How to manage your money
Whether you’re trying to tighten the purse strings or just want to improve your financial savviness, there are some changes you can make to better manage your money.
Create a budgeting plan
Sticking to a monthly budget is one of the best ways to stop yourself from overspending.
Track your spending
Along with a budgeting plan, you can also track your spending for a few months to see where your money is going. You may pick up on a few outgoings you weren’t aware of, like monthly subscriptions that you forgot to cancel.
Open a savings account
Opening a dedicated savings account is a great way to build a pot of funds over time. You can also choose a locked savings account, such as an ISA, which stops you from withdrawing money for a set period.
Think about your private pension
While everyone who pays National Insurance is entitled to a state pension, it’s also worthwhile opening a private pension pot, especially if you’ve got a little extra income that you can afford to put away monthly.
Cut out unnecessary subscriptions
Nowadays, many people have multiple subscriptions active, usually for streaming apps, subscription boxes or similar. You may want to review your current subscriptions to see if there are any that you’re not using but still paying for.
Independent financial advice
There are plenty of useful financial resources you can use to improve your money managing skills, including:
Contact us
There are different ways you can contact us to find out more about the support available:
If you have hearing or speech difficulties, you can use the national text relay service, Relay UK, to act on your behalf. Everything is completely confidential, including the details you share for identification and verification questions.
More support
Head to our Help and support hub to find more resources or check out the links below.
Debt support
Take a look at the ways we can support you if you’re going through financial difficulty.
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If you’re struggling with mental health issues, there’s support available to help manage your finances.
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