Plan a Monthly Budget
The key to being more financially stable is to budget.
If you create a simple budget, then you are more likely to stick to it throughout the year. You can plan for birthdays or special occasions ensuring you include these within the budget so there are less unexpected expenses. The foundation of the budget should be with your income and then expenditures such as rent, utilities, council tax, food etc. Once you have accounted for the larger outgoings you can more easily see what is left in the pot for other things.
Spend Less – Save More!
Note down all those impulsive purchases that you didn’t really need, or the fancy coffees you buy on your way to work – over the months all these things really add up! Instead cut back on these daily habits and put the money into a savings account. Try not to buy when you feel stressed, annoyed, or emotional as quite often the items you buy are not needed. Wait a couple of days to see if it is really something you can’t live without, that way you can better see if you need the item, can afford it and it will be used. If it’s a more expensive item you are wanting to buy why not save for it, that way you will feel a sense of achievement and fulfillment once you have saved the amount you need.
Review Your Direct Debits
Can you believe the average Brit will waste more than £30,000 in their lifetime on monthly direct debits that are either forgotten about or not needed?! It’s so important to check your direct debits and cancel those that you don’t use, for example, unused gym or club memberships, unused subscriptions to TV channels or magazines and insurance items you no longer have.
Side Hustle
With the cost of living crisis set to continue into 2023 there is no better time to start a side hustle! This could be dog walking, product testing, set up an eBay store, upcycling furniture and selling it, the list is endless and could really help improve your monthly finances.
No spend family activities
Spending time with the family really doesn’t have to cost the earth. Here are some ideas that all the family can enjoy- for free!
- Visit a museum or art gallery – here in Merseyside we are very lucky and are spoilt for choice!
- Go for a walk in a local park (Sefton Park?), beach (Crosby?) or woods (Formby?)
- Visit a local library
- Visit Rice Lane City Farm
- Take a walk around the Albert Dock
Monthly Declutter
Are your wardrobes filled with clothes you no longer wear?
Children’s toy boxes filled to the brim and no where to store anything? It could be time for you to have a declutter, and this could even make you some money! Look to sell the unused items on sites like eBay, Vinted or Facebook Market Place and you would be surprised how the profits add up.
You don’t need to do all the suggestions above, just pick a couple that you think you can easily apply and stick too.
Don’t forget though here at Mersey Loans, we understand that regardless of how careful you are with your finances unexpected things can crop up. We can offer Short Term Loans to suit you, you have the choice of Cash Loans, or the funds transferred directly into your account.