Financial Friday

*Disclaimer - I am no financial advisor by any stretch of the imagination, these are just my own thoughts based on my own experiences.

Ever tried looking for sound, basic financial advice online? The options are many and varied with no end of people offering their own idea’s on how to set budgets, stick to them and save.

Well, I’m going to add my own two cents to the mix! Let’s call it ‘The Minimalist Guide…to Finances’.

Tip #1 - Set a Goal & Stick to it.

Keep your goals simple, acheivable and short term focussed. It’s no good saying “I’m £10,000 in debt therefore my goal is to be debt free in 5 years time”. If you don’t see yourself actively eating away at your goals each day/week/month/year then you will fall off the wagon.

Tip #2 - Savings.

You want to foster a positive attitude to your finances, look forward to your bank statements don’t fear them! Work out how much extra you have each week or month to pay towards your debts then take a third of that money and put it in to a seperate savings account. Don’t worry if it’s not much to begin with, you are interested in seeing progress (however small) not amounts at this stage.

Tip #3 - Stay Determined & Be Informed.

There are no quick fixes and you will not win the lottery this week. This is going to be a long haul so bring your ‘A game’. Get in the habit of knowing your bank balance each day, eventually you will know without looking at your statement instinctively how much is there and what bill is coming next. Having this information put’s you in control. Control is good.

Tip #4 - Celebrate Your Victories.

Hit your first goal? Give yourself a reward, if you stopped going to the cinema to save money go and see a movie and eat popcorn till it comes out of your nose! The reward doesn’t have to cost money, put a marker on your calendar “Today I paid off my credit card” etc.

Let me know your thoughts, how do you handle your finances?