When was the last time you had a good look at your finances? Do you know your credit score? Don’t know exactly what your bank balance is? If you can answer ‘yes’ to these questions then you might be in need of a financial makeover.
A financial makeover allows you to take control over your money and to make sure you are making the right decisions when it comes to your financial future. It doesn’t take a huge amount of time, but it does take some effort to implement the changes that will make a difference.
So, let’s get started…
You don’t save anything for your retirement
What are your plans for retirement? If you haven’t got any then you need to sit down and have a think, because you won’t be working forever and you will need a backup of savings when you retire. You should try to save around 10% of your income, but let’s face it, anything is better than nothing. So start small and add more as and when you can.
You don’t check your bank account statement
Stop burying your head on this one. The first step in better money management is knowing where you are with your money. Check your balance regularly (especially if you have been a little spend heavy) and you’ll soon come to see where all your money is going, and where you can make savings.
You haven’t even thought about an emergency fund
What would happen if your income suddenly dropped or if life throws you a big expense? Would you be able to manage on what you currently have in your account? For many people the answer would be no, and that’s what we need to change. Just like the retirement fund, you need to save towards this. Aim for at least 3 months salary in your account, but the more the better.
You’ve bought more rounds in the pub than you can count
Being a good friend is great, but that doesn’t mean you have to buy all the drinks all the time. It’s not just drinks, but being too generous with anything, from gifts to social engagements. Don’t get guilt tripped into spending more money than you really need to. And make sure people pay you back if they said they would!
Stay on track with your spending with Monese. When you sign up via the Monese app you receive a UK sort code and account number, which your employer uses to pay you, direct in to your Monese account. You can also send and receive money in real-time, no waiting. You can make currency transfers for only 0.5% above the mid-market rate; which is one of the best rates available. Using our app you can also make payments, check your up-to-date balance, review your transactions, get paid to invite friends – plus much more.