List your essential outgoings like rent, groceries and commuting costs. Then be sure you can pay them each month before buying those new jeans or having that cheeky takeaway.
Always ask yourself honestly if you can afford something before buying it. The stress of a debt you can’t pay or having to massively tighten your belt afterwards isn’t worth it.
Add regularly to a savings account. Ideally, you want enough built up for six months’ living expenses if you find yourself without an income. It’ll help cover any big, unexpected costs too, like car or home repairs.
There’s nothing wrong with enjoying your hard-earned money, so plan a few treats throughout the year. It’ll mean you can have fun without overstretching – good for your soul and your bank balance.
Is your gym membership really the world’s most expensive six-monthly yoga class? Do you actually read that magazine subscription? Stay on top of your regular payments – and cancel the ones you’re not using.
Note down when your debts are due then set up standing orders to pay them. That way, there’s less chance you’ll accidentally miss a payment which can incur a charge, plus you won’t be tempted to spend the money on something else instead.
It’s never too early to start saving for life after you kiss goodbye to the daily grind. Make sure you have a pension plan for retirement – and contribute to it every month.
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