Money is something that many of us find tricky to talk about, but that makes it much more of a taboo subject than it needs to be. Yes, it can be a bit over the top to talk about how much money you have or how much you are earning, but when it comes to things like budgeting, money-saving and even struggling with money we should definitely be more open about where we are at financially. Today I wanted to discuss financial planning with you and how you can get on top of your finances.
Working Out What You Are Spending
Before you can plan anything to do with finances you need to make sure you know where you are at. Create a spreadsheet (Excel is perfect for this) and write down a list of all of your outgoings. Take a look through old bank statements and work out what you’re spending on this like food, petrol and leisure each month and add these to your sheet too. Don’t leave anything off, it is essential that your spreadsheet of what you are spending is accurate.
Cutting Back
Once you have a solid idea of what you usually spend each month, have a look at this you are spending out on and simply aren’t using – Netflix subscriptions, gym memberships etc. It is fine to keep things that you are using and benefiting from but so many of us have monthly charges for things that we have long forgotten about and spending this money is of no benefit.
Creating a Budget
Once you have this all done, you should look at what money you have coming in each month and look to create a budget. Ideally, you’ll be able to save some of your monthly wages into a separate bank account so look at what you can save money on – are you taking lunches to work or are you spending money each day? This isn’t about cutting back on everything – after all, life is there to be enjoyed by simply considering what simple swaps you can make every now and then to save some money. Think about how much grocery shopping you do each week and how much of this gets wasted; could you meal plan and budget this better for example?
Getting To Grips with Debt
Debt isn’t always easy to get out of, but it is something that can affect your finances will it is hanging over your head. Speak to a financial advisor or click here for debt consolidation advice. Working out a way to consolidate your debts and then budgeting a set amount each month to pay these off is the best way to chip away at what you owe and ensure that you come out of the other side debt-free.
A Long Term Goal
Financial planning is great but you need motivation – consider why you are doing this and what you hope to get out of it. Could being better with your finances help you save for a house or go on holiday? It doesn’t matter what it is, but having a long term goal helps you to stay motivated and therefore much more likely to stick to any new rules you have in place following your financial planning overhaul.
If you have any tips for financial planning that have worked for you, I would love you to share them below
*Collaborative post
Debz Louise is a plus-size blogger based in Yorkshire. Behind many nationwide campaigns such as #WeaAreTheThey & winner of Best Blogger at the UK Plus Size Awards, she talkas about life as a plus-size 40-something woman in South Yorkshire.
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