GG Tips for being Money Smart

Posted on January 26, 2018.

Money Smart

January. The first month of the year and most of us start it with a dent in our pockets unfortunately however, it's nearly over and pay day is upon us. 

At Global Guardians we try to be money smart so we can enjoy our pay check as well as live off it, take a look at some tips that our in office team use to try and stay money smart.

1. Open a savings account:

This is always helpful - there are many options available that give you a variety of options and methods to save and gain interest on your savings.

2. Set realistic goals:

• Be realistic about how you're going to save
• Save reasonable amounts of money - make sure you have enough to pay your bills and enjoy yourself too.
• If you're struggling, re-think how much you're spending/saving.

3. Budget:

• Give yourself an allowance (daily, weekly, monthly) to help control your spending.
• Compare prices
• Compromise on treats/luxuries - is it wanted more than needed?

4. Have an emergency fund:

This is essential especially if you have no family or friends who are able to help you financially if you need it. It gives you a safety net ensuring that you will not miss payments and go without food and able to travel to work.

5. Penny pinch:

• Try superstore brands, they're good quality and substantially more affordable
• Shop around, try pound shops and home ware stores - you'll be surprised how much you can save
• Monitor your bills! Turn off lights, T.V., heaters and anything else that's easy to forget.
• Nights in with friends rather than out - DIY cocktails, be the DJ, comfy shoes! Give it a go, you may prefer it.
• Walk instead of taking the bus or driving once a week
• Meal prep - This way you will only buy what you will need
• Shop where cash back is offered

6. Look after your credit score:

• Get a credit score checker - there's a whole bunch of free ones
• Pay bills on time
• Clear your debts

Most importantly ... Spend less than you earn!