Money Worries

The Small Changes you can Make to Improve Your Finances Easily
Money Worries

The Small Changes you can Make to Improve Your Finances Easily

Many of us would like to be in a better financial position but may feel that there is not anything much that we can do to improve things or if we want to make an improvement, we will have to make huge changes. However, there are small things that you can do, which will have minimal impact on your lifestyle, which could have a big impact on your finances. Some examples are below.

Switch Providers

It is really easy to switch providers and suppliers for things like gas, electricity, phone, TV, broadband, insurance etc. These items often get forgotten as they are paid monthly and we may not even really notice how much we pay for them. Therefore, it can be a good idea to find out how much you are paying and work out whether you should be switching to a different company to save money. It might take a phone call or online chat with a company and you will have to complete a form or something, but it will be very little effort to save what could add up to be quite a significant amount of money.

Compare Prices

When you are shopping, it can be a good idea to compare prices. This might seem a bit tiresome but it will become a habit after a while and you will start to find that you will be doing it automatically after a while. It can also make quite a difference as well. If you start comparing prices of retailers, brands and items it can make such a big difference. For example, compare supermarkets, then compare brands and own brands, then compare whether the product you want can be replaced with a cheaper product (such as grapes instead of cherries) or if you can find a cheaper form of that product such as frozen instead of fresh. This might sound hard, but if you take one product each shop to do this with, starting with the most expensive ones, it will not be too tricky and it could mean that your grocery bill will go down and down each week.

Check if you Need Items

It is always worth asking yourself whether you really need the items that you are buying. We all buy a lot of items and it could be that we sometimes buy things that we do not really need. Things we put to the back of the cupboard and do not use or things we already have and forgot that we didn’t need. Therefore, it can be a good idea to make sure that you always think to yourself whether you really need the items that you are buying. Of course, we do not actually need everything we buy, but think about whether you will use it and enjoy it as well.

Use a List

It can really help to use a list when you shop even when you are not buying groceries. Keeping focussed on why you are shopping can help you not to be tempted to buy other things, which perhaps you cannot really afford or just will not really enjoy that much. It is so tempting when we are shopping, whether in shops or online, to buy more than we need and so having a list might help us to remember what we really do need and turn away form those products being marketed at us.

Keep Household Accounts

Keeping rough accounts of what you are spending can help you to make sure that you do not spend more than you can afford. Just noting down how much money you have and what you need to buy can be really helpful and will help you to make sure that you are not spending more than you can afford which is really helpful.

Budget

It can be useful to set a spending budget to stick to. Once you know how much money you tend to get in and what you have to spend, you will know what is left to spend on other things and you can set a daily, weekly or monthly budget to help you to make sure that you do not overspend.

How Can I Stop Worrying About Money?
Money Worries

How Can I Stop Worrying About Money?

There are some of us that worry about money a lot. This is usually because we feel out of control with our money and that we are not managing to easily pay for everything on the money that we earn. This is very common but there are fortunately things that we can do which will make it easier to reduce that worry.

Keep Household Accounts

This might sound tricky but it is much easier than it sounds. Just put together a very simple table with a list of the money that comes in to your household each month and the money that goes out. This will allow you to be able to keep track of what money comes in and where it all goes. Sometimes we feel that it disappears and we do not really know where.

By having written records, whether on a computer spreadsheet or just in a notebook, you will be able to get a good idea of what spending you have to do and what extra spending you do on top of that. So you will pay for necessities such as food, rent or mortgage, loan repayments, tax, utilities and travel to work and school as well as some basic clothes but it is likely that you will also buy extras as well such as eating our or take away food, jewellery and accessories, books, music, hobbies, holidays etc. Once you have identified where the money is going and on what things, you will be able to prioritise your spending and set a budget for the items that are not necessities. Then you will be able to make sure that you have enough for the items that you need.

Pay the Important Things First

So make sure that you always pay the most important items first. It can be easier to set up most of these payments to go out by standing order or direct debit so that you do not have to remember to pay them. Set these up to go out of your account when you just get paid and then you will know that there is plenty of money available to cover the cost of these things. There will be some things that you will not be able to do this with such as petrol and food, but if you can do it for most then this will be very helpful. Then make sure that you are aware, by looking back over past months, how much you will need to keep by for petrol and food and then you will always ensure you have enough.

Do not Overpay for Things

It is also wise to make sure that you compare prices on the things that you are buying. You will find that otherwise you could end up overpaying for things unnecessarily. Just make sure that there are not places where you can buy the items for that will be significantly cheaper. If there are, it is worth switching to them and saving the money. You can compare prices on lots of things and therefore could end up spending quite a bit less.

Hopefully just by spending a bit less and being more organised with paying bills as well as prioritising spending, you will feel much more in control. By keeping records you will know where your money is going as well. This should be able to help you to feel a lot less stressed about money, because you know where you are at and you can budget to make sure that you always have enough. Of course, you may feel that earning more could help you as well and this could be the next stage that will reduce your worry even more.