Ramblings of a 20-something lifestyle blogger

3 Tips to Defeat Money Management Nightmares

My money management used to be appalling, I’ll be the first to admit it. I just enjoyed treating myself after payday and before I knew it, I was skint and I’d still have like two weeks until next pay day. But since actually putting some ‘rules’ into place to save for a mortgage, I have to say it has gotten better. Don’t get me wrong, I still enjoy the odd treat, but its all about knowing how much money you have to treat yourself and limiting yourself to not going overboard.

3 tips to defeat money management nightmares

Here are a few things that have helped me along the way.

Money Management Tip 1 – Budget planning

Okay, so I know it may be a pretty boring thing to do but its the first step. When you get paid sit down and work out how much you have to spend on bills and must-haves. This will help you figure out how much you have left over for ‘treats’ or to put aside.

Money Management Tip 2 – Save, save, save

The thing with saving is not to completely restrict yourself from doing everything. If you do this, it’s going to get very boring, very quickly. Before you know it you’ll be taking money out of savings rather than putting it in. I always at least half my left over money, half for savings, half for me. If I’m lucky, I’ll get to the day before payday and still have money in the bank. What I do then is transfer this over to savings too, which makes me feel like an organised adult.

Money Management Tip 3 – Track your spending

So now you’ve got your money aside for bills and other necessities, keep an eye on what your spending. I find this easier by instead of paying on card for little things like coffee, draw the money out so it comes out of your bank there and then. So when you check your online banking later that night, or the next day you know that money’s gone, where as if you pay on card it may take 2-3 days to actually take the money out of your account.
These are just the basics which I used to get myself in order. I’m sure there are 100’s of tips around. If you have any money management tips I’ve not mentioned, be sure to let me know in the comments!
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14 comments so far.

14 responses to “3 Tips to Defeat Money Management Nightmares”

  1. Aaliyah Hunt says:

    I really needed this post! I’m trying my hardest to save a lot more than I am now so it doesn’t take me 30 years to save for a mortgage. These are really great tips! X

  2. justnatonya says:

    I really needed these tips! I want to save money to purchase my blog domain and buy a new theme from pipdig 😁 Your tips show me how to save money without overely restricting myself.

    Natonya | https://JustNatonya.wordpress.com

  3. Great but simple tips to follow. I’ve definitely tried to carry cash with me for purchases but unfortunately it hasn’t worked very well for me. I definitely have to become consistent with it. Thank you for your post Raheela

  4. Kate says:

    I 100% needed this post! About to go from weekly pay to monthly pay and the transition is going to be soooo difficult!
    Kate | http://www.whatkatedidnext92.com

  5. Katie says:

    This is such a helpful post! Much needed to read now since im tryna save for a mortgage as well as other things!

    Katie x

  6. Nancy says:

    These are great tips to get control of your finances! YESSS on planning and tracking how much you spend. It is so easy to swipe your card and next thing you know, you spend more than you expected @__@ .

    Nancy ♥ exquisitely.me

  7. I’ve been working on my budget lately and it’s making me feel so organised!

    Love, Amie ❤

    The Curvaceous Vegan

  8. I’ve been keeping more of a track on my spending in the last six months and it’s definitely helped me manage my money better! xx

    Lucy | http://www.lucymary.co.uk

  9. I feel I’m quite good with my money but one way I could definitely improve is tracking where I’m spending; maybe then I can see where I’m spending a little too much (aka on coffee) every week and maybe should start saving. Some great tips!
    Sarah x
    http://www.saraheliza.co.uk/

  10. glowsteady says:

    Such great tips! I like to think I’m okay with money but there’s definitely room for improvement. I track my spending and always think about purchases before I make them but could definitely do better at saving more! x

    Sophie
    http://www.glowsteady.co.uk

  11. After years of relying on my savings to live after being rejected for disability benefits and unable to get a job, I’ve recently started rebuilding my savings and these tips will come SO in handy! I’m so fearful of money that I just won’t spend it, so budget planning sounds like a great tip for me. It’ll let me know how much I have coming out for rent each month, and my phone bill, and how much I could potentially spend on myself without feeling guilty (and, equally, how much I could save!). I started tracking my expenses on paper and using your method of drawing money out, but personally I found it difficult to keep track. Now, I track them by seeing what comes out of my account and doing it that way, which helps me keep track! I’m going to try and set up a spreadsheet to hold all this information in but I haven’t gotten around to it yet.

    • kaylajxyne says:

      Spreadsheets a great for things like this, a lot of my friends use them! But I, like you, haven’t gotten around to creating one yet – one day!!

      Thanks for reading lovely x

  12. elenxmai says:

    This is such a helpful post! I’m the worst at making frequent small purchases that slowly mount up by the end of the month. x
    El | Welsh Wanderer

  13. Rachael Timmins says:

    I love this post. Your tips are so helpful and easy to manage. Love love love.

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