Easy Ways To Manage Your Money

Are you one of those people who want to save but always find something to spend their money on or just don't have the money at the end of the month to actually save? Do you have debt that you just can't seem to shift? With the average UK debt not including mortgage debt, now being over £13,000, here are some easy ways to manage your money and get your bank balance into the black at the end of the month.

Sit down and work out your finances

Get bank statements and details of any bills and list your incomings and outgoings on a spreadsheet or in a notebook. This will give you a realistic view of your finances. You may be surprised where your money is going. 

Look at your day to day spending

Can you cut your costs relatively painlessly? Do you have any subscriptions or memberships that you can cancel like the gym or a magazine you no longer read? Do you really need that extra coffee from that cute coffee shop at lunchtime, you could alway have a glass of water instead? Make lunch to take to work instead of buying it every day. If you are a shopper or a clubber, go out once a month instead of every week. Simple steps like this can really make a big difference to your finances.

Use pound shops, charity shops and supermarkets wisely

Use these shops but use them wisely. Pound shops do have some brilliant bargains but not everything is as cheap as you think. If you have children they grow so quickly, will they even know that the latest outfit you bought for them was from a charity shop? In supermarkets look for special offers and the latest deals. Find out when items are reduced and stalk out the bargain section for food with a short shelf life that's reduced.

Shop around and don't renew automatically

Look at bills like your home, travel and car insurance, car breakdown cover, gas, and electricity and see if you can shop around for the best deal. Sites such as Go Compare and Moneysupermarket will give you price comparisons on a number of products and could save you a lot of money.

Get rid of your debt

Before you can save you need to get rid of any debt. Debts like mortgage, rent, and utilities such as gas and electric cannot be put off and need to be paid. If you find you are struggling to pay off any large debt it may be worth consolidating your debt with a guarantor loan

Set a savings goal

It can help keep you motivated if you set a savings goal, such as £1000 for that holiday to Vegas you've always wanted or £2000 to buy a second-hand car. Seeing your goal written down will help keep you focused.

Look at ways of making more money

Sell your unwanted items on eBay, Gumtree, or through your local Facebook selling pages. Get paid for your opinion by doing surveys or becoming a mystery shopper. If you have creative or office based skills considering doing freelance work through sites such as People Per Hour or Elance. Consider party plan work like The Body Shop, Avon or Ann Summer where you will get reduced price products as well as commission on what you sell.

Check out other ways to boost your income from Money Saving Expert. For more help and advice check out the Money Advice Service, for free and impartial advice.

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  1. This post is really helpful. I visit Money Saving Expert a lot, and always look at ways to earn some extra cash via People Per Hour. I think I should sit down and look at where most of my money is going though x

  2. These are really helpful tips. I'm a stay at home mum at the moment so try not to spend what I don't have.

  3. SO many helpful tips hun, I find saving all my change is a massive help too x

  4. Thank you for the tips! love it!

  5. Awesome tips! I'm currently on a big saving push at the moment, so this has been very helpful.

  6. Great tips - I used to be in debt and getting out of it was one of the hardest things I had to do but so glad i did! Thanks for sharing x

    1. That must have been hard to get out of, but with hard work, you have proved you can do it.

  7. Lovely tips. Getting rid of my debt is my priority now.

  8. These are all really good tips. Something me and hubby need to sit down and talk about now I don't have a contract at work x