Managing your money: have you thought about...?

20 April2021

When it comes to staying on top of your money, you've probably come across all different kinds of tips, ideas, advice and nuggets of wisdom for avoiding debt and boosting your financial wellbeing.

However, one potential downside of having a wealth of information available to us in the age of the internet is knowing where to turn for financial guidance, amidst the millions of blogs and websites competing for our attention.

Furthermore, it's not always the most original ideas that will really work to help you stay on top of your finances - in fact, sometimes it's the more common-sense tips that could really pay off.

So, with successful money mastery in mind, have you thought about any of these ideas?

1. Sleep on it!

If you're unsure about whether to spend your hard-earned cash on something you don't really need, but would quite like to treat yourself to, it's a good idea to avoid splashing out there and then and give it some thought instead.

Add it to your 'wish list' and, if you're still thinking seriously about it the day or even week after, it's probably a sign that it's something you really do want, and do see as worth the expense.

Take a look at our vouchers page to see if you could save any money on your shopping.

2. Consider debt consolidation

If you're currently keeping on top of your debts, but would like to make the way you repay them that bit more straightforward, consolidating your debts could be ideal.

Debt consolidation loans are designed to replace several monthly payments with one, and you could even reduce your monthly outgoings if you decide to repay the loan over a longer period to make sure it's affordable (although this could be more expensive overall - and if you secure any loan against your home, you could be at risk of your property being repossessed if you don't keep up with your repayments).

Our debt consolidation loan calculator can help you work out what your monthly payments could be .

3. Learn from the past

Nobody is perfect, and almost all of us have made some kind of slip-up with our money management in the past. However, mistakes aren't necessarily something to feel bad about - as long as we learn from them.

If things have gone awry with your finances, then take a step back from the situation and try to figure out where things have gone wrong. Getting professional advice could help you spot the issue, address it - and take steps to try and prevent it happening again in the future.

You could find the most suitable debt solution for you here.

4. Decide what's financially important to you

Spending wisely doesn't have to mean cutting out everything you like so you can make ends meet every month - it's more a case of deciding what outgoings are important to you and realistically factoring them into your budget.

As long as you can safely cover all your essential monthly outgoings (mortgage/rent, food, bills, transport, etc.), when it comes to whatever 'spare cash' you have in your budget, it's important to work out what you feel it's really worth spending it on (once you've covered any debts you may have), and what costs you might want to consider cutting out of your budget altogether.

If you're worried about your money and debts and looking for more advice, experts at Think Money could discuss your options with you and help you work out the best approach for your situation.

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Tags: debt, money tips, money advice, budgeting, financial help, money saving advice, debt consolidation

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