Taking control of your Finances

smart46

How well do you manage your finances?


kindly provide tips

Ratison

This is such a broad question! If you have a browse through this forum, you'll see loads of ways people do this. Some people post a statement of affairs to get tips on how to cut down their outgoings. Some people live a very thrifty life (see the Old Style Money Saving board for more details). Lots of us track every penny we have and what we spend it on. People also get involved in challenges on the Debt Free Wannabe Challenges board, which helps people save, pay bills, have an emergency fund and only spend on essential items.

Some people are managing their finances by using a free charity such as Stepchange which helps people repay debts which have perhaps become unmanageable.

Hope this gives you some initial ideas.

Pepperoni

Spreadsheet detailing all finances (direct debits, other bills, etc).

Then YNAB (you need a budget) - basically put the above into it and keep track of spends to make sure its being stuck too.

monz

Looveee my spreadsheet i made up. track everything x

bargainbetty

Tip: Read some threads on the forum.

enjoyyourshoes

Hi
1. Have a clear objective (specific, measurable, achievable, realistic & time-bound)

2.Understand your total annualised costs & savings (to meet your objectives) (i.e. do a budget or similar) & ensure this is LESS than incoming money. (if not do a review to allocate LESS than income)
(DONT forget to include Christmas, Holidays, Birthdays, Savings, clothes etc as well as the boring stuff)

3. Break budget into two part (part one: monthly costs) (part two: 1/4ly ; 1/2LY & annualised bills. This annualised £'s should be divided by 12 to produce a monthly cost to save for these bills. Can do a cash flow to ensure monthly savings pot has enough £ to pay allocated Bills on the estimated months they become due)

4.Produce a monthly reconciliation which has your income LESS all your costs (including the monthly savings described above), Cash withdrawals, monthly DD & SO, cheques cashed, credit card purchases & savings (linked to your objectives). Do this reconciliation daily and ensure you spend LESS than income.

5. If you dont deduct credit card payments off your monthly income then you will not have the £'s to repay and thus end up in DEBT.

5. Put your monthly savings into a high interest account and track allocated savings against costs. Also DONT PAY insurances by monthly credit agreement pay them annually.

6. Get online access for your current and other accounts so you can see your separate reconciliation is accurate and moving monies is less hassle on line

7. Produce Excel docs to assist

Any clarification just ask