It can often feel like we are out of control of our money. It might feel like we are always struggling to pay for everything that we need and have nothing left for what we want or we just find that we are always worrying about money. By being more in control of your money you can resolve a lot of these or make them easier and there are different things that you can do which will help.
Keep Household Accounts
The first step is to start keeping household accounts. If you can write down the details of all the money that you have coming in and all the things that you are spending money on it will allow you to be aware of what is going on. It can be easy to spend money without really noticing what you are doing and even to have direct debits and standing orders set up that you have forgotten about. As well as bringing these things to your awareness, you will also be able to see how much you are paying or various things and you may not have realised quite how much you are paying for different things. Therefore, it can be really enlightening and you may be spurred on to change some of your behaviour as a result of just seeing what you re spending money on and how much you are spending.
Check You are not Overpaying for Things
It can be wise to start comparing prices on the different things that you buy to check that you are not paying more than necessary. Switching to a different insurer, electricity supplier or whatever can save a significant amount of money and is really easy to do. You will not have to do a lot to get it switched over and you could save a significant amount of money. It can be a good idea to look at the prices of everything you buy and see if you can pay less for it. You could save a lot of money even if you just make a small saving on each item. Why pay more than necessary? You could end up saving a lot of money.
Consider if your Need Everything you Buy
It is also worth looking at the different items that you buy and making sure that you really need them all. We often buy things that we do not really need and possibly that we never use and so it is good to think about whether we really need it all. This is not about depriving yourself of things you really like and that bring you a lot of pleasure but it is about thinking about the worth of the different items and services that you pay for and whether you think they are offering you good value for money. You may decide that you would rather not buy some of the items and would rather have the money for other things.
Repay Your Debts
If you have debts then repaying them could help you to have more available money for other things as well as to be more in control. There are a few checks you need to make though. Firstly, check out how much the debt is costing you as you will find that this will be different depending on the loans that you have. Some might be very cheap, and you might actually make money if you put money into a savings account rather than repaying the loan. This is very rare though. There are also some loans such as these instant options which have fees if you repay them early. These are call early redemption charges and for some loans, particularly mortgages they can be so high that it is not actually worth repaying them early. So watch out for these and make sure you check with the lender before you start overpaying or make the decision to repay it early.
Build up Some Savings
Once the debts are paid off (or you have paid off the ones that it worth paying off) then you want to think about getting some savings behind you. Having some money in a savings account can give you a feeling of security and it is well worth thinking about doing this. Not only will it mean that you have money to fall back on if you need some in an emergency, it will also mean that you will be able to get a bit of interest on your money and save up for things that you need.
There are many people that rent a home and they might feel that what they are paying is too much. It can be a big commitment or perhaps even a burden because the rent is so high. There are some things though that you can do, which will reduce the amount of rent that you will have to pay.
Move to a Home with lower Rent
One obvious solution is to move to a home with a lower rent. This is not an easy option of course. Not only will you need to get together the money to pay a deposit on a new home, you will also have to pack up all of your belongings and organise the removal. There may be a reason for you living where you are, perhaps because you are really near to where you work, near to the children’s school or to family. Moving may mean that you have to go further away from these places and this could be too inconvenient for you. It could also mean that you will need to pay extra money out for transport to these places and this could end up costing you more money in the long run. If you are in a place because of its size, then downsizing could be worth thinking about as it will be significantly cheaper. If you are in a place because you like the area then this could make a difference too. You might find that you can still find a place in a reasonable area but save a significant amount of money by moving so it could be worth considering this. It is always worth keeping a check on what is available in your current area though because you could find that something will come up that you could rent. It is a wise idea to keep some savings available so that you can use them for a deposit if a place does come up. You would be really annoyed with yourself if you found an ideal place to move to which was a lower rent but you could not take it on because you did not have the money available to pay the deposit.
Negotiate With your Landlord
It could be worth talking to your landlord if you feel that the rent is too high. There might be something that you could use to justify this. Perhaps you may feel that it is uncompetitive compared with the rents that other people pay in the area or perhaps there is something wrong with the property that you feel means that the rent should be lower. Keep it friendly though as they could serve notice on you and you could be forced to move out if they think that you are causing unnecessary trouble for them or an unnecessary fuss.
Split the Rent with Someone Else
It can be worth considering splitting the rent with someone else. You will have to discuss this with the landlord or letting agent though. Most will be very happy with you having someone else living there that will help with the rent. This will help you with other things as well as you will be able to share the cost of the utilities and council tax too. Obviously, you will only be able to do this if you have the room, but it could be well worth considering. If you have a friend or family member looking for somewhere to rent it could be an ideal opportunity to ask them if they want to move in with you and help you out with the rent.
There are many people that make money online and it can be rather a mystery to some as to how they do it. There are actually a lot of different ways that you can potentially make money and you will be able to choose between them if it is something that you want to do.
Some people will pick up freelance work online which they might do at home. There are websites where employers can list different jobs that they need doing and then people can apply for these jobs. There are lots of different types of jobs available so it is possible that there will be something that you will want to do. There will be competition and you may find that the pay will not be that high, but this might be okay with you because you are happy to be earning this way. Hopefully you will be able to find something that you enjoy and will be happy to do to get some extra money.
Surveys and Small Jobs
Some companies offer small jobs to get money such as answering surveys. These can be fun to do but they will not pay very much. You will often find that you will need to accumulate a certain amount of money before you can cash out as well. This means that it can take a long time before you get paid but if you enjoy it, then you may just see the pay as a bit of a bonus for the fun things that you are doing.
There are several sites that you can sign up to where you can enter a free lottery. These are not associated with any of the big lottery companies, but they are funded by the advertising on the website. This means that you have to go to the website each day (or sometimes more often) to see if you have won and you will be exposed to adverts. You may not like this idea, but it does mean that you have a chance of winning some money for doing very little. Some will even email you daily to remind you to check so it is really simple. The prizes will be quite small compared to a lottery that you pay for but as you pay nothing then it can be well worth it. Also lottery prizes are tax free, which is an added bonus!
Some people will make a website, blog or even social media page (or perhaps a combination of these) and make money out of these. They may put together an online shop, provide information and sell advertising on the site or have affiliate links where they raise money. There are different things that they can try which could help them to make money from the website. It will depend on the nature of the website as to what might be the best way to make money and it will need to be promoted well and have a lot of traffic in order to make money from it.
Some people will make videos to earn money. They might make instructional videos or informative ones and then publish them and make money from advertising on them. This can be very lucrative for some people but it is very competitive. You will have to think of a way to stand out from other doing the same thing and you will have to keep bringing out new content as well. You will also find that you will not be able to get sponsorship until your videos have attracted over a minimum amount of views, so you may have to work hard on promoting them as well.
There are many people that worry about money. It is something that can be stressful because having not enough or sometimes even too much money can create anxiety. There are things that you can do though, which should help you to be able to feel more confident with your money and hopefully also reduce the worries that you have with regards to it.
Keep a Close Track of your Money
It is a good idea to keep a really close track of your money. This means being aware of how much money you are earning and being paid and how much you are spending. You may want to keep this written down so that it is easier to track. Some people might like to use a spread sheet but others may prefer to keep it in a notebook. Either way it can be a great way to make sure that you know what is going on with your money. If you do this, you will feel more in control of what is happening as you will be aware of whether you can afford different things of not. It might also lead you to changing a few things that you do with regards to the money that you are spending so that you start to get in better control.
Do not Live Beyond your Means
Many of is will live beyond our means. This is when we spend more money than we earn. It is really easy to do this, perhaps by using a credit card or an overdraft and we can start getting into the habit of spending more and more extra to what we are earning. This is something we need to keep in check. We need to make sure that we are not spending more than we earn if we can help it. By keeping a track of your money, then hopefully you will be better able to know when you are likely to overspend and can choose not to buy things if this is going to happen. If we are buying a lot of luxury items, then we can cut back on these more easily but if we are only buying necessities then it is harder. However, we may be able to compare prices and buy cheaper items in order to save some money.
Try to Repay your Debt
It can also be a good idea to try to repay any debt that you have. Hopefully once you are more aware of your financial situation you can be more in control of your spending and make sure that you are not spending more than you are earning. This should help you not to build up any new debt and hopefully you will be able to have some money left over which you will be able to use to repay the debt. This will enable you to be able to owe less and it should reduce your financial concerns.
Have Some Savings
If you can put some money into a savings account this can help to reduce your worries as well. Hopefully you will be able to see that you have a buffer and it means that if you have any unexpected bills come in or need to replace something in an emergency then you will be able to use this money to help out. Knowing that you have this money available to you will mean that you will be able to relax a little and know that you will not have to feel really concerned about the future as you have some money there which will help you to more easily manage.
Many of us spend quite a bit on money on alcohol. This could be when we go out, perhaps to restaurants, pubs, bars or clubs or when we are at home or perhaps both. It can be quite staggering if we add up how much money we spend on alcohol and it can therefore often be worth thinking about ways that we can cut down how much we are paying out for it. There are different things that we can try.
Try Different Brands
It can be an interesting experiment to try different brands of alcohol to see whether you like cheaper ones. You may assume that the brands you use are the best and so it can be a good idea to do a blind taste test to see whether you prefer a different brand. You could find that you do not notice difference or that you prefer the cheaper one. It is good to consider the price once you have done the taste test so even if you like your usual brand more, think about whether you think it is worth the extra money that you are paying for it.
Try Different Types
It could also be worth thinking about changing to a different type of alcohol. There are big differences in prices between the different types of alcohol and so it can be a good idea to think about whether you are paying more than necessary for what you are drinking. It can be worth doing some research and trying to find out about what the prices are for different types of alcohol and compare them. You could look on a supermarket website to find out this information and it will enable you to see how much different items cost and whether you will be able to save a significant amount of money or not by switching. It might be that you will be able to perhaps swap in and out a few drinks, if you still like your normal drinks the most you could perhaps have a different drink on some occasions.
Another option could just be to reduce that amount that you drink. This means that you cut back, perhaps in how much you drink when you do have a drink or perhaps how often you drink. So, if you have a glass of wine each day with a meal, then perhaps have just half a glass or have a full glass every other day. You might want to slowly reduce it to make it easier to do. If you drink when you go out, then it might be the case that you will need to think about whether you drink less each time you go out or whether it will be better to go out less often. This will depend on whether you feel that you will be able to manage to buy less when you go out or if you think that you will find it too tempting to buy lots. You can experiment to see whether you will manage to buy less when you are out and if you cannot then you will need to consider just going out less.
Set a Budget
It can also be worth setting a budget so that you can keep a track on what you can afford to spend. If you set a limit and note down what you are spending, then this can help you to keep on track. Decide whether you want a weekly or monthly limit and consider how you will determine what the amount will be and how you will keep track of what you are spending.
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