If you have a tendency to overspend then I hope you find this lense useful.
With levels of debt increasing, it's now even more important to get control of your money before it takes control of you.
When it comes to money we tend to fall into one of three main categories: spend less than we earn, spend what we earn, spend more than we earn. Which one are you? Download the FREE Money Habits Checklist to see how you're doing.
As more and more people find it hard to get through from one month to the next, take a look at what you can do to get your finances in order. Avoid the need to use your credit cards to fund your spending, leading to further bad habits.
Start creating some good financial habits by taking a look at where you are now.
Here are a few tips to help you get on the right track now:
More Month Than Money
Seven Steps To Financial Freedom
Stay in control of your money with this complete e-course.Discover seven simple steps to start making your money work for you.
You'll find out how to save money by reducing your outgoings.
You'll be able to put together a savings plan and create your fund for emergencies and you'll learn the benefit of long-term investment.
"Wow! I feel like I just had a religious experience. What an amazing and useful tool. Great work Clare, and thank you for being such a huge contribution to the world. Just to be able to get that is amazing. I have nothing to say but Bravo!!!" [Jay Pryor]
Full details here - More Month Than Money.
Free Money Habits Checklist
What are your current money habits?
Get a free Money Habits Checklist.
- Would you like to build up you savings?
- Would you like to reduce your debts?
- Do you spend more money than you earn?
- Do you need to get control of you money?
- Are money worries affecting your health or relationships?
What would you like to save for?
Saving up for something special, just for your or for your future?
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Keep A Money Diary.
If you don't know where you spend your money, you can't start making changes.
It can be surprising where all the 'cash' goes. You probably don't really think about it on a daily basis. After all you probably just go to the cashpoint, press a few buttons and if your account is in credit, you get what you money out. What exactly do you spend it on? Where does it all go?
Keeping a money diary can help you get an idea of the flow of cash out of your bank account. Whether it's cash, cheques, cards or just those monthly bills.
Get a small notebook, carry it with you and write down everything you spend, as soon as you spend it, every day for the next week. Every bill, standing order, newspaper, snack, bus fare, coffee etc.
It can be surprising where all the 'cash' goes. You probably don't really think about it on a daily basis. After all you probably just go to the cashpoint, press a few buttons and if your account is in credit, you get what you money out. What exactly do you spend it on? Where does it all go?
Keeping a money diary can help you get an idea of the flow of cash out of your bank account. Whether it's cash, cheques, cards or just those monthly bills.
Get a small notebook, carry it with you and write down everything you spend, as soon as you spend it, every day for the next week. Every bill, standing order, newspaper, snack, bus fare, coffee etc.
Your Monthly Expenditure.
What do you spend each month on the basics: rent/mortgage, utility bills, food and essentials, meals out, entertaining, clothes, holidays, presents, credit card repayments etc. etc.?
Gather together all your salary slips, receipts, bank statements, credit card statements, details of loan payments, mortgage, your money diary, etc%u2026 - anything which shows money coming in and money going out.
Are you spending more than you earn, less than you earn or about the same?
Gather together all your salary slips, receipts, bank statements, credit card statements, details of loan payments, mortgage, your money diary, etc%u2026 - anything which shows money coming in and money going out.
Are you spending more than you earn, less than you earn or about the same?
Create an Emergency Survival Fund.
How much do you need for the basics like mortgage, rent, insurance, bills, food and car each month?
Aim to save at least three times this amount in case of emergency. If the worst happens, you lose your job, go sick, have a career change or just go through a difficult patch, you will have a financial cushion to support you.
Put it in an account with easy access but with a good rate of interest.
Aim to save at least three times this amount in case of emergency. If the worst happens, you lose your job, go sick, have a career change or just go through a difficult patch, you will have a financial cushion to support you.
Put it in an account with easy access but with a good rate of interest.
Save 10% of your income.
Pay yourself first. As a minimum put aside at least 10% of your monthly salary. Set up an automatic payment straight out of your bank account into a savings account.
Initially, place it somewhere with easy access, preferably earning the highest rate of interest available. Never under the mattress! You never know when you might need it and you're starting to invest in your future.
The only way to get rich is to save and invest! Start thinking long-term for your savings - five years or more, not just saving for the next holiday.
Initially, place it somewhere with easy access, preferably earning the highest rate of interest available. Never under the mattress! You never know when you might need it and you're starting to invest in your future.
The only way to get rich is to save and invest! Start thinking long-term for your savings - five years or more, not just saving for the next holiday.
Reduce Your Debts.
If you have debts, how much are they and how much will it actually cost you once you've paid it back? What would you rather be spending that money on?
How many debts do you have - loans, outstanding credit cards etc? What interest are you paying and over how long? How much will you end up paying in total?
If you can create some spare money each month, can you put it towards 'busting' some of your debt?
Clear your debts first before you start saving.
How many debts do you have - loans, outstanding credit cards etc? What interest are you paying and over how long? How much will you end up paying in total?
If you can create some spare money each month, can you put it towards 'busting' some of your debt?
Clear your debts first before you start saving.
Become a Savvy Buyer.
Always take a little bit of time and effort to shop around for the best deals - don't just buy the first thing that comes along.
How often do you check out the best deals available for insurance, mortgage, fuel, credit cards? Check out all the brokers and online insurance companies for the best quote.
Use cost comparison sites such as www.kelkoo.com or www.dealtime.com. You can also save money by switching to a different energy supplier via sites such as www.uswitch.com.
How often do you check out the best deals available for insurance, mortgage, fuel, credit cards? Check out all the brokers and online insurance companies for the best quote.
Use cost comparison sites such as www.kelkoo.com or www.dealtime.com. You can also save money by switching to a different energy supplier via sites such as www.uswitch.com.
Get Sound Financial Advice.
While you can discover a certain amount from newspapers, magazines and the Internet, it's always worth discussing your financial requirements with someone who knows what they're talking about.
Talk to a Financial Advisor. They usually offer a variety of products from different companies. Find someone by recommendation. Have an informal chat with one or two, to find someone you feel comfortable with.
Be clear about what you want from your investments. Are you looking for growth, future security or an income?
Talk to a Financial Advisor. They usually offer a variety of products from different companies. Find someone by recommendation. Have an informal chat with one or two, to find someone you feel comfortable with.
Be clear about what you want from your investments. Are you looking for growth, future security or an income?
Book Recommendations
Money Saving Websites
A selection of websites that will help you reduce your outgoings and increase your income.
- The Motley Fool
- A great source of all things financial. Good common sense advice in a clear, easy to understand format. US and UK sites.
- Dealtime
- Cost comparison site with pricing, reviews and ratings
- Debtors Anonymous
- Recovery from problems with debt.
- Debt Dr
- Helpful advice and solutions for a life without debt. (UK based)
- Ebay
- Sell the stuff you don't need or search out bargains for things you want to buy.
- Freecycle
- The Freecycle Network is made up of many individual groups across the globe. Find your local group and give and receive stuff for free.
- Kelkoo
- Shopping and cost comparison site for pretty much anything for the home and work.
- Money Saving Expert
- It's about cutting bills not cutting back and being a sassy consumer. Companies try to screw us for profits. MoneySaving shows you how to (legally) screw them back.
- Skype
- Make and receive free phone calls using your broadband connection.
- Store Plus
- Great offers on utilities, electricals, entertainment and gifts.
- Utility Warehouse Discount Club
- Save money on your gas, electricity and phone bills, including broadband (UK Residents only).
- XE.com
- Currency Exchange calculator - instant conversion on most main currencies.
Save Money On Your Energy Bills
If you live in the UK - you can save money on your gas, electricity and phone bills, including broadband with the best value utility provider.
There is no minimum contract term on most of the services offered, so you can cancel at any time simply by giving 30 days notice.
All your services come on one bill, no matter how many services you take.
Unlimited free calls at any time of the day, to any fixed telephone number in the UK, depending on the number of different services taken.
Click here to find out more.
There is no minimum contract term on most of the services offered, so you can cancel at any time simply by giving 30 days notice.
All your services come on one bill, no matter how many services you take.
Unlimited free calls at any time of the day, to any fixed telephone number in the UK, depending on the number of different services taken.
Click here to find out more.
Related Books
Guestbook and Comments
Give me your feedback - what questions would you like answered, anything I can do to help your money management issues?
submit
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Reply
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JVandewalker
Mar 31, 2011 @ 2:09 pm | delete
- Thanks Clare for this great article. I think that it is time that we all get out of debt and your guides showed many of good points. Another good website that could go along with the money saving websites is Manage Your Money, as it has some in depth guides on the topics you discussed.
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Reply
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Abbas_uddin
May 8, 2010 @ 2:33 pm | delete
- The concept of "saving money" is easier said than done for most people. I understand that it is 'easy and logical' for some people, but I also understand it can be a difficult habit to break for others.
If you're looking to save money or change your lifestyle, my advice is to take it in "baby-steps" because it won't happen overnight. Here are some tips that helped me out.
1. Always pay more than the minimum on any credit card payments - if you don't believe me you can calculate it for yourself (http://www.csgnetwork.com/creditcardmincalc.html)
2. Use coupons when grocery shopping
3. Try online shopping - it's saves on gas & they have bigger markdowns (http://www.shoptivity.com)
4. Read a book - it's cheaper than going to a movie (http://onlinebooks.library.upenn.edu/)
5. Know your budget! (https://www.dl.ed.gov/borrower/BudgetCalculator.do)
Good luck and happy savings!
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Reply
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Abbas_uddin
May 8, 2010 @ 2:31 pm | delete
- The concept of "saving money" is easier said than done for most people. I understand that it is 'easy and logical' for some people, but I also understand it can be a difficult habit to break for others.
If you're looking to save money or change your lifestyle, my advice is to take it in "baby-steps" because it won't happen overnight. Here are some tips that helped me out.
1. Always pay more than the minimum on any credit card payments - if you don't believe me you can calculate it for yourself (http://www.csgnetwork.com/creditcardmincalc.html)
2. Use coupons when grocery shopping
3. Try online shopping - it's saves on gas & they have bigger markdowns (http://www.shoptivity.com)
4. Read a book - it's cheaper than going to a movie (http://onlinebooks.library.upenn.edu/)
5. Know your budget! (https://www.dl.ed.gov/borrower/BudgetCalculator.do)
Good luck and happy savings!
-
-
Reply
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Abbas_uddin
May 8, 2010 @ 2:30 pm | delete
- The concept of "saving money" is easier said than done for most people. I understand that it is 'easy and logical' for some people, but I also understand it can be a difficult habit to break for others.
If you're looking to save money or change your lifestyle, my advice is to take it in "baby-steps" because it won't happen overnight. Here are some tips that helped me out.
1. Always pay more than the minimum on any credit card payments - if you don't believe me you can calculate it for yourself (http://www.csgnetwork.com/creditcardmincalc.html)
2. Use coupons when grocery shopping
3. Try online shopping - it's saves on gas & they have bigger markdowns (http://www.shoptivity.com)
4. Read a book - it's cheaper than going to a movie (http://onlinebooks.library.upenn.edu/)
5. Know your budget! (https://www.dl.ed.gov/borrower/BudgetCalculator.do)
Good luck and happy savings!
-
-
Reply
-
Abbas_uddin
May 8, 2010 @ 2:29 pm | delete
- The concept of "saving money" is easier said than done for most people. I understand that it is 'easy and logical' for some people, but I also understand it can be a difficult habit to break for others.
If you're looking to save money or change your lifestyle, my advice is to take it in "baby-steps" because it won't happen overnight. Here are some tips that helped me out.
1. Always pay more than the minimum on any credit card payments - if you don't believe me you can calculate it for yourself (http://www.csgnetwork.com/creditcardmincalc.html)
2. Use coupons when grocery shopping
3. Try online shopping - it's saves on gas & they have bigger markdowns (http://www.shoptivity.com)
4. Read a book - it's cheaper than going to a movie (http://onlinebooks.library.upenn.edu/)
5. Know your budget! (https://www.dl.ed.gov/borrower/BudgetCalculator.do)
Good luck and happy savings!
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- Load More
by clareevans
clareevans
Clare is a Personal and Business Coach and Author of Time Management For Dummies. She works with busy, individuals and small business owners to help them... more »
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