Organisation and Productivity

5 Everyday Money Management Tips To Help You Feel In Control of Your Finances

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Did you know that 48% of adults in the UK have worries about their financial situation? But 55% don’t feel comfortable talking about it. Money can be a difficult subject to bring up when talking to our family and friends. However, so many of us have money-related problems, whether it’s debt, diminishing savings, or feeling out of control of our finances. It’s time to get this topic out into the open!

It can be especially difficult to manage your money as a student. When I was at University, I struggled to manage my money effectively. I would start each term with a healthy bank balance when my student loan instalment arrived, but I would overspend and end up with dwindling reserves at the end of the term. After I graduated, I had next to nothing in the bank and it took me a while to get a job and finally start saving money.

Money was definitely a worry for me back then, but thankfully I am in a more comfortable financial position now. However, there are still certain things I do on an everyday basis to help me manage my money. In this post, I am going to share my everyday money management tips that have helped me to get into a better financial situation and feel more in control of my money.

I am technically still in debt because I am yet to pay off my student loan. If you are in any kind of debt, I hope that this post will help you with debt management and get you a little closer to paying it off.

5 Everyday Tips for Managing Your Money

5 Everyday Money Management Tips To Help You Feel In Control of Your Finances

1. Create a budget

To avoid making the same mistake that I made at University, I recommend making a budget. Work out how much you earn each month, and what categories you need to spend money on, such as transport, food and leisure. Assign an appropriate sum of money towards each category, and make sure to have money left over in case of unexpected expenses. Budgeting will help to make sure that you have money left at the end of the month to go towards savings or paying off any debt.

2. Resist impulse buying

Until recently, I used to give in to impulse buying a lot, but now I am trying to curb it. I have set myself a rule of ‘no unnecessary purchases’, and although I don’t stick to it 100%, I have still found it really effective for helping me to reduce my spending. I have really noticed a difference in my finances when I manage to resist making impulse purchases. It’s amazing how much small savings can add up!

3. Keep financial records

If you are self-employed, it’s essential to keep records of your earnings and expenses to calculate your tax self-assessment. However, it’s a good idea to keep financial records even if you are not self-employed. Recording your earnings will help you to easily see what your best sources of income are. This will be obvious if you have a regular 9-5 job, but less so if you have multiple sources of income. Recording your expenses will help you see where your money is going. You can then adjust your spending habits if necessary.

A financial tracker open on a table, with a pen and a pot of paperclips
Photo by NORTHFOLK on Unsplash

4. Sell your belongings that you don’t use

One obvious way to feel more in control of your finances is to make more money! Additional income can act as a buffer and help to get you out of debt or financial difficulties faster. Selling unwanted belongings is a quick and easy way to make extra money right away. eBay or Facebook Marketplace are great places to sell clothes, electronics, furniture and other items that you don’t use. Depop is another option for selling clothes.

Don’t feel bad about selling your belongings instead of giving them to charity. It’s great to support charities, but if you have financial worries then selling may be a better option for now. Getting in the habit of selling things instead of giving them away will earn you a lot of money over time, as well as giving you an incentive to have a regular declutter!

5. Use a money management app

If you struggle to create a budget or manage your spending using pen and paper, you can use an app to help you get the job done more easily. Search for money management apps on the App Store or Google Play Store and lots of highly-rated apps come up. Try a few and choose one that you find clear and easy to use.

I hope this post has been helpful for you if you are struggling with debt or you want to get better at money management. Do you have any tips that you use that help you to feel more in control of your finances? Let me know in the comments below!

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5 Everyday Money Management Tips To Help You Feel In Control of Your Finances

8 Comments

  1. Love your tips. I create a budget for everything. Every penny is accounted for and anything that isn’t spent goes back into the pot. It really helps me

    Rosie

    1. Sophie says:

      Thank you, I’m glad you like these tips. It sounds like you are a lot more organised with your budgeting than I am!

  2. These are all great tips for managing your money. For the longest time I never kept track of all my spending. I knew I didn’t buy a lot so I didn’t think it mattered. But when I started keeping track I realized how much easier and less stressful it was! Plus, it helped me stay on a budget and not have to worry about emergencies.

    1. Sophie says:

      I was the same, but I have only recently started tracking my spending more carefully! It’s amazing how much the little costs add up.

  3. These are great tips – I’m a terrible impulse buyer but I’ve been working on that a lot through the pandemic!

    1. Sophie says:

      Thank you! I used to be a terrible impulse buyer too but I’ve been trying to stop that too!

  4. I used to be SO bad for impulse buying – I admit it! One of the best things that my husband and I did was set a rule that anything over $20 had to be discussed. It forced us to take a step back and consider WHY we wanted to purchase something and if it would be a good investment. After all, if you are trying to justify your purchase, you are forced to really look at whether or not it’s a smart purchase. I’ve talked myself out of a lot of purchases before even talking to him just by going through the thought process leading up to that conversation lol

    1. Sophie says:

      That is such a good idea for preventing unnecessary purchases! It’s cool that you’ve talked yourself out of purchases just because of the thought process leading up to the conversation. Definitely a good deterrent!

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