Chat

Chat

Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.

 

How to clean up your Finances this Autumn in 5 simple steps

By Lauren Turner, Blogger

For most of us during this time of year, logging onto our banking app and checking the balance can be a struggle. Which makes now the perfect time to clean up your financial situation and stop stressing about not having any money left over every month.

Follow our 5 easy steps to give your finances a quick tidy and get your money in order.

Track your spending

The first step to cleaning up your finances is to get an idea of what you spend every month and compare it to the money that is coming in. You can do this by looking at your previous bank statements and dividing each purchase into categories, e.g. food, bills, taxis etc.

It can be scary seeing exactly where your money goes every month, but this is the first step to taking control of your finances.

Make a budget

A budget allows you to track your income and your expenses, and helps you see exactly where your money is going every month.

After you have added up your essential outgoings such as rent and travel costs, work out how much money you have left over. 

You can then separate this spare money into categories like takeaways, nights out and toiletries. Things like ordering a takeaway may seem like a small treat at the time, but they quickly add up to be expensive in the long run.

Cut down on your spending

After identifying any bad or frequent spending habits you might have, you can work on trying to break them and reducing your outgoings to save more money.

You might have a habit of buying a coffee every morning or buying an expensive lunch every week, so cutting this out can make you massive savings.

If you have a habit of going on regular shopping trips, pick one day a week to go shopping and stick to it. This not only helps you track what you’re spending, but also what you are buying. By doing this, your impulse buys will be hugely reduced.

Ditch your unused subscriptions

It’s easier than ever nowadays to forget you signed up to an online subscription service, which leads to being charged for something we haven’t even used!

If you don’t get much use out of your Netflix account or gym membership (you know who you are!), consider cancelling them to save yourself some extra money every month.

Build up your savings

Once you’ve cut down on your spending, you can start to save for a rainy day fund. Maybe you want to save for a holiday or a car?

Whatever your motivation for saving, it is always important to have a financial ‘cushion’ that can be used for emergencies.

A simple way to start saving is to set up an automatic transfer, as this way you don’t see the money in your current account before it comes out, so you don’t get the temptation to think about spending it.

 

Chat

Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.