Are you trying to get a better grip on your finances this year? Here are four small tips and tricks to have a healthy bank account in 2020!
It wouldn’t be January without an influx of posts about better ways to manage your money this year – and I’m no exception. Let’s face it – we’re probably not going to stick to that money challenge which starts with saving pennies a day but ends up with you putting aside hundreds of pounds each week come December (who has that kind of money just lying around before Christmas?) nor are we going to give up that early coffee (or in my case, Red Bull) addition completely.
However, because I am now 30 and because I have just moved into a house and have to pay rent, bills and god knows what else, I’m doing yet another overview of how I can get better at my finances this year. I know I do posts about saving money like, all the time, but this post is about how you can go a step further and save more money or get more of an understanding of your finances.
Make Use of Monzo’s Money Pots Feature
I know it’s kind of geeky, but I can’t begin to tell you how excited I was to start dividing my Monzo balance/account into pots. Being that I am now a serious adult who has to pay serious bills and rent, falling behind on these payments isn’t an option. If you get overwhelmed with money quite easily or struggle to understand where it’s going – Monzo is a great option to not only see where you’re spending your money but now, with pots, the app also helps you plan ahead. I have set up about seven different pots – for bills, rent, emergencies, expenses/food shopping, travelling and general savings.
I mean essentially you could just add up what needs to come out of your account each month, but where’s the fun in that? It definitely stops me feeling overwhelmed to know what bills are paid when and I’m annoyed I didn’t make use of this feature sooner.
Combine Your Debt
I’m not really an expert on debt but due to circumstances, I do owe some money on credit cards, to my dad (thanks to my missed flight, lol) and was slightly in my overdraft. I realized I was never going to pay this money off with the overdraft fees or interest fees stacking up – every time I thought I was getting somewhere, fees came in and just days later it was like I’d not made any difference. So I took out a 0% interest (two year) credit card originally to get another car, but as this isn’t really a priority right now (I now live ten minutes away from work and can easily get a bus – so it’s better for the environment!), I’ve combined what I owe onto that one credit card to pay off without racking up fees.
Obviously I don’t have a lot of experience with credit cards (I always swore I’d never get one), if you owe little bits of money here and there but you’re getting charged, I would recommend looking into the idea of putting it all on one card. It’ll also help you pay it off quicker, as it can be so tough having extra cash and wanting to use it to pay off something but not quite knowing where to start!
Get the Chip App
I know I go on about Chip all the time and constantly talk about how everyone should have an account (which you should. It’s amazing) but you should especially sign up now if you haven’t already, as they are now doing a special welcome offer!
You can also read my previous blog post for more info – and yes, it’s totally legit. I’ve saved over a grand (without realizing it, trust me!) since using the app – but I’ll be doing a post all about this soon.
Take a Look at Where You’re Spending Your Money
…and if you can save money by spending it elsewhere with loyalty schemes, subscription services etc
We all know there are just some things we can’t/don’t want to give up when trying to be better with our money. But if you’re absolutely going to treat yourself (and why not? Life is too short. No matter what your reason for saving, you still have to have a life. And no, eating avocado on toast when saving for a house deposit does not mean you’re selfish), you might as well be savvy about it. Like getting your nails done as a once-a-month treat? Try the Treatwell app for discounts and off-peak prices.
Want to travel more without breaking the bank? BRB Travel is a fab travel subscription service for short breaks around Europe, whereas. explained in my previous post, Travello is awesome for finding cheap travel experiences. I’d also recommend signing up to Lucky Trip’s mailing list for weekly doses of travel inspiration and LOL Flights so cheap they’re a joke. And that’s on top of Lucky Trip’s actual ‘trip in one click’ app. We live in an age where we can get cheap flights at our fingertips and more discounts, loyalty schemes and subscription services than we can shake our stick at. Take advantage of them.
How are you taking better control of your finances this year? Let me know!
No Comments