Most of us are guilty of spending money irresponsibly at some point or another, whether it is ploughing it in to that dazzling fruit machine down at the local pub or whether it is blowing it on impulse buys when we head into town.

money thoughts

In this day and age, particularly in the current financial climate, it is vital for the average person to be far more responsible when it comes to spending. A few of the ways in which you can do this include:

Don’t spend more than you can afford

Trying to lead a champagne lifestyle on beer money is a recipe for financial disaster. Before you know it, you will have maxed out your credit cards, exceeded your overdraft, and wiped out any savings you may have had. It is vital that you only spend what you can afford and live within your means. This means no frivolous spending on items you don’t need, no impulse buys, and no splashing out on the credit card or other forms of finance when you run out of money in the bank. If it is already too late and you’ve already found yourself in a mess with credit cards and other forms of finance, make sure you speak to experts such as the counsellors at Consolidated Credit.

With these three simple tips, you could find that it is far easier to be responsible about how much you spend, which means that you can benefit from making your money stretch further.

Keep track of your spending

When you pay for things on your debit card and you also have various payments going out on direct debits or standing orders, it can be easy to lose track of what’s gone out of your account. This can lead to spending money that is not yours to spend, as it is earmarked for payments that are due out of your account. This, in turn, can result in hefty bank charges and a cycle of overspending and being charged. Keeping track of what is coming into and going out of your account means that you will always know what you have left to spend and can therefore manage your account and your finances more responsibly.

Switch and save

Many of us end up paying more than we need to on various services and products, such as insurance plans and utility bills. Remember, we live in a very competitive world and with a little research and effort you could find that you can shave a fair amount off the money you pay out each month by switching. Take time to regularly review things such as your gas, electricity, and car insurance plans and take a look to see whether you can cut the cost by switching to a better deal.

With these three simple tips, you could find that it is far easier to be responsible about how much you spend, which means that you can benefit from making your money stretch further.

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