Published on: 20 Mar 2018
The longer days and budding daffodils usually bring a smile to people’s faces. Thoughts move to ways to fill your leisure time, holidays, hobbies and generally enjoying life. But all this costs money – so if your finances are making you glum, take a look at our 5 top tips for sprucing up your cashflow.
1 Work out your budget
We know everyone says, this and we’ve said it loads of times, but if you don’t know where your money is going, you’re never going to take control. So start off with our Budget Planner. Yes it will take a little time and you’ll need to get some paperwork together but you won’t be able to go to the next step without it!
2 Cut the wheat from the chaff
Meaning, ‘to separate things that are of high quality or ability from those that are not’. Be ruthless and cut back on unnecessary spending whether it’s takeaways, TV bundles, gym subscriptions, apps and games. If you don’t use it on a regular basis, you probably don’t need it. Same goes for your gadgets, clothes and clutter. Sell it online and bag the cash – you’ll need it for step 3.
3 Save for an emergency
We won’t say a ‘rainy day’ because emergencies can happen on sunny days too. Aim for a cushion of 3 months worth of expenses. You’ll know how much that is when you’ve done your budget at step 1!
Put it in an easy-access savings account so that you can get to it quickly.
4 Save for the short/ longer term
Well basically we mean get into the habit of regular saving. Set yourself a goal, see what surplus money you might have after doing steps 1 , 2 and 3 and open a regular savings account. Some of these pay a higher interest if you’re an existing customer or if you commit to saving for a set period of time. You can name your account ‘holiday’ ‘big birthday’, ‘wedding’ or ‘deposit for home’ to keep you focussed and motivated.
You can see how quickly your money could grow with our GoalSaver.
5 Plan for the ‘what if…’
No-one wants to leave their loved ones with more worries than necessary, so no matter what your situation – single, living together or married, young, middle-aged or older, here’s what you need to do.
- Write your will – so that whatever possessions you have, they go to those you want and don't forget your digital assets (music, social media etc)
- Prepare your ICE file – so your loved ones know where everything is and know what to do ‘in case of emergency’
- Think about a Power of Attorney - it's not just for old people, anything can happen to any of us at any time.
So once that’s all done you can concentrate on enjoying the Summer!
Get your finances in order
Save and invest
Celebration planner, Holiday planner
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