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Beginner’s guide to managing your money

If you’re good at managing your money it can help you stay in control of your finances. It can help you reach your targets and pay off any borrowing or debts.

There are a number of ways you can do this, like:

Using our great online budget planner to work out your budget in minutes.

This way you can see how much spare cash you have left after paying off your most important bills.

or

Trying to keep a spending diary so you can keep a closer eye on your purchases. It’s a good way to see where you’re spending your money and what on.

You’ll rarely be able to earn more from your savings than you will pay on your borrowings. So aim to pay off your debts first – especially those with the highest interest rate.

Put simply, you need to spend less than you have coming in, but you also need to set yourself a realistic goal to get the best outcome.

For instance, if you can put aside £2 a day for the next three months you can pay for the MOT on the car.

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