4 Successful Ways To Better Manage Your Money

I don't know if it's just me but some things feel really expensive these days, whether it's days out as a family or the weekly shop, it all seems to add up really quickly. And so because of this, my Husband and I do our best to stay prepared for unexpected costs, such as what happened just last month with our cat Henry who wandered in with a broken leg that sadly ended up having to be amputated. Fortunately we have savings for our cats (we decided to ensure we have savings for them instead of paying insurance for four cats), but still it was an unexpected cost that without managing our money properly could have left us in a spot of bother financially. 

Unexpected costs

Unexpected costs can hit hard, especially if money is tight and in those situations it can be tempting to borrow money that you may have to pay HUGE amounts of interest back on, it's so important to do research on this sort of thing before committing to anything regardless of how quickly you may need the money. 

If you are ever in that situation, it is worth looking into credit card alternative - Polar Credit who are a credit line that aims to bridge the gap to mainstream finance so responsible borrowers can progress to lower cost credit and not pay the higher fees and interest rate associated with products such as payday loans, whilst also rebuilding their credit rating.

You are able to apply for a credit limit online and if the application is approved then the money will be transferred to your bank account. Interest is only paid on the amount of money that is drawn out of the credit line and not on the total credit limit that has been agreed. Repayments can be tailored too, so you are able to choose whether to repay the full balance, or make a minimum repayment each month.

4 Ways to better manage money

Set goals 

Setting goals can really help to change your mindset and I think that good money management comes hand in hand with having good money mindset. If you have a financial goal in mind, you can successfully work out how much it's going to cost you to achieve and from there you can work out how much you will need to save per month. 

Set a budget

Some people dislike the idea of budgeting because it can be seen as boring, but setting a budget and sticking to it is one of the most important ways to manage your money better. You should refer to your budget throughout the month to help you make spending decisions. When it comes to additional spending (i.e, not on bills etc), ask yourself before you buy - "Do I REALLY need this? Can I survive without it for the sake of reaching my financial goal?". 

Get on top of your monthly outgoings 

To be money savvy it's crucial that you know your monthly outgoings, this is your rent/mortgage, council tax, water, electric, gas, insurances, phone bills, tv bills, etc. I also like to include the rough cost of my weekly shop in my bills as it can really add up. Make sure you know exactly what is going out each month and what is coming in and only spend on extra things if you can do so whilst still having some money left over to put away in case of an emergency. 

Don't just automatically renew - make sure you're not overpaying

When it comes to your bills make sure you've shopped around and compared prices even after you've signed up. Often you can find cheaper rates elsewhere after your initial term has ended or you can phone the company you're with and ask if they have any better deals that you could move on to. It might seem like a lot of effort for a saving of just a few pounds a month, but those months add up and so does the money, so make sure you compare and don't just automatically renew on things like phone, TV, insurance, electric, gas bills, etc. 

I hope that these 5 tips have been helpful! 

Thank you for reading. 

  Alex xo