Advice centre:
Managing your money

Every household could benefit from improved money management – whether in debt or not. Here are some suggestions to help you make ends meet.

Check your bank account
How many of us simply let our bank statements pile up and never go through them? It’s also now easy to check our accounts online or via smartphone apps. Regular checking through the month allows you to hold back the spending if possible, or let you know that you’re on budget. A detailed review of your bank statement allows you to see how much all those little things add up.

Create a budget
A budget is the best way to take control of your finances. Once you can balance what is coming in versus what’s going out, you can then take action to cut your spending and make sure you are in a position to pay your bills every month.

Reduce spending
Once you’ve completed a household budget, it should be clear where you may be able to make some cutbacks. This doesn’t have to be a case of huge changes – often it’s cutting back on the small things that can make a big difference. Lose the morning latte on the way to work and you could save over £500 per year!

Use cash
One tactic to help you keep on top of your spending is to use cash rather than cards. Some people take out all the cash they can afford for the month and live on that. Alternatively, if you’re going on a shopping trip, taking just what you need ensures you can’t overspend.