Making your money go further

Do you feel like your personal finances are in an irreparable state?  If you do, you are not alone, but here at  TWiCE, we believe that everyone deserves and still has a chance at achieving financial success. It is never too late to start making positive changes in your personal finances.  You can get further than you once thought if you take some time to lay a new healthy financial foundation.  Here are some tips to help you start:-

 

1.       Start budgeting or refresh your old one

If you don’t have a budget yet, set one up.  Writing down what you spend rather than keeping a tally in your head means you know exactly how much you are spending and where you might need to cut back. If you write down what is coming in and what goes out each month, you can be prepared to stay out of debt.  If you are already in debt, it can be a tool to help you get yourself out of it sooner rather than later. If you have a budget already, but it has got out of hand, take a fresh look at it.  If you manage your money and plan well, you will be able to spend, not just on the day to day items you need, but you may be able to set some money aside and save for the bigger items you want, too.

 

2.       Do not increase your credit card debt

Do not use your credit cards unless you plan on paying off the balance every month in full.  It is easy to lose track of your spending when you continually hand out your card.  If you are trying to get your finances in order, it is important to keep an eye on your credit card spend as you don’t want to be paying the high interest rate that accompanies that debt. 

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3.       Do not be caught out by supposed bargains

There is a saying “he who hasn’t a penny sees bargains everywhere”.  Don’t be caught out, even bargains need to be paid for.  If you see a bargain but it does not form part of your budget, you do not need it or were not intending to make that purchase, do not be tempted.  However, if you have room in your budget and you see a good bargain that can easily be thrown in the freezer or used for the next month, then be money savvy and go for it.  However, adjust your budget next month to take into account that unexpected expenditure.

 

4.       Shop around

If your mobile phone, gas and electric and insurance deals are coming to an end, shop around for deals.  New customers will often be able to find better deals than existing customers, so don’t be afraid to move around if you have to.  It is also a great opportunity to look for a deal that suits your pocket and your needs best.

 

5.       Eat out less and avoid branded foods

Make your own lunches to curb the temptation to eat out.  Lunches add up and you can save a small fortune by making your own lunches.  As much as we all like name brand foods, try the store’s own brands.  They often taste exactly the same and cost much less.  The money you save can be set aside and used on something on your wish list.

 

These are just a few tips we have to start making some positive changes with your finances.  If you would like to know more, we provide Croydon citizens free access for a year to our Fortnightly Insights and Money Stories that provide helpful hints and tips to help you manage your finances better. You can sign up for these here. https://www.twicecampaign.org/fortnightly-insights

  - Natasha W

Disclaimer:  The above information does not replace financial advice.  Please ensure you seek independent financial advice before making any decisions regarding your finances.  We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances.  Please note that we sometimes link to other websites but we cannot be held responsible for their content