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Worried About Your Financial Situation? How Spending 5 Minutes on it Could Make a Difference!

managing money finance planning desk

Money is something that many of us worry about. Not only how much of it we have, but also how much we are spending on certain things. Sorting out our money is a task that is all too easy to put off, particularly if you are worried that it is going to take ages to do. However, we have news for you, news which might just change not only how much time you spend on your finances, but also, hopefully, your financial situation as a whole.

You can take a good look at your finances and budgeting, and it doesn’t have to take up an entire day, in fact, you may even find that all it takes is 5 minutes, which is enough time to make a cup of tea and grab a couple of biscuits.

So, what are they? Let’s take a look at some of our favourites.

 

Download mobile banking apps

The majority of banks will now have apps that are designed to let you check your balance, no matter where you are. This is great if you are on the go and you need to check your balance. If you are waiting for the kettle to boil, it makes sense to try these apps out. You may be surprised by just how much of an impact they can have on your spending and keeping you on track.

 


Take a look at your credit record

This may come as somewhat of a surprise, but more than 20% of people who have taken the time to check their credit report, have then found some errors that need changing. You can check your credit report online, or if you like to look at things the old-fashioned way, then you can also call up and request one to be sent to you. If you do notice any errors on your credit report then you need to call the credit agency and let them know as soon as possible, as this could have an impact on your likelihood of being approved for any borrowing in the future.

woman saving money into a piggy bank to look after her finances

Set up a rainy day fund

We all know that it is important to try and b for those unexpected things in life. However, setting up a savings account or even just finding somewhere to put money away is often a task that is pushed to the end of the list. We highly recommend spending 5 minutes setting up a rainy day fund. Find a high-interest savings account and arrange a direct debit to automatically go into it once a month. If you treat this as the same as a fixed bill that you need to pay, then you can be surprised by how much money you can save over the course of a year.

 

Decide on one thing that you can cut down on/cut out each month

Do you have something that you always make room for as a treat? Something that you don’t really need to buy, but you still do? Take 5 minutes to sit down and think about what it is that you spend out on, but that you don’t need to. Then, make the promise to yourself that you will cut back. It might only be a small amount, but even a small amount on a regular basis is still a saving.

 

Make a spreadsheet to track your spending

It might sound obvious, but if you make an effort to actually track what you are spending, then you could end up saving money. One quick and simple fix is to take 5 minutes to think about how best to track your finances, and in particular, your spending. Some people may decide to download one of the many apps out there that can help you to monitor it, but if you want an incredibly simple approach, you might want to opt for a simple spreadsheet that you can put together yourself.

 

Plan your meals

The amount of money that you spend on food each and every month can be a big expense and you may think that it is the hardest one to cut back on, after all, we all need to eat. However, you can save money on your grocery shopping, you might just have to take 5 minutes out to plan your meals. Think about things that you want to eat and then think about what you will need to buy.
It could be that some ingredients can be doubled up between meals as well as leftovers being able to be used for another meal.

There are so many ways that you can try and get your finances on track. Some of them will take time and effort, however, some of them won’t take too long at all. You never know, focusing on your finances and thinking about ways to save and cut back, could be all you need to give your bank balance a boost.