Budgeting – setting yourself a monthly / weekly budget is the first thing you have to do if you want to improve your finances & save money, first thing you need to do is record and track all of your monthly expenses, every last one from your rent, to that £3 coffee, if your spending more than you earn you need to immediately see where you are spending the most and cut back as much as you can.
- Groceries – if your spending to much money on groceries then I would suggest the first thing you do is make a list & sticks to it , having a physical list will help you stick to it, also shopping at places like aldi , lidl not and not buying the named brand products. rather than shopping at the big stores ie tesco etc this could save you 100s of pounds a month on your groceries , another tip is never go shopping on an empty stomach you will buy more than what you need.
- Pay yourself first – paying yourself first is absolutely essential if you want to get a head with your money & beat the rat race ! what does this mean? Basically as soon as you get paid from your job before you pay off your rent , phone bill gas electric etc you need to put money aside in your savings / investing accounts, 5% at a minimum but ideally you should be putting 10-20% depending on income / expenses.
- Eat & drink what you have at home – another thing you need to start doing is eating and drinking the food & drink from your home what I mean buy this is tru cooking your own food batch cooking is a great choice & will help you save tons of money I’m not saying you can’t ever go to a restaurant but it’s all about moderation maybe once or twice a month is fine but if you want to sort out your finances this is crucial as is drinking your own coffee in the morning rather than buying a Starbucks or something you might think £3 is no big deal but if you have a coffee from Starbucks every it’s £21 a week & £84 a month which is extortion amounts for something you can easily do at home for a lot cheaper ! Again I’m not saying you can have a Starbucks every again but all in moderation.
- Clothes – another big one of people is clothes if you want to save your money then I would suggest not buying the brand names just because you want to impress people you can get simple designed shirts of good quality for less than £20 rather than something that cost £100+ just because your trying to show off , it’s not worth take it from me I used to be like that but it’s so materialistic and not worth it.
Here’s a list of financial books which will help you!
- The Richest Man In Babylon: https://amzn.to/2OEhLaW
- Money Master the Game: 7 Simple Steps to Financial Freedom – https://amzn.to/310aGT8
- Rich Dad’s CASHFLOW Quadrant: Rich Dad’s Guide to Financial Freedom – https://amzn.to/331ANuR
- The Wealthy Barber – https://amzn.to/2MrQkOF
- Intelligent Investor: The Definitive Book on Value Investing – A Book of Practical Counsel – https://amzn.to/2MsglNS
- FU money – https://amzn.to/2MubjQM