Three things I wish I'd known about managing my money
Updated: Aug 22, 2019
The lessons which I wish I had known in my early twenties, before being unleashed on adulthood and money management, are far more than I can fit here in a 5 minute read (in fact, I could do a TV series about this...item number 37219 on the ideas list). But let's start with three of the key things I wish I'd known 10 years ago.
1. Just start.
Whether it’s saving, budgeting or even checking my bank account weekly, I spent many years thinking that those ‘adulting’ things could wait another year or two. Give yourself a head start and start now. Whether it’s a weekly reminder to check your balance, or a direct debit for £50 every payday into savings, just start.
2. It doesn’t have to be difficult.
By no means am I saying everything money related is simple and the reality is that in 2019, we’re still reeling from centuries of finance and money being part of a man’s world. Yet some parts of money management really are simple. Start with the basics; most people have elements of their income or expenses which are predictable - often, the majority of costs repeat monthly. Think about it: If you’re employed, your monthly payslip lands in your inbox ready for you. If you rent or pay a mortgage, your biggest monthly outgoing is usually on autopilot. Write down all of your direct debits and subscriptions and you’ll have a clearer idea of your monthly fixed expenses - these are the numbers to meet at a minimum.
3. Loyalty doesn’t count.
Switch provider - internet, phone network, insurance to name a few - every time you can (which is most often annually). In our personal lives, loyalty rules and strong relationships matter but when it comes to big business, we’re in a world where loyalty doesn’t pay. Before you leave, try giving your current providers a call as sometimes they will ‘magically’ produce a far lower rate or fee than you’ve been paying. But this is key: if you don’t ask, you can guarantee you will not get and will overpay.
Trust me on this one. Get moving today and drop me a line with your successes!