Have a 'Money Day' and Turn Negative Finances Around

Sarah Atkinson suggests some useful tips from our MoneyWorks team

Managing your finances can feel overwhelming, especially when you're dealing with debt or struggling to make ends meet. But taking control of your money doesn't have to be complicated. Our MoneyWorks team suggests having a "Money Day" - a dedicated time each month to focus on your finances and make positive changes.

What is a Money Day?

A Money Day is a set time each month when you focus entirely on your finances. It's a chance to review your situation, make necessary changes, and plan for the future. Think of it as a regular check-up for your financial health.

Why have a Money Day?

Regular financial check-ups help you:

• Stay on top of your bills and payments
• Identify problems before they become crises
• Make informed decisions about your money
• Feel more in control of your financial situation
• Plan for the future with confidence

How to have a successful Money Day:

1. Choose a regular time:

• Pick the same day each month (e.g., the first Saturday)
• Choose a time when you won't be interrupted
• Make it a routine you can stick to

2. Gather your information:

• Bank statements and account balances
• Bills and payment schedules
• Income information
• Debt statements
• Any financial correspondence

3. Review your income and expenses:

• List all your income sources
• List all your regular expenses
• Identify any changes or new costs
• Look for ways to reduce spending

4. Check your bills and payments:

• Make sure all bills are paid on time
• Set up direct debits where possible
• Check for any errors or unexpected charges
• Look for better deals on utilities and services

5. Review your debts:

• List all your debts and their interest rates
• Check if you can make extra payments
• Look for ways to consolidate or reduce interest
• Contact creditors if you're struggling to pay

6. Plan for the future:

• Set financial goals for the next month
• Plan for upcoming expenses
• Consider starting an emergency fund
• Look for ways to increase your income

Money Day checklist:

Use this checklist to make sure you cover everything:

• ✓ Review bank statements
• ✓ Check all bills are paid
• ✓ Update your budget
• ✓ Review your debts
• ✓ Check for better deals
• ✓ Plan for upcoming expenses
• ✓ Set goals for next month
• ✓ File important documents

Tips for success:

Start small: Don't try to do everything at once. Focus on one area at a time.

Be realistic: Set achievable goals and don't be too hard on yourself.

Ask for help: If you're struggling, don't hesitate to contact Citizens Advice Portsmouth.

Celebrate progress: Acknowledge even small improvements in your financial situation.

Stay consistent: Regular Money Days are more effective than occasional big efforts.

Common Money Day activities:

Budget review: Update your monthly budget based on your actual spending

Bill management: Set up online accounts and automatic payments where possible

Debt assessment: Review your debts and look for ways to reduce them

Savings planning: Even small amounts saved regularly can make a big difference

Goal setting: Set realistic financial goals for the coming months

Getting help:

If you're struggling with your finances, Citizens Advice Portsmouth can help you with:

• Creating a realistic budget
• Managing debt problems
• Accessing benefits and financial support
• Dealing with creditors
• Planning for the future

Remember:

Taking control of your finances is a journey, not a destination. Regular Money Days help you stay on track and make steady progress towards your financial goals.

Don't be afraid to ask for help if you need it. Our MoneyWorks team is here to support you every step of the way.

Start your Money Day routine today and take the first step towards a more secure financial future.