Five Finance Tips When You Know Nothing About Money

We all are guilty of not knowing enough about our income and outgoings, what services our bank offers or what is really going on with our money. Make sure you start your financial savvy journey with these five easy steps to help you understand what is going on with your hard earned money and how to make it work for you.

  1. Make sure you check your online banking regularly.

It’s something which a lot of people avoid, but checking your financial situation regularly can help you understand what’s going on with your money. A great way to do this is to have online banking. Don’t bury your head in the sand if it’s not what you want to see! Regularly means at least once a week by the way!

Realising how much you actually have going in and out, what you spend your money on the most and when your bills come out all help keep you money savvy. It also makes you more conscious of your spending habits, so you can call yourself out when you feel the urge to spend but you absolutely know you don’t have the money right now to spend. 

2. Check all of your accounts

Make sure you have the right account for you. If you’re paying for a package account but don’t actually use any of the benefits, you need to change accounts or bank! There are other accounts with benefits that do work for you, such as car breakdown cover or mobile phone insurance and it can often work out cheaper than paying for these separately. 

The information about what accounts different banks offer is all online, so put aside an afternoon or evening and do your research, it could end up saving you loads in the long run. 

3. Get a financial health check

All banks offer different things when it comes to accounts, loans and saving rates, so getting your head around what your bank actually offers is a great first step in learning how your money can actually work for you. Book in with your local bank for a financial health check and speak to someone who can actually help talk you through what's going on. 

Whether it’s a savings account that you can move too that has a higher interest rate, the possibility of consolidating multiple accounts with overdrafts so you’re only paying off one debt a month or helping you get on the right track for buying a new house, there is a lot of information out there they can help you with. 

4. Pay Day Is Save Day! 

Set up a standing order on pay day to move money into your savings account before you even get a chance to see it. We all do it, promise ourselves we are going to save next month but end up spending the money on nights out, new clothes, the latest games or takeaways, because the money is there and it’s available to us. Moving it before you even see it is a great way for you to pretend that it doesn’t exist and your savings account a little bit healthier… 

5. Protect Yourself From Scams

If you get an email from your bank, don’t click through it and give any information. If you need a safe number to call your bank, never use a number provided to you by an email- always use the number on the back of your bank card. 

The same goes for phone calls from the bank. If you aren’t expecting a call, or you don’t feel the phone call is right, hang up and call the bank back using the number they provide on the bank card. It’s better to hang up and feel like you’re being rude than be scammed for all of your hard earned money- and the bank feel that way too. Don’t let anyone guilt trip you into staying on the phone. 

If you think you have given your details out, and you are concerned, call your bank right away.

Written by Rachael Mole