Wednesday, 12 November 2014

Money Management Tips

Money Managment Advice Tips
Money Managment Advice Tips

It's getting close to that time of year that we all love but our purses suffer massively during. At this time of year, and at all times of the year, we should keep an eye on our finances to make sure we can live comfortably, within our means and without anxiety. As a student with next to no income I have to be super savvy when it comes to spending, and here the top five most important pieces of advice I have when it comes to managing your money.

-KNOW YOUR BUDGET-

It can be such a boring job, but working out all your expenses to create a budget is something that is well worth doing. Having a weekly spend limit will mean that you'll funds will be consistent throughout the month, so no more struggling the week before payday. I'm a lot less frivolous if I know my budget and if I only spend a little bit one week, it rolls over to the next so if there's something a bit on the pricey side I want, I'm able to treat myself to it as a reward.  

-SOURCE OUT CHEAPER ALTERNATIVES-

My boyfriend and I love good food and we will pay more for something if we know the quality is a lot better. But, you'd be surprised how many foods taste just as good as their cheaper alternative. For example, Asda's Smart Price rice (40p for 1kg) tastes exactly the same as Tilda rice (£1 for 500g) but is a hell of a lot cheaper. Don't be a brand snob, you'll be surprised how much you could save.

-DIY GIFTS-

Christmas can be a particularly expensive time of the year but money can be saved by making your gifts rather than buying them. It can be really easy to want to spoil your loved ones and splurge, but a DIY gift is just as lovely, thoughtful and are often appreciated more as you've put so much time and effort into them.  Some cute ideas for a homemade gift could be a baked goods hamper, handmade jewellery and DIY candles or bath bombs. Most of these are super easy and budget friendly to create, if you're stuck for ideas have a browse on Pinterest for inspiration. 

-PICK YOUR DEALS CAREFULLY-

I love a deal, I can't get enough of them (who can), but some deals are dressed up to look like amazing deals, but really they're not. Don't be strung in by the words 'offer' or 'deal' without properly checking what the deal is first. I will pretty much always buy 'buy one get one free' deals as it's a win/win situation, but will be less inclined to get something like 'two for £2'. The majority of the time when there's an offer like this it will only save you a few pennies and isn't worth forking over for. Think carefully about what a deal is really offering and whether it's actually cost efficient to buy into it.

-HAVE AN EMERGENCY FUND-

It's super useful to have an emergency fund for any reason you suddenly need to spend money that is out of your budget. And this doesn't mean for another pair of shoes that you don't really need, but for things that might take you by surprise like if your car breaks down or your friend goes through a breakup and you have to have an emergency night out (yes, this counts as an emergency). This will mean you don't have to dip into your actual funds and mess up your budgeting if an emergency arises; You'll be prepared for anything.

I hope these tips will help you out with managing your money and you all have a happy holiday season while also having a happy purse!

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10 comments

  1. Thanks for the tips. I recently started getting really good at managing money and these tips are some of the ones I live by! :)

    Sarah / Sarah Smiles

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  2. This is so good! Going to university soon, so this is going to be super handy! Thank You! <3
    xoxo,

    BerryBloomXO.com | Beauty & Lifestyle Blog 

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  3. Brilliant tips! I am permanently into my overdraft despite budgeting every month because I simply have no self control where clothes are concerned, so my New Year's Resolution is going to be to save money and watch my spending as I want to move to London next year and I definitely won't be able to afford that with the way I'm currently going! xo

    LJLV | UK Personal Style

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  4. Great tips, I need this in the run up to xmas, I can easily get carried away!
    I definitely agree with not being a brand snob, there are some great cheap alternatives out there, they are always worth a try.

    Jenn
    Photo-Jenn-ic
    x

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  5. Love, love, love this post! My money awareness lately is so out of the window, I'm a little bit scared to even look at my balance! These tips are so god, thank you!

    Laura | elelibee

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  6. I love this, great tips lovely! I definitely struggle a lot at the moment as I don't get my student loan at all as I had to go onto open uni when I got ill, so definitely need to budget like crazy- emergency fund will be set up after xmas money I think xxxx

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  7. These are such great tips, I keep a little jar in my cupboard which I put the odd bit of money in, if I'm not planning to spend it, and it's definitely grown over time! The only problem is, each time I remember about it, I spend it all. I honestly have no self control haha!
    x
    Eden x // edenroses // enter my giveaway

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  8. I got so motivated by this post! I'll definitely follow your tips and manage better my money :) xx

    Mary Bloomy

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  9. Brand snob *snigger* So true though- going to try a weekly budget, a monthly one seems so huge and vague (not as in huge monetarily, just long!) but I might be able to stck to a budget for a week; we'll see ;)

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