What are some financial tips that everyone should know?

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NinaStevens96
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What are some financial tips that everyone should know?
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PilgrimOfTruth
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First and foremost always live within your means. Don't borrow money for things you can't really afford.

Avoid debt if you possibly can. Live frugally. Don't waste money on junk fast food and eating out all the time. Buy good fresh ingredients and make your own meals, preferably in bulk as "tumbledown" meals where you can freeze portions. Things like large portions of bolognaise or chilli.

Always pay off any loan or debt you have with any spare cash you have. Don't use credit cards unless you have the means to pay off the full balance every month and are ruthlessly disciplined with your finances.

Don't waste you money on constantly updating your smart phone. Avoid paying for things that require high monthly subscriptions like Netflix, Prime and so on. You really don't need all that TV.
Last edited by PilgrimOfTruth; 1 month ago
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Kallisto
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I have a simple one: save money where you can. 100 up to 200 pounds a month or even more causes a lot for your account in a year. You can spend it for things for your own, like a holiday trip. :yes:
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lucyyy12
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(Original post by NinaStevens96)
What are some financial tips that everyone should know?
Avoid debt at all costs.
Only use credit cards if TOTALLY needed.
Buy clothes second hand, charity shops are great
Cool from scratch.
Don’t waste money on branded food. Supermarket value is just as good. Aldi and Lidl are great too.
Only buy stuff you know you’ll use.
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Kallisto
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(Original post by lucyyy12)
Avoid debt at all costs.
Only use credit cards if TOTALLY needed.
Buy clothes second hand, charity shops are great
Cool from scratch.
Don’t waste money on branded food. Supermarket value is just as good. Aldi and Lidl are great too.
Only buy stuff you know you’ll use.
I underline your tips with my agreement. They are very helpful, I put the tips into practice since I earn my own money.
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ReadingMum
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once you are in employment make sure that you are in the pension scheme and put in enough to get the maximum contribution possible from your employer. Your future self will thank you for starting as soon as possible so that you get the maximum benefit of compounding
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