Sort your spending and save ££££

If asked the question, ‘would you like more disposable income each month’? most people would answer yes. But it’s how we use our money that really determines how much spare cash we have each month.


Being more aware of how and where you spend your money can free up more cash and allow you to achieve your financial goals. So how is this done?


It’s all about being more conscious of how you spend your money:


1-The first thing to do is make a list of things that have to be paid such as; rent/mortgage, utility bills, mobile phone etc. Print off a bank statement so you don’t forget anything.


2-The next thing to do is keep a record of your daily spending. Rather than write down everything you buy you could download an app to your phone which will track your daily spending. The spending tracker allows you to record every time you buy anything. It categorises your spending, so you can see where you are spending the most and where savings can be made. You will soon see areas where the spending quickly adds up. For example, if you buy lunch out when at work every day £20 quid can easily be spent each week, £1000 a year!


3-Once you know where you spend your money you should think about making sure it’s going where you want it to go. Your essential bills such as rent, mortgage and utilities are unavoidable, so it might be worth keeping the money for those in a separate account to avoid spending this money. But the rest of it should be split between savings and doing the things you enjoy.

Regular saving should be a priority, whether its for an annual holiday, a deposit on a house or securing your financial future. Once you start saving a set amount each month it will soon become a habit and it will simply become part of your budget.

Allocating money for the things you enjoy doing is recommended. When people cut right back on the things they enjoy its very common for them to slip back into bad spending habits. So, make sure you put some money aside for the things you love to do each month.


Once you’ve reviewed your spending it will be so much easier to take control of your finances again and free up more cash each month.