Everyone manages their finances in some way or another. After all, we wouldn’t get far with our mortgages, rent, bills or life in general if we didn’t!
But current affairs are constantly changing and, through no fault of our own, it’s getting harder and harder to stay on top of our money – or anywhere near it, for that matter!
Everyone wants to save money. Everyone wants to feel like they know how to manage their finances. But there’s always something new to learn.
We’re nothing compared to Martin Lewis here at Bayzos Estate Agents. After all, we’re just humans trying to get by, too!
But, after working with homeowners and their properties in Coventry for more than 5 years, we’ve learned a thing or two about how to manage finances – especially during tricky times.
Today, we thought we’d share our best tips with you.
1. Budget, Budget, Budget
Knowing where your money goes is the first step to getting on top of your finances.
Grab any spare 10 minutes you can find and go through your spending habits.
You don’t have to do anything fancy to start budgeting. We’ve reviewed the best online resources and NatWest has a fantastic online budget calculator which is easy to use and you can complete in a couple of minutes!
Once it’s done, you’ll know exactly where your money goes every month, making it easier to plan how much you can spend on leisure, hobbies, and household maintenance.
2. Get Savvy in Supermarkets
Food shopping is weekly, essential, and one of those things that seems to haemorrhage money if you’re not careful.
Get savvy next time you shop and:
- Check price per kg: Don’t get lured in by the bulk “deals”, especially with single veggies!
- Use discount apps and websites: Sign up for points cards, use the techy machines that give you discounts, and save those vouchers!
- Try unbranded produce: Make a few switches and see if you like it!
- Go wonky: Uneven fruit and veggies are considered less “desirable”, which is why most supermarkets sell them at a discount!
- Shop in season: Buy your fruits and veggies when the time is right, and you won’t have to pay a premium.
- Don’t shop hungry: Research suggests that we buy double the produce when shopping hungry, so have a snack before you go!
3. Check Your Bills
There’s almost nothing we can do to prevent bill hikes if prices are rising.
But what we can do is make sure we’re paying what we should be paying.
Get into the habit of checking your bills regularly to monitor changes in spend and, when the time’s right, shop around for a cheaper deal.
To minimise your bills, you can:
- Check your energy usage is accurate: Go online and check your usage is correct and you aren’t being overcharged.
- Submit meter readings: Even if you have a smart meter, submit monthly meter readings (including water readings) to ensure you only pay for what you use.
- Shop around for better deals: When your WIFI, home insurance, mobile phone, or energy contract comes up for renewal, always shop around to see if you can find a cheaper deal.
- Call your subscriptions: Netflix won’t offer you a discount if you call them, but your TV package might if you’ve been with them a while
“An Investment in Knowledge Pays the Best Interest…” – Benjamin Franklin
We don’t claim to know everything about how to manage your finances. After all, who does? But we do know that continuous learning can help us save money.
Have these tips helped you?
We hope so. Let us know your favourite ways to manage your finances!
Or if you’re looking to sell your home in Coventry or surrounding areas to pocket some equity, we can help with that. Give us a call on 0330 124 6533 for a quick chat.
We’re humans here, too, and we want to help.
Thank you for reading