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Money Management Tips

A recent survey by Scottish Widows has found that 35% of UK adults (equivalent to 17 million people nationwide) admit to neglecting their finances. Don't be one of them. Let's face it: It's hard to make ends meet these days. Millions of Britons - even those that earn big paychecks - struggle with debt. There's no easy solution, but here are a few simple money management tips to help you get started:

  1. Make Lists
    Organize all of your expenses/what you owe into lists. For example, make one list titled "CAR" and itemize all the expenses related to your car. This includes petrol/gasoline, car wash, maintenance work, new tires, etc. You will then get a better idea of how much you need to budget each month to pay for your car expenses. You should make a list for each monthly expense you have like phone charges, utility bills, loan repayments, etc. After you have prepared each list, add up each list expense to get a better picture of how much money you need each month to pay off these expenses. Once you educate yourself on how much you are spending, you will come to a better understanding of how much you need to save.

  2. Buy Used / Pre Owned/ Second Hand
    Buying a car for example that is used is a very good idea as when you buy a car first hand, it automatically loses some its retail value once you drive it off the sales parking lot. There are many other day to day items that you can buy used/second hand such as books, clothes and mobile devices. Buying used/second hand has great cost savings compared to buying everything new.

  3. Review Your Credit Record A Couple Times a Year
    Many people do not realise that their credit record may have old or incorrect information. Knowing your credit record and standing is a good goal to have which will be helpful when you are trying to get financing. Make sure you contact a credit reporting agency to get a copy of your latest credit record. If there are any discrepancies, make sure you take care of them as soon as possible.

  4. Shop Around For a Better Checking Account
    Do some research online and see which banks offer checking accounts with free checks or no ATM fees. Some banks also will pay a little bit of interest if you keep up with the minimum balance. If you choose the right checking account, you could easily be saving money.

  5. Get Creative
    There are many ways you can get creative during your leisure time whilst saving money. One example is taking a regional holiday instead of an international one. Instead of flying to Paris, why not spend a weekend in Ascot? Same goes for going to the cinema. Instead of paying for a family of four for movie tickets plus popcorn and soda, why not rent a movie at home that everyone can enjoy? This ide can also apply to gift giving. Why not hand make something for someone special? It will show them that you put a lot of time, energy and effort in giving them a hand made gift.

  6. Use Coupons
    Now a days, there are coupons for mostly everything. When you go grocery shopping, make sure you bring all your coupons that you have for important staple items such as bread, coffee, and eggs. With a lot of online coupon sites, you have access to the best deals for a variety of different products.

  7. Be Credit Card Smart
    Having a credit card can be a good resource to be able to pay for certain things. However, make sure that you pay more than the minimum each month so you don't have any hefty fines like late fees. Also, showing that you pay your credit card each month will have a beneficial impact on your credit record.

  8. Know When to Shop After the Holidays
    Did you know that the day after Christmas, most items go on sale? If you can wait 24-48 hours after this holiday, you will find that most items are marked down.