Financial calendar -
If you struggle to remember the due dates for your credit card bills, utilities, tax returns, etc., make a note on the calendar so you make the payments on time.
Interest rates -
Pay close attention to interest rates. If you have debts, pay off the highest interest debts first. Equally, if you have savings, ensure that they are making the most interest for you.
Creating a budget and sticking to it is essential if you are serious about sorting your finances. It may be a small effort, but it is completely worthwhile.
Put aside 20% -
Put a minimum of 20% of your income aside each month. Either save this 20% for an emergency fund or put it into paying off debts.
Set financial goals - Set goals, and remember to pay attention to the timescales in which you want to achieve them.
Stay positive -
Everyone has different financial circumstances, and some people have far more debts than others. But no matter your situation, there is always a route out of debt.
It's not as obscure as it sounds! There is a link between the discipline it takes to keep your body and your finances in shape. Exercise can also make you more productive.
It's always more fun to do things with friends! If you have any friends with similar financial goals, why not motivate each other with regular check-ins to discuss and compare notes?
A general rule to abide by is not to spend in excess of 28% of your monthly income on mortgage payments. If you exceed this amount, it may make your other budgeting more difficult.
Save, save, save! -
Start today! Even if your income isn't quite at the level you want it to be, saving will gradually provide you with the necessary funds to cover you if something doesn't go to plan.
Keep accounts separate -
It is far easier to control the growth of your savings, and practice discipline, by placing them in a different account specifically for savings.
Consider two bank accounts -
If you are always tempted to instantaneously transfer your savings to your current account, help yourself out by placing your savings with a different bank.
Credit unions -
Many people have never used credit unions. Look into them to see whether you would benefit from some of the services they provide, as opposed to your bank.
Be careful -
Emergency funds should be strictly for emergencies, not spontaneous vacations or unnecessary home improvements. You may well end up being grateful for your own discipline.
Too many savings? -
If you have over six months' net wages in savings, and no debts, it may be worth looking into low-risk investments to make your money go further.