A few tips and tricks for budgeting and planning your finances:
- Work out your total in and out…even that coffee/sandwich you bought one day on a whim in your lunch-break.
- Prioritize: Food, warmth and shelter… everything else is less important.
- Debts may shout the loudest but do not come before household bills: been there, done that. Never again! Prioritize these too (in order of size) and get reduced payments or breathing space for a month or two, if they’ll agree.
- Start saving! Depending on how much you have left, start at £1, then aim for £1000, then 6 months’ wages. (I know that sounds loads at the beginning, but even a tenner can save your butt sometimes, so start small and you’ll be surprised how far it goes!)
- Chuck out anything non-essential from your account: Unused memberships, magazine subscriptions, car payments (sell it or give it back as soon as you have cash for an old banger)….see how much you can cut out without affecting your basic needs (BTW, Sky TV is not a basic need!)
- Get creative with money-making: whether it’s to pay basics. debts or savings (or even all three!) there are loads of ways to boost the income. Here’s just a few….
- Make something to sell (bags, cakes, accessories, jam, decorations….whatever you fancy)
- Sell your junk and the mountains of stuff your kids have grown out of… car-boot, Facebook for-sale pages, Ebay, local newspaper… if it doesn’t move, sell it!
- Do something online: Write an ebook, answer surveys. write reviews
- Sell a skill: tutor, babysit, do some driving or D.I.Y. jobs
- Lastly, know what’s coming: Check what benefits you may be entitled to, see if there is the possibility of raise/promotion at work (or a new job?) and plan for things you know are coming like Christmas and birthdays.
I hope that helps start you on your journey, I will be writing about dealing with debt and saving for Christmas….but that’s another blog…..