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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.

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

 

Advice for Money Savviness in 2019

What does the word money mean to you?

Money is “a current medium of exchange in the form of coins and banknotes” but how does the word make you feel?

In a world where social media has taken over and our dream life is constantly on display, money can feel like an illusion. For many people, especially young people; money can bring a sense of pressure and anxiety that we are inadequate because we are not yet achieving this lifestyle. We receive so much information about money – get a good job with a good salary, don’t spend too much on rent, start saving as soon as possible – that it’s no wonder we all feel stressed about it! However, we are not often taught practical money management, how to actually attain financial freedom and how to achieve things on a budget.

My number one rule is: we create our own opportunities and it is so important to remember that we control our finances.

So, what can you do?

Why not try something different and look at budgeting your money as a competition with yourself!

How much can you save? I promise you, when you have your payments up to date and feel on track with things, this will be the best form of therapy – more than retail therapy ever will be, and take that from me… I enjoy both!

Saving money for a rainy day is also very important, even if it’s £10.00 a month!  £10 is also so achievable – sacrificing buying something as simple as one coffee per week and putting that money to the side. Those £10.00 all add up and you never know when you might need them for something important! Try it and see how it goes – if you need somewhere to start you can always try the Money for Life savings app to help you make the most of your money.

A little bit of advice

To those who are struggling to keep up with payments such as utility bills and rent – always keep your supplier in the loop and always check the tariffs.

For example: with your gas and electric, there will always be a tariff at the cheapest rate for you and you can compare providers. If the thought of having to do all of this is overwhelming, there are places called ‘one stop centre’s’ and there will always be somebody to help you get things off the ground. I know firsthand how daunting it can all be, and it is so important that you remember: nobody is judging you. Before I looked for help, I was humiliated at the thought of people judging me. I now know that our personal judgement and harshness can be the biggest hurdle of all. Personally, I would rather feel a little uncomfortable in the moment and do something about it than let all direct debits bounce back!

Who can help?

I remember finding out that I could get help with my bills whilst on a low income. At the time felt like winning the lottery! Companies like Yorkshire Water and British Gas have trusts where you can apply for help (links at the bottom of the blog).

It may take some time but doing a little bit of research can really pay off and help you move forward.

It’s easy to become overwhelmed when you try and sort out your finances but just remember – you’re in control.  Take the time to do some research, try and save a little bit each month and use an app like Pennies to Pounds to work towards your financial goals! Oh…and don’t forget to follow us on @moneyforlifeuk for more useful tips and advice.

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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.