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Fresh Beginnings for Your Money…
I love using September as a beginning for new things. It goes back to the beginning of a new school year. I love the build-up to fresh starts. The prep and organization. Since I’m no longer in education, I tend to use September as a starting point for goals I want to achieve, things I want to get started.
So this September, I’m diving in with our finances. My money journey is something I’ve been more open about on the blog and on my Instagram this year. It’s something I want to continue and something that I will constantly be working on for the rest of my life. I’ve managed to achieve one goal already this year (to have a minimum of £100 in our account at all times). And we’re so close to having a £1000 emergency fund. To say I’m proud is an understatement. I’m so happy my husband and I are at that point where we want to invest in certain things and are working towards larger money goals.
With all this in mind, we’re using next month to get down into it and really get in the best shape for achieving our goals. There are changes to make to your finances that will help you get into the right place to kick butt. I’m so excited to get working on them and be in the best place come 2021. Here are my 5 changes to make to your finances ready for September…
WORK ON YOUR BUDGET.
One of the first things to get into tip-top shape is your budget. I have my spreadsheet which I love and will happily explain to anyone who is interested. Before all this, you need to look at your past spending. Take your bank statement for the last three months (physical copies). Next, highlight every transaction that you cannot recall exactly what you purchased. You’ll be surprised how much you highlight. Once you have an idea of where these little spends you’re wasting now is time to categorise. To do this, put each amount into categories to see which are your biggest spenders.
From here, you’ll be able to work out what the best budget is for you. As always, there are so many different types, so it’s best to always research. Therefore, you’ll find the one that is perfect for you and you’ll be on your way to getting started achieving your goals.
DOWNLOAD SOME APPS.
Apps are such an amazing way to keep on top of your finances. Firstly, it’s one of the smallest changes to make to your finances. And yet, it will have the biggest impact. If you’re banking, chances are your bank will have an app. I check mine every single day. It’s a daily habit that I’ve grown into. Download your bank app onto your phone immediately.
Next, I would say to download a credit score checker. Experian is free but limited until you pay for a plan. However, it gives you a great indication of where your score is at. Clearscore is free and gives you points on how to improve your score. However, it’s not 100% accurate (mine score one this app is much lower than my Experian one). Personally, Experian is how my bank will read my score on a credit check so I go with this one. Knowing where your at with your credit score is so powerful and will put you in a great place for any borrowing you may want to do.
KNOW YOUR SPENDING TRIGGERS.
Another one of the changes to make to your finances is to know your spending triggers. Everyone has different ones that make them reach for their card. Mine is definitely to make myself feel better. If I need a pick me up, I tend to use spending to make myself feel better.
To combat this, when I feel the urge to spend I always stop myself and take a moment. Then I’ll force myself to do something else that will make me feel better. Right now, that’s grabbing my ear pods and taking myself on a country walk. Spending is not the answer to making yourself feel better. Rather, it should be a by-product to something else.
So take stock of when you feel the urges to drop some pennies and why you feel that way. Recognising these spending triggers now will help you in the long run.
MAKE A PLAN FOR YOUR DEBT.
How to tackle your debt is one of the biggest changes to make to your finances. Now, no one is asking you to have it all figured out straight away. However, in this time of planning, this is the perfect time to start researching how to do it. For debt repayment, there are two main methods: the snowball method and deck stacking. Snowball is where you start with your smallest debt and work your way up. Deck stacking is the opposite. It’s worth researching into each and seeing which one fits your financial situation. Not everyone is the same and someone’s method won’t always work for you.
HAVE A GO WITH INVESTING IN STOCK.
Stock investing may be scary. However, it’s a great way to build worth for the future. I’m not at a level whereby I’m investing large amounts anytime soon. However, I’ve been playing with investing in small amounts. £2 to be exact. I use the app Trading 212, it’s very simple and there are some great company options on there. From my initial investment and the free stock that I got, my investment has grown over the past few months. Now, I’m not going to get rich quick from this, but it gives me an idea of how stock investing goes and I have a tiny egg growing to treat myself in the future. This is what I’m hoping will give me the confidence to take the plunge later on in life to make larger investments. Fancy trying it out and getting a free share in stock worth up to £100? Click on this link and sign up.
Remember, do not invest more than you can afford. I’m no financial expert so if you have any questions, please speak to a professional. My initial investment was £2 so to get started, you honestly don’t need to do more than that.
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