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Here are a few handy tips to help you manage your money:

Create a spending plan! – If you’re sitting there wondering ‘where does all my money go?’ then you should be sitting there trying to work it all out. Believe it or not it doesn’t take that long to calculate it all. To make a spending plan simply make a list of all your outgoings, first on a monthly basis, which will include expenses such as utility bills, loan repayments etc. Then make a list of day-to-day expenses, such as lunch, travel etc. Add those two lists together and subtract it from your monthly income.

Save, save, save! – Financial experts recommend that you should have a cash reserve of half your annual income. ‘How is this done?’ I hear you ask. It requires discipline! You will need to cut back on pretty much all luxuries. Focus spending money on ‘needs’ instead of ‘wants’. It won’t be for nothing. Knowing that all that money is in the bank will give you an enormous sense of financial security.

Take care of your credit. – Everyone uses their credit card to bail them out of sticky situations. What you shouldn’t do is use it when you don’t have to. Credit card interest rates are some of the highest in the financial industry. Ensure you familiarise yourself with all the terms and conditions of the credit card so that it won’t come as a big surprise if the bank suddenly requests a huge amount of money if you miss a payment.

Stop the impulse buying! – You’ll be amazed at how much money you can save just through avoiding impulse buying. Don’t go to the supermarket on a daily basis because you’ll end up spending a lot more money on little items.

Save anything and everything. – Remember to save every last penny. It all adds up. If you put £10 away a week, that’s £40 a month and £520 a year, and that’s a lot of money.