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5 Top Personal Finance Tips

I think it's fair to say that whilst most of us have the best of intentions when it comes to our own personal finances, there is usually quite a lot of room for improvement. It might be the case that a few small tweaks to the way you manage your money will suffice, on the other hand, you might need a complete overhaul of the way you go about your personal financing.

Staying on top of your money is quite a big job in itself, certainly a long term commitment and one that definitely should not be neglected in any way. If you are struggling, you are in luck! We have put together some of the best personal finance tips that you should start employing as soon as you possibly can.

1) To have a decent idea about your financial spending, jot down everything you spend money on for on week. This included food, rent beer, literally everything goes. You might think you know and could certainly take a pretty good educated guess but the point is, you will never know for sure and by writing it down you will know for sure.

2) Once you have a list of your weeks spending, look for ways you can shave some spending. A good example is usually cutting back the amount of coffees you have throughout the day. Or if you're spending too much on parking at work, have a look for some free spaces nearby. Better yet, dust off the bicycle and cycle into work, not only will you be saving money, you will also be getting fit!

3) Pay off your debts each month. If you have spent on a credit card/store card then make sure you pay the balance off in full at the end of each month. If you avoid paying the full amount you will be susceptible to the ridiculously high APR that comes with these things.

4) Spend less than you earn. I can hear you screaming - "why are you telling me the most obvious thing in the world?" Well, you would be very surprised at the amount of people who don't just spend more than they earn, they spend a lot more than they earn. This is utter lunacy as far as finance goes, the idea of spending money you haven't got is unthinkable - don't do it.

5) Understand your finance goals. By setting yourself solid, realistic finance goals, you will be constantly working to fulfill them. For example, know when you want to buy that new car, that new house and know exactly when you want to retire. After you have decided all these things, work your backside off until they are achieved.

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