Disclaimer: I may have been financially compensated or be gifted products from the companies mentioned in this post, unless otherwise stated. All opinions and thoughts are genuinely my own. If you wish to find out more, please see my DISCLAIMER page for more information.
I’ve been reading up a lot recently about how people my age (20s – 30s) are struggling to make ends meet and they live each month from pay day to pay day. I will be honest and admit that I also have recently got by this way, as I thought that was “the norm”. The cost of living is forever increasing, causing stress/money worries and it can be really hard for many to manage their money so I’ve put together this list of money tips, which some people may find useful.
Work on managing your debt
Create a list of your debts and begin by paying off the smallest debt, whilst making the minimum payments on the rest. Debts with high interests rates may be a good idea to put on your priority list, but you will find a method which works best for you and your financial situation. Websites such as Creditfix provide a debt solution finder tool which finds the best options to help people manage their debt.
Making a budget for your spending can be a really effective way of managing your spending. I switched over to using a Monzo account as they have an inbuilt budgeting tool where you can set limits of what you want to spend on each category per month. It also alerts you when you are reaching the limit you have set yourself for that category, e.g. bills or groceries. Here is my affiliate link for signing up to Monzo if you would like to use it – we both get £5 when you open an account and make your first spend using your Monzo card.
Alter your spending habits
It may be a good idea to look at what you are spending your money on. Look for any patterns, such as do you get takeaway weekly or eat out often? Is there any way you can cut this down? Are you buying your lunches for work? An alternative idea for lunches could be to make everything at home in advance so you can save the money you would spend every day on your lunch.
Save an emergency fund
I personally think adulthood requires an emergency fund. We all need a fund we can dip into when those unexpected expenses occur, such as a broken down car, a faulty boiler, or even something small like a household appliance suddenly breaking. By saving a small amount regularly each week, or month, you can easily start to build an emergency fund to dip into in times of need.
Having more than one income
I think in this day and age, it’s normal for people to have more than one income. Whether this is via multiple part time jobs, agency work or a side hustle, these can be great ways of earning some extra cash. Personally, I have multiple income sources – I have my blog, I work part time as a medical receptionist and I also do agency work as I’m now a qualified teaching assistant. There is nothing wrong with having multiple incomes, I think it’s actually more common now than people realise.
Disclaimer: I may have been financially compensated or be gifted products from the companies mentioned throughout my blog, unless otherwise stated. Posts on LouiseRoseRailton.com may contain items which have been gifted from a company, are a PR sample or paid for with a gift voucher. LouiseRoseRailton.com also contains sponsored posts, in which I have received paid compensation. All opinions and thoughts are genuinely my own. If you wish to find out more, please see my DISCLAIMER page for more information.
I'm Louise, a 28 year old blogger living in York. I also work as a medical receptionist and I'm currently a trainee teaching assistant. This is my corner of the internet, in which I cover topics such as mental health, travel, fashion, lifestyle and so much more!
February 2019 – Leeds
March 2019 – Manchester
April 2019 – Harrogate & Hull
May 2019 – Yorkshire Spa Break
June 2019 – Manchester & Disney Land Paris
August 2019 – Leeds