Managing Money and Credit

How many of you struggle managing your money? As a fashion and beauty junkie, i'll admit i find myself buying products that most of the time, i really don't need.

I was challenged by Credit Card Insider, to come up with a post on how to stay financially fit. Credit Card Insider are a company designed to help you understand how credit works, they also provide advice and give you the option to safely research, compare and apply for a credit card. Since coming into contact with this company, i've done a little research and thanks to the website, i'm learning more about credit, as they break the overwhelming info down to basics.

At 22, i still don't own a credit card, I don't think i'm in a great position to if I'm completely honest. I need to learn to manage my bank account and savings account before I think about owning a credit card. I don't feel the need to own one currently. But i'm happy to be learning lots more for when the time does come.

 In todays post i want to share some tips that i think will help me (and hopefully you) stay financially fit this summer. It's not going to be easy, with the sun shining, i'm going to want to splurge on summer dresses and pretty pink lipsticks, but i really need to learn to control my urges and start managing my money properly.

1. Making goals, long term:
I think this is an important one for me, it really puts my mind into perspective. I have plans for my future, and most of them involve money. I'd love to own a house one day, and maybe even travel to a few places i've always dreamed of visiting. Thinking about these goals makes me want to spend less and save more.

2. Savings Goal:
I also think making a goal in terms of how much you'd like to save by a certain time will help. You will have something to work for. It doesn't have to be a huge amount, it's got to be realistic and achievable.

3. Transfer money to your savings, each month/week:
This is something i've always done. Wether it's £10 a week to £100 a month. It changes each time but whenever i have money to spare, i always put it in my savings.

4. Don't dip into your savings, unless you REALLY have to:
I'm guilty of dipping into my savings, this is my biggest problem, but i've learnt that i'm putting TOO much into my savings and not leaving myself enough to live on, so i really need to get the right balance.

5. Stop eating so many takeaways:
This tip is for me, I think eating out is what i spend the majority of my money on, it's something i really enjoy, i LOVE food. But i'm also lazy and love the fact that companies will deliver to my door, or if i show up at a restaurant they will cook and serve my food for me. Eating out less will save me a lot of money, and learning to cook and experiment in the kitchen is a new skill that is essential to learn for my future.

6. Use cash when you can:
Whenever i go shopping, i always take a certain amount of cash out to make sure i only spend what i intend to spend. Whenever i pay by debit card in shops, I can get carried away and i lose track on what i've spent.

7. Go to a boot fair and sell stuff you don't need:

If you're after a bit of extra cash, why not head to a boot fair and sell things you don't need out of the back of your car? You'll earn a bit of extra money, and also get rid of the junk that clutters up your house!

8. Think about expenses you could cut back on:

Is there anything you spend a lot of money on, but you think you could do without? Like me and my takeaways, its not necessary and theres cheaper ways of enjoying food without me paying other people to cook it for me!

Credit Card Insider have an excellent section on their website, called 'College and Your Credit'. It's a guide for high school/secondary students, and college\university students to help build credit, and avoid debt. I know many of my readers are currently studying, and in university, so i think the guide will be extremely helpful!

I hope these tips help you out, I'm going to try really hard to start getting financially fit and sticking to my new habits. It will benefit us so much more in the future.

Thanks so much for reading, I hope you all enjoy the rest of your week and weekend, and don't forget to check out the links i've recommended in this post!