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Managing Your Money
Overview:
Cashpoint Confusion
Don't rely on what the cashpoint says. It doesn't know that, for example, you owe your mate a tenner, or that your wrote a cheque for last night's takeaway.
Budget, budget, budget
Start with how much cash you definitely have to spend every week. Then write down what you spend your money on every day. How do the two compare? Set a budget and stick to it.
Spread the load
Save up for major expenses such as Christmas or holidays. Small regular payments into a separate account can take away the pain of bigger expenses.
Take control
Decide what you can afford to spend for the week, take it out of the bank and live on it. Then when it's gone, it's gone.
Be cruel to be kind
If your mate suggests a shopping trip and you know you can't afford to buy anything, don't go. That way, you can't be tempted.
Dodge the overdraft
Just because your bank offers to lend you money, you don't have to take it. It's the best way for them to make money out of you.
Keep receipts
Check bank statements and keep receipts. It's your money so make sure they get it right.
Ask for help
Most financial problems can be solved if they are faced. The real disasters start when you ignore the alarm bells. Be prepared to seek advice and take action.
Putting it on the plastic
Credit cards can be used to make payments in stores, online or over the phone. They're quick, easy, and convenient to use - but really should come with a health warning on the pack.
Avoid paying interest.
Every month a statement is sent to the cardholder and, if the total debt is paid off in full, there will be no charge. But every month, you have to make a 'minimum payment' - this is normally between 2 - 5% of the total amount owed.
This is where credit card companies make a lot of money. Interest is charged on the outstanding amount, so the longer it takes to pay off the bill, the bigger it will get and the more it will cost you.
Buy now pay later
Let's suppose you spend £600 on a holiday with your mates. You put it on your credit card and then pay off the minimum each month, which would normally be around £12. Prepare yourself for a shock:
- On an APR of 18.9%, total cost £1461.68, and nearly 12 years to pay off.
- On an APR of 12.9%, total cost of £937.37, and 7 years 6 months to pay off.
- On an APR of 5.9%, total cost £707.86, and 5 years 8 months to pay off.