Paving The Way To Good Money Habits


Money is a big deal, isn’t it? We all (probably) want more of it, and when you’re a parent to a very young child, you can feel like the cash flies in and out of your bank account without a second to stop and improve your credit score. Of course, now you’re on the lookout for some money tips and tricks, because something has to be done, surely! 

But why are we paving the way? Because we’re going at walking speed, and slowly taking the steps to build good money habits for the present and future. It’s important to do this bit by bit, because a habit isn’t made in an afternoon, and now’s your chance to do something workable and sustainable for your bank account! 

Good money habits are something we all want to form, and if you’re just a breath away from finally saving up for that holiday you’ve wanted to take for years, now would be the perfect time to look into making savings a lot more manageable in the future. 

So, without further ado, here are the most important steps you’re going to have to take whilst you’re on your journey. Keep them in mind for the path ahead, and feel free to refer back every now and then for a quick reminder!

Pexels Image – CC0 Licence

 

Make a Liberal Use of Shopping Lists

If you know what you want to buy before you go out there and buy it, you’re going to save yourself a lot of money in the long run! If your parents used shopping lists all the time, and you always thought it was just because they couldn’t remember what they needed, it’s time to reevaluate. 

Because when you think about it, if you’ve got a structured list of items in front of you, and you’re not aimlessly wandering up and down the aisles picking up anything you like the look of! 

So, why not make a liberal use of shopping lists yourself? If you fall prey to supermarket layouts all the time, this is your chance to stop yourself spending needlessly! Just grab a piece of paper and a pen, and jot down everything that needs restocking in the house, and then stick to this piece of paper like glue. Don’t even let your eyes stray from crossing off each item as you pick it up. Soon enough, shopping trips are going to become a lot cheaper on your bank account! 

 

Read the Fine Print!

If you’re ever in a position to purchase a money application through your bank, or you want to try your hand at applying for a loan, you’ll need to learn how to navigate the field. And to do that, you’re going to have to commit to reading the fine print. The terms and conditions are something we like to skip through as quickly as possible, seeing as they can be pages and pages long, but when it comes to a loan? You’ll need to settle in and read through all 10,000 plus words of content before agreeing. 

Most of all, you’ll need to keep an eye out for the interest rate that comes with the loan. The big numbers they provide at the bottom of the screen on TV adverts seem big and scary by default, but it’s useful to work out what they actually mean. 

If you’re ever in doubt of the usefulness of a certain type of loan, and you’re not getting anywhere with the fine print in the wider scale of things, always turn to provider’s website for more details. For example, if you’re thinking of how to use a secured loan to help pay for a new degree course, check out some secured loan faqs

And make sure you do a lot of research before settling into something as serious as a loan contract. If you’re looking at the best auto loans on the market, always use outside information and feedback before making your choice – it’s unlikely that a provider’s website would tell you to shop elsewhere! 

 

Use Automatic Saving Systems

If you’re someone who uses internet banking, or you have an app on your phone that allows you to access your account in real time and control it from your smartphone screen, this will be easy for you to set up. Just go into the app, find the payments section, and see if you can transfer money back and forth from your main account to a savings account on a regular basis. 

If you’re able to set up a standing order, you’ll be able to even put a timeframe on the savings – if you only want to save up for Christmas at the moment, you can just keep the savings going for a 3 or 4 weeks, and then have them automatically stop until you say go again! 

 

Learn How to Properly Use a Piggy Bank

And finally, it’s time to revisit your childhood, if you ever had a piggy bank that is. Because when you have a bit of spare change in your pocket, and of course most of us don’t these days, it’s time to put all of those coins into a piggy bank. Every time your wallet or pocket is crammed up with coins, even when they’re low value pennies, pop them in the bank. Come back to it at the end of the year, or in 6 months time, and see what you’ve managed to save up by doing this. 

Because these pennies can very quickly add up! And if you take them down to the bank, you’ll be able to swap them out for actual pound coins. 

 

Ready to Establish Good Money Habits?

It takes a bit of time, of course, and we can get quite forgetful these days! But don’t beat yourself up if you misspend here and forget to save there; if you can recognise that you could have made a better decision, you’re already on your way to smarter saving and spending.

 

This is a collaborative post.

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Hello!

I’m Rachel, a 30 something Mum to 6 year old Little Man & 2 year old twin girls (one with us & one in the sky).

I’m an anxiety sufferer, list writer and secret chocolate eater.

Join me going from anxious to organised.

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