Two thirds of UK adults in the UK say their cost of living has increased in the past month, with 79% saying higher gas and electricity bills are to blame, the Independent reports. Food and non-alcoholic drink prices have risen 4.2% in the last year, while domestic gas prices have also increased by 28% and domestic electricity by 19%. Although money management can be particularly difficult for busy mums, there are simple ways you can keep your finances in order.
Get organised
Being organised with your finances is key to staying on top of your incomings and outgoings, which makes it easier to anticipate and prevent financial difficulties. Although you can organise your money by hand with simple pen and paper, a budgeting app makes the process even easier via your smartphone. The best free budgeting app that you can download is MoneyPatrol. The app helps you keep track of your spending and manage all your finances anywhere you go.
Alternatively, if the thought of organising your finances is simply too overwhelming, a financial advisor can help you create your own financial plan that suits your needs and lifestyle. As long as you follow the plan, you’ll successfully reach your financial goals. Nevertheless, if you do find yourself short on money, you can also consider taking out a payday loan. : By applying for a loan with a money lender like accreditloan.com funds can be in your account within the hour after your application’s approved.
Shop smart
Grocery shops are expensive, but you can make it cheaper by planning your family’s meals around what’s currently on sale. And, if you don’t already use a meal plan, it can be one of the best ways to save money and avoid unnecessary spending. A menu plan lets you determine what you’ll be eating every day and how to incorporate ingredients you already have. Also, the next time you go shopping, try “downshifting”, which typically slashes grocery bills by 30%. By swapping a product for another cheaper one on a lower brand level, you’ll save money while, in most cases, not noticing a difference in quality. In fact, even if you only swap half of the items in your shop, you’ll still make a 15% saving, which can total £100s or even £1000s.
Prioritise saving money
If something unexpected happens like job loss or death in the family, you’ll need emergency savings to fall back on. Even if you don’t have much money to spare, it’s important to prioritise building up your savings account. Make saving a consistent habit by thinking of it the same as any other regular bill you need to pay. Over time, you’ll find you end up with more money than initially expected, which, in turn, also lets you pay off any debts and increase your retirement fund. Again, a budgeting app can also make it easier for you to grow your savings account, as well as provide actionable tips on how to best save and spend your money.
Although managing your money as a busy mum can be difficult, it’s more than possible when you know what to do. By organising your finances, shopping smart, and prioritising savings, you can improve your financial health over time.
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