Hello ,
Christmas can be tough on the bank balance as well as your waistline.
From Black Friday to the New Year Sales - endless temptations to spend more than you can afford.
If you've maxed out your credit cards, over-stretched your finances or you want to get a
better handle on your money this year, start creating a few good money habits.
- Understand your current money habits and the beliefs and behaviours do you have around money. Do you worry about money?
- How much do you earn, how much do you spend and what are your spending habits? Start a money diary if you have no idea - write down everything you spend in a week/month.
- Create a clear picture of your finances. Each week/month keep track of your
incomings and outgoings. Stop paying for things you don't need or can't afford.
- Work out how much debt you actually have - credit cards, loans, mortgage, interest rates. What can you really afford and how long will it take to pay if off? Seek professional help if it's more than you can manage or is causing you stress.
- Create a debt payment plan. Use the snowball method to pay off your smallest or most emotional debt first.
- Start saving (if you don't have any debt). It’s good to have an emergency fund in place for those unexpected expenses. Set up a regular payment into a savings plan or separate ‘savings’ bank account straight from your salary before you're tempted to spend it. Aim to save 10% of your income each
month. Even small amounts can add up to a large investment over time.
If managing your finances or clearing your debt is ONE of the things you want to do in 2016, then the step by step
More Money e-course is the place to start.
