Wondering how you managed to spend all your money each month? Wish you had more cash to spend on the things you love? You’re not alone. Most of us want more money, however, did you know that you don’t have to take on a second job or more shifts at work to boost your account?
If you adopt better spending habits and build on your relationship with money, you’re more likely to have more breathing room in your account and have more money to spend on the things you love the most. So whether that’s buying gig tickets, a holiday, saving for a car, house or money to place in your child’s savings account – click the link to find out more about opening a junior ISA.
So, where to begin? Here we’ll look at better money habits that you can adopt right now.
Keep track of all your expenses
You know that you have bills to pay every month, but where does all your other money go? Keeping track of all your expenses is the best way to spot those naughty little habits that keep your bank account tipping into the red. From daily coffees to magazines, sweet treats, online shopping, additional trips to the supermarket, all of these expenses are perfectly acceptable, but if you want to start saving or be in better control of your finances, it makes sense to monitor your habits and see where you can make improvements.
Including a saving category in your budget
When budgeting, it makes perfect sense to put aside money for your bills, your car, food and other necessities. However, a good money habit would be to include a saving category in your monthly budget. It doesn’t matter how much you can afford to put aside, having something in a separate savings account or ISA could be enough to help you through a sudden financial problem or event.
Find ways to cut back on your spending
Once you’ve recognised what it is that’s draining your bank account, you should try to find ways to cut back. For example, if you enjoy buying new clothes, you should find ways to look after the ones you have to make them last longer or consider shopping second hand. Avoid buying coffee and brew your own instead. Even the smallest of adjustments can make a big difference to what is left in your bank account each month.