Financial advice all #GirlsinWork should follow.

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Financial advice all #GirlsinWork should follow.


Taxes, how to buy a house and how to keeping on top of your finances are all things we all wish we'd been taught in school. They're arguably some of the biggest and most important things and we're kinda just expected to pick them up as we go along and take a flying guess at what you're actually supposed to do.

And so, we may not be financial experts (this is your disclaimer, because we're really not...), we do have a few tips that might help if you're wondering where to start trying to get your finances in check!


Start saving now, seriously.

It can be so easy when you're in your twenties to think 'I've got plenty of time', 'I don't need to start saving yet', and 'I'll start doing that later' - however, the more you save now, not only do you get a head start, your savings pot has more of a chance of growing 'exponentially' and taking care of itself with more and higher interest rates.

Check out these quick & easy tips to start saving more money, too!

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Take advantage of your work pension scheme.

The UK Pension laws recently changed to encourage us all to start saving lots earlier. You should now be auto-enrolled into your work pension scheme without having to do a thing - so, make the most of this! You may think that you could do with the extra bit of cash in your payslip every month, but your pension is all about saving for your future and trust us, it's worth putting away as much as you can into your pension now, particularly when your work place will match your contributions too.

Stick to cash.

Most millenials now live in a cashless society. Whether it's the convenience of contactless or Apple Pay, you could forget to take your whole bag out with you for the day and still be absolutely fine. And while this convenience of modern technology has pretty much changed the way we live, it's not been the best for our bank accounts.

It's so easy to spend money and lose track of just how much you're spending without cash, so - if you're trying to save or stick to a budget, draw out some cash at the beginning of the week and stick to spending just that! It may be a challenge at first, but we can guarantee that you'll spend less.

 

Pay off your credit card bill.

Credit cards can be a life saver at times, and they can, actually, increase your credit score... if you pay it off in time. However, if you're sitting here now with a credit card bill you know that you need to pay off, do it! Not only can interest rates on credit card bills be sky high (and not the kind of high interest we want), it can massively hurt your credit score if you leave it too long. Set your payments to automatic every month and just don't risk it!

Create a budget for yourself (it's easier than you think!).

A budget is key to getting smarter with your money. Create a budget for yourself to ensure that you're spending your well earned cash on the right things. Do you know how much you're spending on eating out each month? Do you know how much you're spending on travel costs? On insurance? Do you actually know how much you're capable of saving each month if you did get smart with your money?

Use our free personal spending tracker to track exactly what you're spending on what. Then, go through your lists and ask yourself honestly which purchases were necessary, and which could've possibly been saved.

Knowing your spending is the first step to getting on top of it!


 
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