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5 top tips to get started with personal finances and money management in the middle of the cost of living crisis (from repaying debt, saving, budgeting, setting financial goals to investing). As inflation continues to bite and energy costs soar with remarkable speed, many of us feel at a loss when it comes to managing our money. Grab a coffee, sit down somewhere comfy, and spend an hour today to jot down a plan!
Before you dive into practical tips, let’s understand your money mindset. Think about what money means to you – do you avoid your finances and frequently end up in debt? Or perhaps you have a tendency to spend money impulsively? Reflect on the messages about money you may have received growing up, your beliefs and write down your story.
Now it’s time to do a quick financial health check. Review your expensive debts and work on a plan to tackle them, find a way to build up an emergency fund (even if you only start small!) and calculate your net worth to understand where you stand today. Think of it like taking a snapshot of your financial situation – even if it looks less than stellar, don’t worry! It’ll help you understand where you need to go, so don’t be too hard on yourself.
Keep a spending diary and start tracking, apps are useful to do this. Get a realistic view and create your budget around 3 categories: essentials, lifestyle and savings. Needs are what are required (i.e. food, bills and rent/mortgage). Wants are what you wish to have for your comfort. Thinking more sustainably helps: reduce consumption, reuse, recycle and make things last.
Write your short, medium and long term goals on paper and start saving. Savings protect you in the short term and investing is important for the long-haul, especially in this climate of inflation so that your money works harder for you. It’s a balance between having enough money today and delaying gratification for your future self, if you have a pension you’re already an investor.
You never know who might be struggling so be mindful, open and honest – connect and check in with those close to you. It also helps to stay grounded and grateful – it might be difficult to do when you’re stressed out with money, but keeping a gratitude list to remind yourself of the things that still bring you joy in your life is extremely humbling. It’s never too late to get started with your money – so whichever part of the journey you’re at, embrace it and enjoy the ride!
We’d love to meet you in person for honest money chats, so if you’d like to learn more about saving, investing and taking control of your financial future.
Join our upcoming Money Matters (one day) Festival at The Ned and get £15 off the £60 ticket price using code FRAMERS. Sign up here
Or sign up to Emilie’s new 6-week online investing bootcamp starting October 31st. Get 10% off with the code FRAMERS. Check it out here
