Help Kick Start Better Financial Habits
1 Set goals
Write down short-, medium- or long-term financial goals for this year – like setting up your own business, paying off the mortgage early, affording a big holiday or paying off credit card debt. Having something specific to save for will help you focus and make it easier to sacrifice the small stuff to achieve it. Pin it up somewhere to remind you on day’s your feeling tempted to splurge!
2 Always know your bank balance
With so much of our daily spending on contactless cards these days, it’s all too easy to lose track. People who check their bank balances every day tend to be people who don’t over spend. So whether you set up a text alert from your bank or use a banking app (like Yolt or Money Dashboard where you can see all your spending in one place) or simply stop when you passing an ATM, get the habit!
The easiest way to shift money into savings is to set up a regular direct debit. Do this at the start of the month, before spending – in short, pay yourself first. Know your weekly spending budget, then if you have any spare cash at the end of the week, move it into a savings account or invest it.
To read Good Housekeeping’s six steps in full click here: https://www.goodhousekeeping.com/uk/consumer-advice/money/a25724151/healthy-finances/