really makes you reconsider. Not only that, you kind of feel like you’ve got more money, and a hell of a lot more control. You don’t have to worry if your purchase will take you in to your overdraft or god forbid over it.
SAVE AS YOU SHOP
This is where the fun begins! I fluffin LOVE to shop, ain’t no shame. My favourite words associated with shopping (after “new shoes”) include “bargain” “discount” “free” and omg *shudder* “sale”.
- If you have a specific item in mind, I recommend the app “Shopstyle”. Search for what you’re after (e.g camel trench coat”), then order the items priced low – high. Try and have a sort of “max price” idea in your mind and don’t scroll any further past that or you’ll over spend. The app is basically like Google for fashion, and does all the leg work of hopping from shop to shop searching manually. Lazy and thrifty!
- Once you’ve located your lust have, find a discount code! Vouchercloud is my favourite for this, but you can find codes elsewhere such as the stores social media sites. If you’re a new customer to the store, discounts are often offered as incentives to purchase if you sign up to the newsletter or something!
- Make the most of BOGOF, but be sensible, if you know you can get two packs of face wipes in Savers for the same price Boots are selling them as BOGOF, then that’s not making a saving.
- Have a look for free gifts with purchases. Boots and Debenhams often have really great ones that are the best to take advantage of when buying something you need or presents for someone else! More bang for your buck. Even if you don’t want the free gift, as long as you’re not paying over the odds to get the item you want, it’s still worthwhile. You can always gift it to someone, or sell it.
- Shop second hand! If you’re not in to it already, and the thought of it gives you the whirlies, you have to bite the bullet and give it a go. You’d be so surprised at the items you can find that are so relevant to today’s trends. Just the other day I bought a vintage wool plum colour floppy hat for £2! If it’s the “dirtiness” of items that put you off, just buy the item and wash it before you try it on. Hang on to the receipt and tag, many charity shops do offer refunds just like any normal store.
- Host a clothes swapping party, this is a really great way to update your wardrobe without spending too much. Just ask a few friends to bring around a bottle of wine or 5, and a bundle of clothes they no longer want. You can all rifle through each other’s unwanted wares, while having fun and being fabulous.
- When done right *proceed with caution*, credit accounts can be really helpful! For example Very offer a “take 3” option, pay for your purchase over 3 consecutive months and you won’t be charged any interest. Similarly their buy now pay later option gives you an entire year interest free to pay off any purchase over just £100. This works well if you can’t justify a lump sum for them boots you have to have. What you’ll wear every day forever and ever amen. Just be sure you can afford the repayments when they’re due, if not, walk away! Find a cheaper alternative what you can afford or start saving up!
Hope you’ve found this helpful, let me know if you have any favourite finance tips!