Be Money Smart

Are you glad January is finally over?

It’s very easy to feel run down in January as the finances are usually low after the big Spend in December and all the Christmas cheer is gone, also most people are paid a little earlier than usual in December, January Feels like it has 91 days. With a little support and knowledge here at MoneyMatix we help you cope with the long Month:

Fresh Clean Start: Budgeting
Now is probably a good time to start budgeting and working on your money management habits. Writing out all your outgoings and incomings gives you a visual of your money.

Review your bills and see what is it you are paying for that you don’t need. I saved £150 last year a month at this time of the year just by reviewing my bills. There are lots of bills that come off without you noticing and because you have been paying them for years, or months it’s very easy for them to be forgotten. Take 30 minutes and look through everything you pay. Ask yourself, do you use it? Do you need it? Take a quick google search and see if you can switch and save.

Pay with a fisheye lens. My TV has had lines for a whole 12 months, it was still working but mostly the kids and my husband were getting inconvenienced by it. So after saving for 12 months, I set myself a budget of what I would use to pay for my new TV.
I looked online for the best prices for my spanking new TV, found one and marked the price online. But being the person I am, I like to see the ‘big’ expenses that I make. I had to make the trip to the shop. The shop is very enticing with many super deals that I could have easily spent on, but it took self-discipline and restraint for me not to buy.

I get to the till and the lady scans my TV and it comes out £60 more than if I had bought it online. (This is my whole week’s family food shopping budget) I had to look twice to know that I would be paying more than I saw online. When you are in the queue it can feel inconveniencing to the people in line but don’t give in. It’s £60 OF YOUR HARD EARNED CASH. So I choose to order online, I had to wait 5 days for delivery but hey, what’s 5 days if I had made my people wait 12 months?  Many of us pay without questioning or actually feel embarrassed to ask.

This Post Has 2 Comments

  1. Very smart on the waiting an extra 5 days. It really makes a huge difference in your wallet and yet the difference in wait isn’t even felt. For the scanning of deals on price and what is needed, i really recommend it too. I recently renegotiated my internet package with my supplier after seeing online that there was another provider having the same exact service for $30 less. I talked to my currently supplier, directed them to their competitor’s site for reference and my price was dropped for the next year with options for review at the term end. A bonus, i even got a bigger package for less money. The key here is to keep an eye on it so that it doesn’t rollover into a bigger bill. Very key, it’s your money so keeping an eye on how you spend it is your responsibility.

    1. Thank you for that insightful comment Gil. A good tip is to set a calendar reminder for each of your services for around a couple of weeks before they are due for renewal to allow you to rescan the market.

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