How have you felt about money this year?
Have you made better decisions when it came to your money management?
I spoke with the RC team about the financial habits we’re leaving behind and we thought we’d share them with you in the hopes we can all have a fruitful, financial year ahead.
“Spending money just because you are hungry or have money in your account needs to remain in 2018. It is draining your account on things which you will not use often.
Paying for memberships and subscriptions you do not use has to stay in 2018. If you spend £30 for a gym membership, but you do not go to the gym at all, cancel your membership. This goes for anything and everything.
Spending nearly all of your monthly wage as soon as it enters your bank account must remain in 2018. There has been one point in our lives when we spent the majority of our pay as soon as it came in then for the rest of the month we ended up eating noodles for every meal. Please do not drag this into 2019. Budget and plan ahead.“
Linsey, RGC Guru
“I want to track my money better. Everything I spend on is now a conscious decision and no longer an afterthought. I accept that I’m an adult and my financial situation is up to me so I think long and hard now about where I put my money and why I’ve chosen to put it there. I want fewer money regrets in 2018.”
Bola, Founder of RGC
“My personal finance habit I’m hoping to leave behind is to stop overspending and when I do overspend that I make sure to check my balance. This makes it easier to know my budget for the rest of the month instead of recklessly spending.”
Charmaine, Marketing Contributor for Refined Currency
“Not staying on top of your credit cards and being charged interest when you can balance transfer to a 0% card or pay off more
Regularly transferring money from our savings account to our current account because we under-budgeted that month or overspent. And then not paying it back.”
Josy, RGC Guru
“First of all, I will definitely be dropping the habit of impulse buying. Impulse buying because what you see has gone down or because in that moment you feel like you can’t go on without it.But the reality is 1. You aren’t getting a bargain deal and saving money if you never had intentions of buying it beforehand. 2. You won’t die because you didn’t buy it. If I see something and think I need it, I am going to test myself and see if I still want a few days later it then maybe I will consider purchasing it.”
Natalie, Former Contributor of Refined Currency
“2018 has been a year of learning, reading and listening to what is being said about personal finance. I opened a Lifetime ISA, asked for a pay rise, doubled my salary, paid into a pension, and invested my student overdraft then used a 0% money transfer credit card to pay off the balance before the interest free period ended (my credit score dropped 100 points here and then took 3 months to get back to the initial score). There were also some lowlights. A brief review of my finances revealed I spent a staggering amount on food, was too tap-happy with my contactless cards and did not invest enough in my physical health. Moving into 2018, I will be leaving these financial habits behind:
Only making the minimum payment on credit cards when I can afford to pay more
A mindset that seeks instant investment returns when I know better. Smart investing that yields great returns takes time and patience.
Not meal prepping for work resulting in large sums spent on fast food.”
Joy, RGC Guru