Monday Motivation – Finances – How to get the best from 2018
Here at Bowerland Cottage Holidays we try to start the year as we mean to go on. With that in mind, I want to look at how to manage and plan for the year ahead. This week, I have tried to focus on the important areas to consider, which begins with finances.
Money and finance in 2018
Here are a few key tips to help you plan and budget for the year ahead:
- Don’t splurge out on impulse buys- try to focus on the bigger picture at all times. Online purchases can be the worse, it is so easy to click the button before you realise!
- Set yourself yearly goals and ambitions that you want to achieve financially, and check them monthly.
- Also set yourself a weekly budget that feeds into your monthly plan.
- Put aside your savings at the start of the month before you start your spending.
- Think about an amount that you want to put aside each month as savings, (for example £100/£200) and decide how you are going to split it. For example you could link some of your goals and ambitions so that one can affect the other, ie a big major purchase such as a new bathroom, holiday etc versus a night out, going to the cinema, or a nice meal. Then agree on how much you want to put into each pot. You then choose each month how you allocate into your savings pot.
- Learn the skill of doing without today in order to have it tomorrow.
- Use apps to help such as Yolt to track spending, and Chip to evaluate spending – and there are many more out there for you to look at.
- Try not to use credit cards, it is just too easy to spend, as purchases spent this way never seem like real money. If you try to use cash at all times, you tend to value more what you spend, and it seems more real.
- Check your bank account regularly, it is really easy to do that online these days. You can make sure all payments are genuine and keep on top of them. Some banks send out mini statements on a regular basis, which is a good way to remind you about your financial status.
- Rather than giving into any impulse buying, sleep on it. If you still feel the same way the next day, then it is not such an impulse buy.
I hope you find these tips helpful. It would be good to hear what you think about my ideas, and anything else you have come up with. Tell me what you think by posting your comments below. Why don’t you Share this with your friends and family by clicking the Facebook icon or following us on Twitter?
About the Author: Carole Langman works behind the scenes at Bowerland Cottage Holidays and Devon Dogs as the Business Manager. Her office is always a hive of activity, and with the vast amounts of work Carole has, we never really know how she gets through it all! To unwind, she loves gardening, hikes around Bowerland, travelling and writing.