Money management is one of those crucial adult skills which we are never taught about as kids. We are practically launched into adult life with no idea of equity and interest and mortgages. It can be incredibly tough to get to grips with money management as an adult, and it is important for us to learn quickly to avoid some serious financial issues down the line.
Today we want to share some top tips and hacks which will allow to become a money maestro in the next few months and to get those finances truly on track once and for all. There will be no worry of calling McCarthy Debt Settlement Law for help because you’ll soon be stable and ready to thrive.
1. Switch banks
When we set up our first bank account as a teen, it only seems natural to stick with this same bank as we grow and evolve into adulthood. However, this is not always the best option and you can actually make some money by switching banks and opening a new account. If you switch to a bank account such as HSBC, they will offer £200 for new customers, interest free. Free money? Yes please!
2. Invest in your pension
When you join a new company and start working with them, you will soon notice that your pension payment automatically comes out every month without you even realising. A pension is so important and it is crucial for you to make the most of your pension early and start to invest more into it. Your pension will effectively act as your wage when you retire, so you want to make sure you are left with a decent sum of money when you grow older.
3. Get into couponing
One of the best skills you can learn as an adult is how to save money using coupons. Couponing can be a great way to save if you are in need of help with money, and you will be able to use coupons to pay for entire shopping trips if you play your cards right. What could be better than earning coupons and then using them to pay for food instead of money?
These days you can make money from almost anything if you are willing to share. For example, you can sell used clothes and items on eBay for others to use, you can rent out a home or room on AirBnB, and you can even share a commute with others for money. There are a whole wealth and breadth of things to do and this is something you should definitely consider this year.
5. Switch energy suppliers
As well as banks, we have a habit of sticking with the same energy supplier for years and years because it is easier and saves having to find a new supplier. However, a lot of the time you will be able to save some serious money by switching energy providers, and often when you start out as a customer you’ll gain the advantage of an introductory discount to save some money. After the prices rise you can choose to stay or move to another new provider for more savings!
6. Pay the debt
Debts are something no one ever wants, but they are unfortunately very common in early adult years. We all make mistakes as we find out way in the world and sometimes these mistakes will cause us to take on debt. To truly find financial freedom you have to address debt as soon as you can and pay it off even if only by a small sum each month. Scrimp on other parts of your life for a while until you are debt free and settled, and this will make sure that you can finally be financially free.
7. Clear out clutter and sell it
We mentioned eBay briefly above, but there are countless websites where you can sell your old clutter online and make some real money. Now and again we all need to declutter the house, and it is important for us to be able to declutter the home to make space and ensure a tidy living space. Instead of heading to the tip or the charity shop, you can sell these items online and make some real money. It will help you when you are in a tight spot financially and will allow you to find some real stability.
8. Do you need a TV licence?
The TV seems to be a huge feature in most homes, and we all seem to point our furniture towards the TV in the living room to create a relaxing space to watch our favourite shows and flicks. However, the real question you need to ask yourself is whether or not you need a TV licence. This licence costs money every year and it might not even be necessary for you to have. If you only ever watch things on Amazon Prime or Netflix, you can save yourself some money and ditch that £145.50 charge each year.
9. Move to a fixed-rate mortgage
Mortgages can be a confusing phenomenon and for first time buyers, the process can be daunting and scary to say the least. However, when it comes to your mortgage interest rate, there is a simple choice you can make to save yourself some hassle later down the line. A fixed-rate mortgage means that the interest rate will stay the same each month and it allows you to know exactly what your outgoing is every month. A tracker-rate is one which follows the changing interest rates, and this means the charge can rise and fall all the time. It can sometimes be useful, but if you are getting settled and need the stability, it is better for you to choose a fixed-rate. You can change this at any time when it suits you.
10. Follow retailers on social media
One of the simple tips you may not have already considered when it comes to saving money is following brands online. Big brands such as Amazon, ASOS and so on will share deals and offers on their social media accounts, and often these offers will only show up for people who follow them on social media. You can also be privy to new releases and you’ll be able to enter giveaways and competitions which aren’t available anywhere else.
11. Try to get it free
Every now and again you may want to treat yourself to an item, and this is something which is healthy to do. However, if you are tight with money it may not be the best idea to spend a ton of money. This is why it is a good idea for you to join community groups such as There may be no reason to treat yourself to a new sofa or dining table in the January sales as Freecycle and Freegle, which allows people to offer up items for free. Before you spend money check on these groups and see if you can get something without paying!
12. Recycle old tech
Mobile phones, CDs, and DVDs are things we all have in abundance in the house, and these items might not be used anymore with the ability to stream and store data online. If you have a lot of old items such as these in your home, you can sell it to a site such as Mazumamobile.com and make some money for yourself. Music Magpie is also a great choice for CDs and DVDs and will allow you to declutter and make money online.
13. Compare supermarket prices
It is all too easy to head to your local, favourite supermarket and buy everything from here no matter what the price. But a lot of the time even your favourite store might not be able to offer you great savings. Always compare the price of items online using a site such as MoneySupermarket and this will allow you to see the difference in price between items you normally purchase in your weekly shop. It may be able to save you a lot of money and this will make a huge difference to you.
14. Get haggling
One of the things we often forget we can do when in a shop is haggle. Haggling is a skill which might be daunting to many of you, but it is one which will make a huge difference to your shopping experience and it will allow you to save some big bucks on items. The next time you head to a store to buy an item, see if you can haggle down the price. Some people will not be willing to haggle, however other might be surprisingly accommodating.
15. Quit the gym
We all remember that infamous Friends episode where Chandler tries to quit the gym, and Ross ends up enrolled too. But in real life it is not as difficult to ditch the gym membership once and for all. If you are looking to save money, ditch the gym and get a yoga mat. You can perform countless workouts at home and this will make a huge difference to you and your ability to save.