Everyone knows that they should be managing their money, unfortunately not everyone knows how to manage their money.
Financial plans are a great way to declutter and remove the stress from managing money. Let’s go over some of the basics.
Define Your Goals
The first thing you should ask yourself is ‘what do I need my finances to do?’ Once you have set clear goals, you can move forward in creating effective strategies to accomplish them. One thing you need is a secure and reliable current account. The Monese current account can be opened in as little as 120 seconds, with your EU passport or national I.D card; certainly much faster than joining via a high street bank!
Set your Budget
Having a budget is a simple step that many people seem to miss. Knowing exactly how much money you spend each month versus how much money you bring in will easily help to identify where you can make savings.
Time to Cut
Once you have your budget up and running you’ll know exactly where your money is being spent. Now it’s time to think about prioritising your money. With Monese you can keep a close eye on your balance in the app and you can also set up push notifications to show you your transactions, even when the app is not open on your device.
It’s often tough to find the time to think ahead but this is one of those things that we all should really have – a rainy day fund. You need to have a store of liquid cash that can be drawn for in times of emergency need. There is no set amount you should have, however it’s advised to have at least three times your monthly salary tucked away. Monese makes it easy to store your money. You can deposit cash in to your Monese account via any of the 28,000 PayPoint outlets across the UK. Find the closest one to you here.
Disclaimer: The views expressed in this article do not constitute financial advice. If you have questions on any of the topics raised or need formal financial advice consider consulting an authorised financial advisor.