3 minute read
Life Skills: Financial Health Check
FINANCIAL HEALTH CHECK
Taking control of your finances can make a big difference to your life, your mental health – and your future. Here are some money management ideas for starting habits you’ll want to keep.
INCOMING/OUTGOING
■ Spend some time working out what you have coming in and going out
■ Once you know where your money is going you can spot areas where you could make savings. There are budgeting apps that break down your spending – check if your bank offers a spending tracker, too.
■ Check your bank account daily.
It’s a great way to stay on top of what you’re spending.
SPEND LESS
Little expenses add up – that daily £2 drink and crisps could cost more than £700 a year. By making a small change (buy your crisps and drinks at the supermarket in bulk and take them with you each day) you’ll be able to save the difference.
BE MONEY SMART
GOOD MONEY HABITS
Even with essential purchases always check you’re getting the best deal:
■ SHOP AROUND
Use a comparison website
■ DON’T IMPULSE BUY
Ask yourself, do I need this or just want it? Can I afford it?
■ BEWARE OF SPECIAL OFFERS Never buy something you don’t need just because it’s on offer.
DEAL WITH DEBTS
Don’t ignore debts - work out exactly what you owe and make a plan. Your bank account provider will have a financial advisor who can help you. If you’re really worried, speak to your personal tutor at college and they’ll be able to help you find some support.
TOP TIP
Print off your last bank statement and highlight all the non-essential items. Can you remember what you bought and why? Did you need it? How much would you have saved if you didn’t buy those highlighted things?
START TO SAVE!
Getting into the savings habit now can have a massive impact on your future finances:
■ OPEN AN ACCOUNT
Comparison sites can help you choose the right savings account
■ NAME YOUR ACCOUNT
Most providers allow you to label your account with a nickname, such as ‘tools/car/house’. This will help keep you focussed
■ SET A GOAL
What are you saving for? How much would you like to save?
What can you afford to put away each week? How long do you need to save that amount for to reach your goal?
■ START SAVING
Make the first payment from your next salary. Don’t put it off, start straight away! It doesn’t have to be a huge amount – remember that daily £2 drink and crisps that saved you £700 a year!
■ SET UP A STANDING ORDER
You could set up an automatic payment each month, with the money being withdrawn just after pay day so you’re not tempted to spend it later in the month.
WEBSITES FOR INFO: SCAN THE QR CODES
www.moneyhelper.org.uk
www.moneysavingexpert.com
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