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Can you improve the way you manage your money?

Newspapers, magazines, tv shows & radio programmes are constantly reminding us that having money management skills is vital if we are to maintain healthy bank balances. The question is, just how many of us are able to develop and improve those money management skills? At at time when they are needed more than ever we may well be falling short in our quest to master them and as a result leaving ourselves short at month-end.

So what can we do to avoid these problems? We can start saving. This is perhaps the most important tool to avoid debt in future and ensure we never have to consider debt management or seek advice ever again. With savings we can take care of unexpected costs as and when they arise rather than entering into debt. If you can accrue three or months salary in savings that is perfect but any amount of savings is better than nothing.

We can also start to budget more efficiently by setting aside money for essentials (mortgage, rent, utility bills, council tax, basic groceries etc) before we start to think about spending money on non-essential items such as nights out, DVDs, holidays, etc. The best way to create a budget is to put time aside and go through your last few bank statements making notes about all your regular bills as well as variable costs such as Petrol, food and phone bills. Only by spending time on this exercise will you be able to determine your spare income for the ‘luxuries’ each month.

The third trick to better money management is to shop around at all times. Use comparison web sites to source better insurance deals, better mortgages and better value from your energy supplier(s). Do the same with your grocery shopping and very quickly the pennies saved will add up into pounds saved.

Finally, if you are still struggling to get to grips with managing your money you could always take a look at the Me2Money web site which can be found at You can apply quickly and easily for a card that helps you manage your money. It allows you to take control of their household bills & finances and has no hidden charges. It is simply a current account and prepaid debit card that will ensure you don’t run up debts in the future and for those who are considering or using a debt management solution it is a great way of ensuring you eliminate debt quickly and maintain a debt free life in the future.