Take control of your money

Do you ever feel that your finances control your life?  Finances can be scary. A lot of confusing words and big decisions. Because of that, many people avoid talking about money or exploring if there’s a way for them to manage their money better.

We’re here to remind you that you can take back control and stop your financial situation from dictating your life. Simply put, everyone can manage their money better.

So, what can you do now to take back control? 

Assess the situation

To take control you need to understand your current situation. Work out your earnings, spends (including bills) and if you have any debts - credit cards, overdrafts, payday loans.

Do you have debt?

If you do, this may be something you could manage differently and potentially save money. 

For instance, could you benefit from consolidating your debt? If so, click here and see if your employer gives you access to a Salary Finance loan repaid straight from your salary. 

For free and impartial advice on debt you can visit:

Money Advice Service: www.moneyadviceservice.org.uk

National Debt Line: www.nationaldebtline.org

Citizens Advice: www.citizensadvice.org.uk

Spend smarter 

• Using contactless can be a slippery slope that makes spending money very easy and difficult to track. Could giving yourself a cash budget each week give you better visibility on what you’re spending?
• Sales and discounts often encourage us to spend on things we don’t really need. It sounds simple, but taking a moment to pause and ask ‘what would having this allow me to do that I can’t already?’ may help to stop you from impulse purchases
• Shop around - use comparison websites to ensure you’re getting the best deal on everything from your household bills to a purchase you want to make

Build a buffer

Having savings will allow you to deal with unexpected costs and stop you from depending on credit cards, overdrafts or even payday loans. Salary Finance can help you save directly through your salary or set up a separate savings account to put money aside as soon as you get paid. It doesn’t matter how small you start, as long as you can commit to a regular amount. By saving £3 a day (around the price of a cup of coffee), you could save £1,095 a year.

Set goals

Your goals can be anything, but having them helps you to stick to your plan.

Maybe your goal is to save for a home or rental deposit, a new car, home improvements or a family holiday. These goals should include how much money you want to save and a timeframe that you want to do it in.