How to manage our money?

Happy Monday everyone! I hope you all have had a relaxing weekend (or tried to!) and are ready for the week ahead. It's hard keeping our spirits up but we must push through together and reach out to our networks if we need extra support - it is okay to ask for help.

This week we are focusing on money management. Budgeting, saving and cutting down on our usual habits of spending can be extremely difficult, especially if we have little ones who are constantly growing out of their clothes - scraping their shoes/trainers and always want the next best thing they see on adverts or on the YouTube channels.

We have provided some tips to help you effectively budget to help you save for a rainy day, a new house or a holiday (when time allows) or just to have some spare cash to see you through the month.

Create a budget plan:

Write down all of your income and outgoings - use bank statements and bills to help you look at what your monthly debits are.

You can access a free budget planner here :

Budget Planner – Free online daily, monthly and yearly budget planning tool - Money Advice Service

Once you have written everything down you can have a look at what can potentially be cut down - do you really need all of those monthly subscriptions? Can you cut down on one or two takeaways for the month?

Pay off loans/credit cards:

You may only be paying the minimum payments each month but paying an extra amount on top of this can help you clear your balance much more quickly. Even it is only an extra £10-20 a month this will still help in the long run.

You must always make sure you at least make the minimum payment each month to avoid late payment fees and this could be marked down as a missed payment on your credit file.

Set a savings goal

The idea of saving can be quite daunting but setting yourself a small realistic goal is good way to get started! Try saving £50 then £100 and let your savings pot grow - only do this if you can afford to. Set a goal realistic to your circumstances! Eventually, when you set up a big enough emergency fund you should have spare income for unexpected emergencies such as car breakdown, loss of job or breakages within the home.

Facing debts can be scary, speaking from personal experience I know how hard it can be, but the first and most important thing to do is to make a start, once you start clearing your debts and managing your money more effectively you start to have spare money for the important things in life.

You can always access free debt advice if you need more support and clarity, follow the link below for more information.

Debt and money - Citizens Advice

As always, the boost team are here to support you with any extra help and support you may need, so do not be afraid to reach out. Have a lovely week. Mica x

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