Here at payday loans experts Wizzcash, we’re well-versed in keeping on top of our finances. With our own research showing 34% of people struggle to make their wage last all month, we thought we’d put together some easy ways to keep on top of your cash. Let’s go!
If you’re not doing so already. Once you’ve got to grips with it, budgeting is super-easy and will give you peace of mind over your finances. It’s easy to set up a budget: start by working out what you’ve got coming in and what you’ve got going out, so you can see exactly where your money is going.
If you want to start saving for something or just want to keep a tighter rein on your finances, budgeting could work wonders.
Set a savings goal
Setting a savings goal should motivate you to manage your money better. If you have something to aim for or look forward to, you’re much more likely to want to achieve it. If you don’t have it already, start by putting together some emergency savings – so you can fix the car, mend the boiler and deal with whatever dramas might arise.
After that, you could work towards something like a holiday, new car or gadget.
Earn a little extra
Make money management that much easier by having a little extra coming in. In our guide to making money online, we outline simple ways you can make extra cash – all from the comfort of your computer. Think about:
- Getting paid for watching videos and playing games.
- Completing surveys online and earning a few pennies.
- Complete simple market research tasks in return for vouchers and cash.
Cut your bills
If your household bills are a drain on your finances and you’re spending more than you ought to, cut them back. For your internet, energy, mobile phone and home phone bills, make sure you shop around – there are some good package deals out there and you could switch to something a lot easier on your pocket.
For food, clothing and other expenditure, only buy what you need. Reduce impulse buys as much as possible and draw up a weekly meal plan – one of the best ways to manage your food spend.
Spend your money wisely
This could range from something pretty major – trying to switch to a mortgage instead of renting – or something a little more low-key – renting a DVD from the library for a few quid rather than buying it at full price. Whatever it is, spend your cash wisely.
Weigh up your options and make the best decision for you in the long-term. You might find our financial checklist useful in doing this.
Work to reduce debt
If you are in debt, whether that’s with a credit card, payday loan, short-term loan or another form of finance, prioritise clearing it. Some tips for paying down your debt include:
- Paying more than the minimum payment, if you’re able to.
- Prioritise the most expensive debt first.
- Consider a balance transfer card.
Start a spending diary
It may sound like a bit of a chore, and it is, but keeping a spending diary is a great way to manage your money. Keep track of everything you spend (yes, everything) and, once a fortnight or once a month, take stock and look at where your cash is really going. This will help you identify areas of frivolous spending so you can cut back.
Change your direct debit dates
If possible, amend your direct debit and standing order dates so they fall close after payday. That way, you know exactly what will be coming out after you get paid. This will help you plan and budget an awful lot better.
Sell anything you don’t need
Do you have a mountain bike sitting in the garage you haven’t used in 10 years? Sell it. Sell anything you never, or rarely, use. It’ll free up space and give you some extra pennies for the piggy bank.
Plan for the future
Once you’ve started to get to grips with your finances, it’s time to set some longer-term goals. This could be a house, car, pension, university fund, anything. Consider taking some financial advice on how best to plan for your future.