Less is more – budgeting and making the most of your money!

It’s the last week of the month and you’re keeping a close eye on your bank account, tracking every expense that comes out and crossing your fingers that it doesn’t dip into the overdraft.

You’ve still got your mobile phone bill to pay out, you have to fill up the car so you can get to work and write out a check for your little one’s school for a trip they are going on – so how do you make the most of your money?

Well there are lots of different ways to pay out less and keep plenty in the bank for you to enjoy. By making a few adjustments there’ll be no more panicky logging into your bank account five times a day to check what has come out.

Many people seek desperate measures just to make ends meet as the end of the month draws near. Unexpected costs such as house repairs or car breakdowns can have a knock on effect on your bank account.

The trend for people taking out Payday Loans doesn’t look to end anytime soon, even after big companies such as Wonga are regularly criticized in the news, but for many there doesn’t seem to be any other option.

However, organisations such as the Money Advice Service, can offer free impartial advice on what to do when it comes to saving money and alternative ways of making ends meet, to avoid taking out such a loan.

Here are some great ways to make the most of your money, so you never have to consider taking out a payday loan again:

Save energy

Energy bills, especially around winter, can absorb much of your monthly wage as you attempt to heat your home and turn lights on earlier. Take a look around comparison sites and find a better deal from a range of energy providers.

You can do the same for your car and home insurance to ensure you are only paying as much as you need to. Service providers will try to charge you more if you automatically renew your contract with them, instead of offering you a discount for loyalty, so keep a close eye out.

Every penny counts

You can save a little extra by opting to make packed lunches for you and the kids. School dinners are an easy option but by making the kids lunches at home you can reduce the costs and make sure they are eating healthily.

If you enjoy a cheeky coffee from Costa in the morning that’s fine, just limit yourself to one or two a week and make your own in a Thermos flask for the rest of the time.

Budget plan

At the start of each month calculate how much you need to pay out for bills, rent or mortgage, food and travel. A budget planner will help you calculate what you need to pay out for and how much money will be left over, if this remaining amount is less than expected you can take a look at ways to reduce your costs.

Emergency funds

Once your outgoings are in order take a little of that leftover money and place this in an accessible savings account for emergencies, such as the car breaking down or the boiler deciding to pack up. You’ll thank yourself later when you don’t have to panic, but can calmly transfer that money back into your bank account.

Whilst these tips appear simple enough, many people don’t think to add up the little costs that can amount to big outgoings. If you typically buy your lunch during the working week, spending around £3 a day on a sandwich and snacks really mounts up: that’s around £15 Monday to Friday – or £60 at least every month. Making your own lunch can generate decent savings. It’s worth considering.

It’s the little changes that make all the difference and can really improve your lifestyle and circumstances, so take another look at your outgoings and start making the most of your money today.


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