Got debt?
Sort out your debts and spending
Find out how to spend less and save more.
Where do you spend all your money?
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Do you actually know how to save money? Did you use to have a piggy
bank when you were a kid? Did you have bank accounts?
I've got no financial qualifications other than O Level Maths and Economic
and Public Affairs, but I manage my household budget well.
Make a full list of all your debts,
incomings, outgoings, bills
Then you need to work out which debt is most expensive. How can you clear that debt? Sometimes it's cheaper to move the debt away from expensive store cards to somewhere where the interest rate is lower. Once you've emptied expensive store cards - cut them up and cancel the accounts. Then look at your expenditure.
Write down if things are weekly, daily, monthly or yearly. This monthly sum is how much you spend every month on average. How does it compare to how much you earn each month? If monthly sum < monthly wages then well
done, have you got a savings account? Don't spend more than you earn! If you have large debts then proper one to one debt advice will
help you. Take all the written notes you've made and any paperwork
you've got relating to your debt. |
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| Watch for bank account offers offering you free money, great interest rates. Read the terms and conditions to see if you'll get a net gain from changing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
How to economise? Once you've got a list of everything you spend money on as above, I suggest you get a small notebook and write down every penny you spend. Seriously. Every time you buy a coffee write it down. Put the receipt in the book so you know the exact price. Do this for a few weeks. Re-do your list of where you spend money. Check bank statements and account for every spend and withdrawal. How much do you spend on lunches? Could you cut back on that? Do you buy bottled water? Reuse a bottle - fill with tap water. Do you buy a bus pass but forget to take it? Breaking down your spending will show you how much you spend on everything. It's a worthwhile exercise to do every so often even if you're happy you save enough. Think about every bit of expenditure - if it's cheaper to take the car than the bus, but is there cheaper car parking available? |
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| Packed lunches can save you a fortune. Buy interesting ingredients as a treat at least once a week - just spend less than the cost of a bought sandwich! Buy nice bread rolls and ciabata, cut fresh veggies and take a dip. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ban the bottled water Reuse a plastic bottle and refill it every night and put it in the fridge. When you take it to work it'll be lovely and cold. If you don't like your tap water then get a filter jug and filter it. |
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| Make a note of the food you throw away each week. Stop buying as much of the stuff that gets binned. If you don't eat a full bag of salad then buy a smaller one or a proper lettuce. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empty your pockets of change every night and put the money away in a money box. Take it to the bank and put it in a savings account. Don't get cash out of the bank, or take out less than you think you want. You can only spend what you've got on you if you don't take a credit card out. |
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