Getting your money and finances in order can seem like a gargantuan and boring task that’s just going to make you miserable. Creating a budget conjures up images of endless spreadsheet and calls with expensive financial advisers, but the good news is that it doesn’t need to be this way!
The key to gaining control over your money is setting a clear budget – and for that you’ll need the right set of skills. Don’t panic, you don’t need to study accountancy to get your budget done – pick up some of the money skills below and you’ll soon be on your way to having the soundest finances possible.
Change your thinking
A simple skill to pick up is to see money as your tool. Money is there to help you to do the things that you want and need to do. Start thinking about money as a means to an end rather and focus on maximising it’s inherent potenitial. What I mean here is concentrate less on ‘not having enough’ and more on what you can achieve with the funds you have access to. Plan ahead, hunt for deals, buy as a group, buy in bulk – break big payments down into more affordable monthly amounts (if possible)… No matter how much money you have, it’s only going to be useful to you if you use it wisely to reach your goals.
Check your spending
Make sure that you keep an eye on your daily spending. Using a Monese card makes it easy for you to keep an eye on your transactions. You can see exactly when, where and how much money you spent at any moment, instantly, using our Insta-balance feature. Once you know what you are spending your money on, you have all the power to change it!
Write it down
Sometimes the best way is to go old-school and write down your budget. This doesn’t need to be by hand, typing on a computer gives the same results. It helps for you to see, in your own words, what you money situation is and the act of writing helps it to become ‘real’, something tangible that you are working on.
Plan for the future
Make sure your budget takes into account your future. Look at your monthly expenses, there are things that happen every month and are unavoidable, but also note things that happen sporadically. Consider adding things like different insurance premiums, holiday costs and taxes into your budget. You don’t want any unexpected bills to land your way!