Money Management For Dummies
If you’re like me and, as soon as you get your hands on some cash you spend it, then this is the right place to start learning how to manage your savings.
I learnt how to furnish four rooms of a flat with £1000, which is quite hard to begin with, but you can use this method for pretty much everything.
First of all I'd advise you to break your money down into sections, so it's easier to manage.
For example, if you were to furnish four rooms of a flat, then allocate money to each room equally, so it would be £250 per room, but you can allow yourself to overspend on some rooms if you have money remaining from another room. Like I said, you can use this method for pretty much everything.
A key factor of learning how to manage money is self control. What I mean by this is, to teach yourself to persevere and to control your spending habits. The next time you go to buy something ask yourself, do I really need this? Hopefully this will prevent you from buying things you don't really need! Also, try setting yourself a target. For example, I really want an iPhone so I've set myself a goal to save up for. This method works fairly well for me because at the end of the tunnel you get something superb out of it.
Another key component - you don't need the best of the best. If your friend next door has the brand new phone out, touch screen and everything, costs £800, etc, you don't have to have that one - there are plenty of touch-screen phones at a lower price.
For example, at www.orange.co.uk there is a touch screen phone for £30. Also, Primark is a good way to keep up with all the latest trends for cheap prices. So remember, you don't need the best of the best.
Don't forget, at the end of the headaches of budgeting, you get something great out of it, maybe a little extra money left over!
Remember:
● Split your money into sections
● Learn Self-control
● You don't need the best of the best
Hope you found this helpful and interesting, for more money saving tips, click here.
If you have any budgeting or money management tips, please comment and share it with us all.
Great advice, jescc! There is more money info over here.
2 Comments – Postiwch sylw
alexCLIC
Rhoddwyd sylw 23 mis yn ôl - 24th February 2010 - 16:51pm
Great article! Lots of useful tips which can be used by everyone.
One thing I like to do is save the change you have left over from things like bus fair and lunch. Once you get a substantial amount you can swap them for notes / pounds in places like Tesco and Asda. Its amazing how quickly it can add up.
khalilP
Rhoddwyd sylw 23 mis yn ôl - 16th March 2010 - 10:24am
Money management is very important. Children must be train already on how to save little money they get. If parents save their money and put it in banks, like for instance in Citibank, children in someway can also save their money through coin banking. It's a great start, isn't it?