On Air Now
The Capital Weekender with Tom Watts 1:30am - 5am
7 January 2019, 15:30
Because nobody likes there to be too much month left at the end of their money.
Constantly in your overdraft and finding you have way too much month left at the end of your money? We've all been there - but there are a few small tweaks that you can do for your day to day spending that could help you break those bad habits that leave you in the red.
1. Take out the money you're happy to spend on a shopping trip in cash so you don't accidentally overspend on your card
If you're normally a bit tap-happy with your card, before freaking out when the credit card statement hits the mat, one way to avoid any unwanted surprises is to take out the amount of money you're happy to spend during your shopping trip in cash and leaving your card at home. It's a good way to keep track of how much you're spending and will help you consider your purchases as once the money's gone, you're done for your spree.
2. Compare a few different websites for the best deals on holidays before you book
Planning a trip away? If you're the type of person who normally books the first package you see because it looks so tempting, you should totally check the price of your trip on different sites before you go ahead and part with your cash. You may find a better deal just by shopping around a little rather than going for the first one you see.
3. Check for offers if you're making a big purchase for your home as other shops may have promotional deals
Shopping for a new appliance or electrical can be a bit of a snooze fest, but it's worth switching up your normal spending habits to make sure you're getting the best price possible. Stores often have money off deals or special promotions - and it soon adds up when you're making a big purchase! Try and keep an eye out for seasonal sales or check out online offers on Black Friday to ensure you're getting the best price possible.
4. Cashback sites can earn you money back on things like insurance
Ok, car insurance or a policy for your home isn't the most exciting thing on earth but you could get a chunk of your spend back by using a cash back site before you buy. It's literally as easy as getting used to one or two more clicks before you make your purchase as normal and they get paid on referrals so they give their customers some of the money back too - win!
5. Work out how much you need to spend on essentials like bills a month then set yourself a monthly budget for treats with what's left and stick to it
This one involves sitting down and taking a good look at your finances rather than just spending like no tomorrow and hoping for the best. Work out how much money you have left from your income after you've paid off your essential monthly outgoings like, rent, bills, your phone bill and anything else you are required to pay each month. Once you know how much you have left over, you can set yourself a specific amount to save each month and set yourself a budget for treats too... just make sure you stick to it!
6. Set yourself a saving goal to help you fight temptation to overspend, such as a holiday or a house deposit
Saving can often feel less fun than spending your hard-earned cash, but if you're actively working to save money for something specific, you're less likely to slip up and overspend on impulse buys and things you don't really need. Knowing you have a goal to work towards will help motivate you to pass up that overpriced coffee shop latte every morning in favour of your dream trip or finally being able to move out of your mum and dad's house.
7. Prepare a list before you go shopping to avoid buying a bunch of stuff you don't need
This one's nice and easy (so you have NO excuse not to make this tweak, like, now). Make a list of the things you need, before you embark on your epic shopping trip. Go out with a plan and you're far less likely to fill your trolley with random things you find walking up and down the aisles trying to remember what you actually came in for. It's a no-brainer.
Click here for more info on how to take control of your money or search Barclays Mobile Banking.