1. Finance Top Tips

2. Create a budget but be realistic. Don’t budget that you will use less money if you know you are likely to need more. If you do this you will have an inaccurate budget, which will lead to you thinking that you have more money than you actually do to spend. Be Realistic!

3. The first main point is to keep track of EVERY purchase/expense even the small ones. They are easy to forget about so keep the receipts etc. Next, plan for fixed expenses before everything else as these are the easiest. Writing down the things that come out monthly and are generally the same price every month will get the big part of spending out of the way. Lastly, name everything specifically. Don’t just write the store name where you bought it from because that doesn’t explain what the money was spent on. Just like this How to budget.. ItemSpent Housing£500 Gas & Electric£150 Food£80 Fuel for car£50 Phone Bill£30

4. There are a few common mistakes that are made when people are budgeting. These are: Forgetting to write down expenses. (Keep records!) Intentionally not writing expenses down Don’t be too harsh on yourself. Budget for a treat or two a month, otherwise you’ll drive yourself insane! Don’t get upset if you go over your budget – everyone will do it at some point. Common mistakes made…

5. To be good with finances you need to know the difference between the things you want and the things you need. If you don’t need something and you’re a bit short on money then don’t buy it. Only buy the essentials when your low on money. You can always get the things you want next month. Know the difference… WANT NEED

6. People often assume that they are getting paid on a certain day and start to plan what they’re going to spend their money on. What then happens if that money doesn’t go in on time or they don’t get paid as much as they thought they would? Don’t spend the money until it is in your account and you can see what you definitely have to spend. Don’t spend what you don’t have! Transaction Denied!!

7. Keep all of your receipts/proof of purchases for a certain length of time. If you keep all of your receipts you can see what you have spend and what you have spent it on. This is useful when it comes to working out finances or your budget. E.g. What you have spent that month and how much you can carry into the next month. Maintain Records! Receipts Bank Statements Wage Slips Records

8. Always plan for the worst to happen. Put some money to the side just in case something decides to go wrong. For example: You never know when your car might break down and if you have no money to fix it then you’re stuck. If each month you put some money away then this can be for things that you don’t expect to happen. Plan for the worst!

9. In the last slide we told you to plan for the worst. The best way to do this is by starting to save as soon as you can. From every wage you will receive it is a good idea to save some for emergencies. Saving a small amount from each wage will slowly build up a good amount of savings that can then be used as and when they are needed. Open a savings account and transfer this money over each month. Its easy to access when you need it but it is out of the way so you won’t spend it. Start saving ASAP…

10. Have a money date on a regular basis. What is a money date? One day a week or one day a month, go out to a café. Take a pad of paper and a way to access your bank account. Check your income and outgoings so see how much you have spend on an average. This will help you when budgeting. Have a ‘Money Date’ regularly.