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Are you good with money?
Trying not to spend all your money is good, but do you think about how you spend your money or where you could save money? Budgeting or cutting back can help you cut out unnecessary spending and expenses which will prevent you from running up big debts and help you afford the things you want.
Money to spend
To ensure you have the money you require to spend on the things most important to you it’s a good idea to keep track of where your money is going. Make a list of all your outgoings or products you buy each week and estimate how much you spend. Take two weeks keeping a diary of what you actually spend each week and compare your results with your estimated amounts. If you have over-estimated great, this is the money you’re saving, but if you have under-estimated look to see where you can cut back. The money you are saving you can put towards your first car, a holiday or a new item of clothing. Try this online budget calculator to calculate your income (money coming in) and your expenses (money going out), so that you can see what money you have left which you can save. There also lots of easy to use mobile applications such as Moneybasics Spendometer that can help you keep track of your finances.
Identify spending areas you can reduce
Now that you have an accurate list of how much you spend each week decide what outgoings you can reduce. Bills must be paid so you will often find it is the little things you buy over a period of a week or a month which adds up to quite a lot of money. For example you may buy your lunch everyday whereas you could save a lot of money by making your lunch at home. Try shopping around for cheaper alternatives. Try using this cut back calculator to see where you can save money on items that you buy regularly. Once you have identified where you can cut back set yourself realistic targets and start saving!
Supporting yourself for the first time
If you are supporting yourself for the first time, or you are starting university then you will need to think about the costs involved. There will be lots of extra bills you never had before so take some time to think about all the costs involved and how you will afford to pay them. This might mean getting a job or looking into any additional benefits you could receive.
Help lines
- Connexions Direct – 080 800 13 2 19
- National Debtline – 0808 808 4000
Useful websites
Advice Guide
The Advice Guide website is the main public information service of Citizens Advice, providing information on your rights - including benefits and debt.
What About Money
Impartial financial advice for young adults.
Money Made Clear
Impartial consumer information from the Consumer Financial Education Body.
Which?
Which? campaign to get a fairer deal for all consumers and publish expert, unbiased information to help you make the right choice, whatever you're buying.
Directgov
Website of the UK government for its citizens, providing information and online services for the public all in one place. Has a useful section on money, tax and benefits.
Citizens Advice Bureau
Offers free confidential advice to help you budget and look at ways of managing your money.
Money Saving Expert
The website is about finding the best deals out there and provides tips on how to save money on everything and anything.
HM Revenue and Customs
Provides targeted financial support to families and individuals.
Online tools
Cut-back Calculator
Can help you see where you can save money on items that you buy regularly.
Loan Calculator
Can help you decide whether you can afford the repayments, and help you compare different loans.
Mortgage Calculator
Can help you estimate the size of mortgage you can afford at a particular interest rate.
Budget Calculator
This simple budget calculator will help you work out how much money you have available each month.
Debt Test
Can help you to find out how likely you are to have problems with your borrowing over the next year or so.
Credit Card Repayment Calculator
Use this handy repayment calculator to work out when you're likely to pay off your credit card bill and how much more quickly you could pay it off by making a higher monthly repayment.
Student Finance Calculator
Studying full-time? Enter your details for an estimate of how much you'll get.
Student Tax Checker
Think you've overpaid tax and are due a repayment? You can use this checker to find out.
Mobile tools
Spendometer
The Moneybasics Spendometer is free and helps you keep track of your spending on your mobile phone.
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