You Can Improve Your Spending Habits and Manage Your Money Whilst Waiting to Land that Much Needed Job
Whist job seeking we all know that funds can be tight until you land that ideal position. Finding yourself out of pocket is nothing to be ashamed of (it can happen to anyone, regardless of how sensible they are with their finances), there are things you can do to improve your spending habits. Here are some helpful tips for managing your money…
1. Get your head out the sand and face your fears
This is the first and biggest hurdle for most people. A third of young adults (and probably plenty of ‘fully-grown’ adults) are too scared to check their bank accounts, which is an understandable (even if not a sensible) approach to take.
But, you do need to bite the bullet and see what state your finances are in. Be brave, and act on the wisdom of Pema Chödrön, a Buddhist teacher. She says “Instead of seeing your fear as an obstacle to be overcome, it is more helpful to consider it an opportunity for transformation, an open doorway to awakening”. So, try to see checking your bank balance as the first step towards transforming your life: it’s going to get better from here.
2. Set yourself a realistic goal
Then, set yourself a target you can actually reach. For instance, if you owe a lot of money to lenders, resolve to clear your debts within a time frame. Talk to your lender about making a repayment plan, or switch to a lender that’s able to offer you an affordable deal. Or, if you’re not in debt but don’t have savings, aim to save an amount for a specific milestone, such as buying a property. This will give you something to work towards, motivating you to have better financial habits.
3. Identify your problem
Next, see if you can identify the root cause of your problems with money. Are you an emotional spender, using shopping as a way of making yourself feel better about things in your life that you aren’t in control of? Or, did you grow up in a household where money was tight and now you’re so frugal that you find yourself missing out on holidays, time with friends or treats for yourself? See if you can spot the cause of your issues with money, as this will help you to become self-aware and in better control of your behaviour.
4. Install an online banking app
Then, make managing your finances convenient. Download a banking app so that you’re more inclined to check your bank balance at regular intervals. If checking your bank balance begins to feel stressful, or becomes an unhealthy obsession, limit yourself to checking the app once or twice a week.
5. Open a savings account
Everyone should have a savings account, even if it only contains a very small amount of money. The Bank of England base rate has been cut to 0.25%, so you’ll notice that interest rates on savings accounts are very low right now. But, having a separate account for emergency funds or a rainy day will be useful at some point. And, in the future, the interest rate is bound to rise – so you’ll start making money for just having money in an account.
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