With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.

Julie Carter

Personal Money Management: Answering the FAQs

June 13, 2016

Managing your personal expenditure is extremely important, and whilst budgeting and saving can take some years of practice to master, seeking independent financial advice from a Buxton based specialist like ourselves certainly helps. Here we answer the most common frequently asked questions regarding personal money management so you can not only keep on top of household bills but put some money aside for the future.

How can I take control of my finances?

Setting a budget is the first and most important step that you can take when looking after your financial health, and more than 50% of all householders in the UK have one! Devising a realistic budget that you can stick to and reap the rewards of however can be challenging.

Whether you want to stay out of debt, improve your credit rating, save up for something you have had your eye on for a long time like an exotic holiday, new car or property of your own, or want to boost your chances of being accepted for credit, setting a budget is certainly the way to go. Get started by calculating your current expenditure, and leave no stone unturned when doing so by including everything from bills, living costs and travel fees to your financial products, leisure activities and even costs that may be incurred on special occasions like birthdays and Christmas.

I’ve set my budget, now how can I stick to it?

The key to sticking to your budget is setting a realistic one, budgets aren’t meant to completely restrict you but it may help to keep a diary to ensure you are not spending unnecessarily. You can also work to reduce expenditure by shopping around for better deals on your bills and mortgage.

I’m in debt, how can I pay them off faster?

Prioritising your debts if you have multiple store cards, credit cards and personal loans can improve your financial health significantly, and you should aim to settle the debts with the highest interest rates first. Don’t be afraid to ask for help if you become overwhelmed by your debts, there is plenty of support out there.

*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*