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More than half of us don’t know our bank balance

Do you know how much your bills will be each month? Or how much is in your bank account at the moment? If the answer is no, you’re not alone. But could burying your head in the sand be costing you?

One of the easiest ways of managing your money is knowing how much you have, and what you can expect to see coming out each month.

However, less than a quarter of UK adults (23%) know exactly how much debt they are in, excluding mortgages, and one in ten of us (9%) have ‘no idea’ how much our regular bills come to each month, according to voucher site VoucherCodes.co.uk.

If you want to get a good grip on managing your money, we can help.

Manage your money – fast

One of the quickest and easiest ways of managing your money is to draw up a budget – and this is a lot less time-consuming than it sounds.

After all, a budget is just a record of your incomings and outgoings. Make a note of how much you have coming into your account every month and then take a look at the bills you know are coming out, such as council tax or energy. How much are they and how often do they come out?

Sneaky tip – Did you know you often have a council tax holiday in February and March?

Then it’s just a case of taking a look at what you’re spending your disposable income on. If you often find yourself skint at the end of the month, think about what you can cut back on.

 

Dealing with life’s milestones

Life is full of milestones and surprising twists and turns, and it’s better to be prepared financially before they happen..

Perhaps unsurprisingly, having children topped the list of factors that make us take stock of our financial situation, with 50% of those who claim their spending changed considerably at some point in their life, saying starting a family sparked the change.

Buying a home for the first time (42%) and losing a job (35%) were also factors for change.

Whether planned or not, having a savings buffer for these life events is a good idea.

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