While managing your money effectively may seem difficult, there are lots of benefits to staying in control of your finances:<\/p>\n
Read our four-step guide\u00a0to help you manage your money better.<\/p>\n
A financial health check will give you a clear picture of your finances and helps you work out where you need to make changes. You should complete this step at least once a year, particularly if your income or circumstances change. To get started, download our\u00a0financial health check<\/a>\u00a0(pdf) and follow these steps.<\/p>\n To\u00a0get a clear picture of your finances, you should set out all your sources of income.<\/p>\n Keeping track of your outgoings can be difficult. It can help to categorise them as follows:<\/p>\n If you have any money left over after reviewing your income and outgoings, think about how you can use it effectively. For example, think about paying off your loans early (pay off high-interest loans first) or opening a\u00a0savings account<\/a>\u00a0to help you reach your goals. If you are spending more than your income, think about how you could reduce your expenses. Use our\u00a0budget planner<\/a>\u00a0to figure out where you can cut back.<\/p>\n If you find you cannot keep up with your loan repayments, you should contact your lender immediately. Read our\u00a0debt action plan<\/a>\u00a0and start a debt checklist<\/a>.<\/p>\n Whether it is saving for a holiday next year, paying off your credit card debt or starting an emergency fund, we all have different goals. And when you have a goal, you will find it easier to stick to a budget. Once you identify your goal and how much it costs, you need to work out you will put money aside to get there. See an example of how planning can help you achieve your goals with our sample goals worksheet<\/a>.<\/p>\nCalculate your total income<\/h3>\n
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Calculate your outgoings<\/h3>\n
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Step 2 – Identify your goals<\/h3>\n
Examples of goals<\/h4>\n