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Give Yourself a Money makeover

By: Emma Jones - Updated: 19 Sep 2012 | comments*Discuss
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There are hundreds of makeover shows out there that transform people’s struggling wardrobes and their lives. Now it’s the time to do the same for your finances. By giving your money management an overhaul you can regain control and focus on what you really want to use your money for. Start by getting to know what your spending style is now and then get ready to come out sparkly and new at the end of the money makeover.

Know Yourself

Like in the makeover shows, you can’t fix your finances until you’ve taken a look at your current situation, warts and all. Sit down with all your financial paperwork and make a list of all your monthly outgoings and how much goes to who. Then tally up everything else you have spent over the last month and categorise it in a way that is appropriate to you. It may be a big shock but once you can see how you spend your money in black and white you can work on changing it.

Manage Your Debt

The first thing to tackle is any debt that you may have. There is no point trying to start saving or cutting back on your spending if you have high interest rates eating away at your capital. Plough any spare money that you have into paying off your debts first and consider transferring your balance to an interest free card to give you some extra time.

Find a Better Deal

There are all sorts of deals out there whether you need to save money on your mortgage, car insurance or mobile phone. It can be worth the extra effort to shop about and find the deal that best suits you. With so many comparison sites available on the internet it is easy to compare all sorts of different companies in the click of a button.

Small Savings

Once you have taken care of the big things it is time to start focusing on the small ones. By making small changes to your everyday life you can soon save a large amount of money. Start by cutting out your afternoon latte or packet of crisps and the pennies will soon add up into pounds.

The Long Term Plan

Giving yourself a money makeover is a great idea but unless you have a good reason to do it, it can be difficult to kick start yourself into action. Have a think about what your financial goals are. Whether it is to get out of debt, save for a house or just to afford a nice holiday, having a goal insight will make it all worthwhile.

Whatever your financial situation is, giving yourself regular money makeovers will help you keep on top of your spending and plan for your future. Once you have a clear picture of where all your money goes you can start dealing with your debt, finding money saving deals and pinpointing the small things that you can cut back on. Keep your goal in sight and look forward to the grand reveal at the end of the show.

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