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Your finances
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Your finances
Spring-clean your fnances
Financial exper t Timi Merriman-Johnson shares his top tips to make your money go fur ther
Timi Merriman-Johnson (@mrmoneyjar) is an ambassador for National Numeracy, a charity supporting children and adults to improve their everyday maths, to create more opportunities and brighter futures.
Organise all your bills to come out on the same day each
month Paying subscriptions and bills on a monthly basis gives you a fair idea of how much disposable cash you have in your account on any given day. So why not try organising all your bills to come out on the same day each
‘ ‘ Take a look at your expenses and make a plan to control your spending
month? That way, you will know for sure that any money left over is yours to keep. You should be able to move the date of your direct debits by speaking to your providers directly.
Identify your ‘bottomless
spending pits’ Take a look at your expenses over the past month. Are there any products or services that you seem to be spending more on than anywhere else? It could be multiple online purchases or a takeaway habit that keeps tripping you up. This is a ‘bottomless spending pit’ – identify yours and make a plan to control your spending for this particular thing. You could designate a day of the week as ‘takeaway day’, or delete shopping apps from your phone to make you less tempted to splurge (this really works!).
Spend from a different bank
account One of the simplest budgeting techniques is the ‘satellite bank account’ strategy. This where you have two bank accounts – the one you get paid into and pay your monthly bills from (your needs), and a second account that you pay a set amount into each month for dayto-day spending (your wants). Transfer a set amount into your second account each month and use it for things such as eating out and buying clothes. You’ll be surprised how naturally your spending will adjust. Additionally, money management apps can help you identify your downfalls and set spending plans. Start saving Now is as good a time as ever to start a savings habit. Having a cash buffer or emergency fund is important and will help you to navigate much of the uncertainty we have been facing over the past couple of years. Could you save 1% of your salary? Up that 1% by an additional percent each or every other month, if you can, and you’ll soon have a good amount tucked away.
Keep an eye on car costs
With fuel prices still very high, if you’re thinking about buying a new
or second-hand car, it’s worth considering the running costs. Always look for the mpg (miles per gallon) figure, which gives an idea of how far a car can travel on a gallon of fuel. With electric, look at the miles per kWh (kilowatt hour). The insurance premium is influenced by your choice of car, as well as lots of other factors, so check this out too. For more info,
