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A Beginner’s Guide to Money Management

Taking the time to manage your money better really pays off. It can not only help you stay on top of your bills, but also save you thousands of pounds per year. These extra savings can be used to pay off any debts that you might have, put them towards a pension, or even spend them on your next big expense - be it a car or a holiday. Continue reading for money management tips, this includes setting a budget, being disciplined enough to stick to it, and some lessons in how to save effectively. Your first step is to take control of finances by setting yourself a budget. Remember that if you need expert help then you can contact accountants Conwy.

It takes just a little effort, but it is a brilliant way to get a snapshot in time of how much money you have coming in and going out. When you set a budget it means that you are much less likely to end up in debt, get caught out by unexpected costs, you are also much more likely to have a great credit score and therefore be more likely to be accepted for a mortgage or loan. It’s also going to enable you to be able to spot areas where you can quickly make savings, it’s also easy to see how much you have to save or have available, all ready for that big expense, be it a new car, holiday, or another treat.

Here’s what you need to get started

● Your everyday living costs
● Household bills
● Vehicle bills
● Friends and family costs
● Travel (Petrol, bus/train fare)
● Leisure (Gym membership, nights out, restaurants)

You also need your monthly income, all of the streams and avenues that you have.

Grab as much of this information that you can, the more comprehensive the better. You can save as much of your information as you want and update it as time goes on. You can whip up a spreadsheet that you can edit on the fly, no problem. There are also some great budgeting apps available on your phone and smart devices - your banks will also be able to help with advice on this too! Access business services when needed

This should provide you with the difference between your income and outgoings and then you know what you have to work with. If you are spending more than you have coming in, you know that there is a problem, and you need to work out where you can cut back to.

This can be as easy as making your lunch at home, batch cooking meals or cancelling useless expenses like a gym membership (if you aren't using it). You could additionally keep a spending diary and keep a note of things you buy in a month. If you have a banking app it might give you a complete breakdown of your spendings each month so that this information is readily available. 

Now it’s time to cut those bills down! You can have hundreds, even thousands of pounds just by shopping around for a new mortgage or even reviewing the ones that you already have. It pays off to review your mortgage regularly.

If you have any loans or if you owe money on credit cards it makes a great deal of sense to pay off the debts that charge the most interest first off. A great example of this includes the likes of credit cards, store cards (which sneakily charge an enormous rate of interest), personal loans, which are usually much lower in interest than credits or store cards.


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