5 Habits to Get Your Finances Under Control

Author: Clare from Budget Mums   Date Posted:30 January 2017 

Clare is the super mummy behind the blog Budget Mums.  Clare loves organisation and saving money and it shows in her helpful blogs.  Clare has grown up the oldest in a large family.  She practices living life on a budget everyday.   

Budget Mum - 5 tips for getting finances under control

At this time of year, people are often looking at ways to reign in their budget, whether in response to the fallout from the Holidays or simply a way to start the New Year off right. Either way, getting your finances under control is a great idea, at any time. I’ve always been quite good with money, even as a child I enjoyed saving my pocket money, but I am by no means an expert. These are just a few things I have learnt to help with my family’s budget. I hope they help you too.

1. Track your money

You can’t get your money sorted if you don’t know where it’s going. How many times have you gotten to the end of your pay cycle and wondered where it all went? By keeping track of what you’re outlaying you can identify if there’s a problem and work out a solution. Maybe you’re spending half your earnings on takeaway coffee without even realising it? Even if you take away nothing else from this list I would suggest at least making sure you know what you’re spending your income on.

2. Create a budget

Think of it as a plan for your money. Once you know where your money is going, sit down and consider whether it could be better spent and adjust accordingly.
 

3. Save

 Sometimes even when you think you have it all figured out, life throws you a curveball. Having money in the bank to fall back on when times get tough can provide tremendous relief. Even if it’s just a little, save what you can for a rainy day. If you’re looking at your budget and wondering how to get blood from a stone have a look at my posts on ways to save for a range of ideas on ways you can cut back on your spending.
 

4. Don’t buy things you can’t afford

I know this sounds incredibly simple but sometimes it’s easy to get caught up in things you think you have to have. But most of the time these things aren’t worth going broke for. Next time you go to buy something, whether it’s a new pair of shoes or dinner on your way home, ask yourself do you really need it and can you really afford it?
 

5. Find what works for you and stick to it

Just because something works for someone else doesn’t mean it will work for you. There’s no point in deciding you won’t get takeaway ever again if you normally eat it every night. Start by maybe cooking one meal a week at home and go from there. Figure out what does work for you and go for it.

So there you have my 5 Habits to Get Your Finances Under Control.

I would love for 2017 to be the year you get your budget in hand. Let me know how you go!

What is your best tip to getting control of your finances?

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Comments (2)

Thank you Clare!

By: on 3 February 2017
My favourite thing is find out what works for you - there is so much advice floating around from friends and family and you think "that's great, but doesn't really suit my family...". Thanks for the great tips Clare - we're definitely going to be starting these now as we look at what happens if/when I return to work!

By: on 2 February 2017
For me I have 3 bank accounts to keep track of everything. At the start of the pay cycle I move all the bill money to one account and move the weekly money into another account. This stops us from over spending. I make sure we have a weekly allowance and just transfer that amount over at the start of the week.

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