Want to become financially responsible, any advice?
Hello,
I was never taught about finances as a kid and it's something I hate about my childhood now. Because of me not being taught about finances as a kid, I used my money stupidly and I'm now in £2,000.00 worth of debt.
I want to be financially responsible and become debt free, this is important to me as I'm living in a one bedroom flat and I really don't want to become homeless.
I somehow always pay my rent on time but it's always tempting to want to spend my rent money on me but I don't as I know it could make me homeless, and I don't want that.
I'm honestly fed up with myself now, I got paid on the 15th and I managed to spend it all within two days.
How do I become financially responsible and debt free? Honestly, I would appreciate any advice as I really need it. Not being financially is really stressing me out.
I was never taught about finances as a kid and it's something I hate about my childhood now. Because of me not being taught about finances as a kid, I used my money stupidly and I'm now in £2,000.00 worth of debt.
I want to be financially responsible and become debt free, this is important to me as I'm living in a one bedroom flat and I really don't want to become homeless.
I somehow always pay my rent on time but it's always tempting to want to spend my rent money on me but I don't as I know it could make me homeless, and I don't want that.
I'm honestly fed up with myself now, I got paid on the 15th and I managed to spend it all within two days.
How do I become financially responsible and debt free? Honestly, I would appreciate any advice as I really need it. Not being financially is really stressing me out.
Use a finance tracker (no suggestions, I've never used one) or make a spreadsheet (which I have) to track your finances.
Budget! Work out all your weekly/monthly expenditure, prioritise your outgoings and look at where you are wasting money and/or can cut back, eg rent = important, weekly takeaways =/= important. Keep note for a couple of weeks and record every single thing you spend, card or cash or directly out of your account; you'll soon see where it goes.
Set up a direct debit to pay money from your wages into a different account just after you get paid, so you start saving without noticing. However, if your debt is accruing interest get it paid off ASAP.
Try not to use a card when shopping as it's easy to keep adding things that aren't necessary and not notice what you've spent. Carry a certain amount of cash and when it's gone, that's it. Do use store cards if there's a benefit, like Tesco Clubcard getting you vouchers to spend.
Once you've cleared the debt, still be sensible. The occasional treat is fine, but don't slip back into bad habits.
Budget! Work out all your weekly/monthly expenditure, prioritise your outgoings and look at where you are wasting money and/or can cut back, eg rent = important, weekly takeaways =/= important. Keep note for a couple of weeks and record every single thing you spend, card or cash or directly out of your account; you'll soon see where it goes.
Set up a direct debit to pay money from your wages into a different account just after you get paid, so you start saving without noticing. However, if your debt is accruing interest get it paid off ASAP.
Try not to use a card when shopping as it's easy to keep adding things that aren't necessary and not notice what you've spent. Carry a certain amount of cash and when it's gone, that's it. Do use store cards if there's a benefit, like Tesco Clubcard getting you vouchers to spend.
Once you've cleared the debt, still be sensible. The occasional treat is fine, but don't slip back into bad habits.
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