Rachel Avery

With energy bills on the rise and mortgage rates on the rise, and not to mention creeping food bills on the rise, finances are a hot topic in the UK right now in the midst of the cost of living crisis. If you are worried about yours moneyyou are not alone, but we have partnered with the influencer FinTok This girl is about money to provide you with 15 essential tips to make your life recession proof right now.

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Ellie’s latest tip for making your life recession proof amidst the cost of living crisis

1. Budget

Budget isn’t a size that fits all kinds of things, then finding a method to manage your income and expenses that works for you is the key to staying in line with your money goals especially during the cost of living crisis. Whether you prefer to use a notebook, are a spreadsheet type, or want to manage your money at your fingertips with apps, there is something for every person out there. Make sure as a first step that you find a budget that suits you and you will give yourself the best chance of sticking to it.

Become an expert with your money

2. Save on purchases

There are many easy ways to save money when shopping, so make sure your money extends as far as possible for you. You can sign up for a cashback website and every time you shop, you can earn a portion of your spend once the purchase is confirmed. Tired of looking for discounts? Add a browser extension that automatically finds and applies coupon codes at checkout to make sure you never pay more than you need to.

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3. Pay yourself first

The cost of living crisis has drastically reduced disposable income, but making sure you set aside money each month for your savings is so important. Building a habit often comes down to making it easy to achieve, so automation can help you save money on a regular basis. Set up automatic payments to save a set amount of money as you get paid and start to see your pot grow. You don’t have to set aside a large chunk of money each month; you can work with what you have and it is never too early to start saving. Leave your savings to your willpower and you can end up with zero.

4. Have monthly money dates

Spend ten minutes a month reviewing your expenses and reflecting on how you feel about all things financial, this will mean that nothing to do with your money will ever be a shock and can ease some of the anxiety that many of us are experiencing. facing now. Check your statement and make sure everything is in order. You will be able to get an idea of ​​where your money is going and whether you are spending money in areas you don’t realize. Also, if there are any transactions you don’t recognize, check them with your bank in case they are fraudulent.

5. Start talking about money

If the idea of ​​starting a conversation about money makes you uncomfortable, you are not alone. Yet talking about money at home, with friends and at work can help improve your relationships and bank balance, and now there’s no better time to start. You don’t have to dive deep; talking about a financial podcast or an article you’ve read raises the topic of money without personal experience and emotions coming to the table right away.

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This Girl Talks Money offers free online advice

6. Check your balance regularly

Getting into the habit of checking your bank account regularly is one way to keep your financial mindset in check. You may want to bury your head in the sand, but in the end you always have to face the facts and taking control of your financial situation can be extremely powerful. The more comfortable you are with your money, the easier it becomes.

7. Compare prices online

We all tend to go straight to the same store every time we shop, but you may actually be paying more than the odds. The next time you need to buy a branded product, check your Google purchases first to find the best price and deals on the internet. You can often save a good amount of money by simply switching where you shop.

READ: 8 skillful home upgrades to add £ 70,000 to the price of your property

8. Write a shopping list

Whether it’s a trip to the supermarket or a fresh-up of clothes, make a list of what you need before you go shopping. It will give you focus and help reduce the temptation to spontaneously purchase whatever pleases the look of the moment.

9. Subscribe and unsubscribe

A lot of personal finance professionals tell you to unsubscribe from marketing emails, but skip the fact that subscribers often get big discounts and with the arrival of Christmas these are sure to come in handy. If you have items to buy from a specific store or brand, sign up for their newsletter and once you’ve accumulated the discount, you can always unsubscribe.

10. Buy used

Pre-loved shopping is booming right now, which means there’s never been a better time to get involved. Whether you’re cleaning up your closet or looking for a wardrobe upgrade, head to second-hand platforms and charity shops to find a bargain and shop more sustainably. It is a win-win situation.

Learn to love second hand

11. Use a collection tool

Roundup apps are smart technology designed to make it easy to save small chunks of money. Each time you spend on your card, a summary app will round the transaction to the nearest pound and put the difference into a savings pot. You do not notice that the money is hidden and can add up quickly.

READ: 9 brilliant ways to decorate your rental home on a budget

12. Save the items for later

Being intentional with money can be tricky in a world where instant gratification is the norm. Online shopping makes you feel like you have to run to the checkout, so try adding the items you like to your cart or saved list, then leave the site for a while. When you go back to the cart, you’ll get a new insight into whether you really want those items after all.

13. Practice financial gratitude

It’s so easy to focus on what you don’t have, from the extra paycheck you would like to the new season coat you recently observed. But what about the things you have? Start each day by talking aloud about three things you are grateful for that your money facilitates, however big or small they may be. Gratitude is a powerful thing when it comes to changing our perspective.

Ellie was at Statford’s Westfield giving advice to the public

14. Become financially savvy

Learning about money management is an investment in your future, enabling you to make better and informed decisions for the future. If you’re new to learning all about money, try listening to podcasts that bring the topic to life in an engaging and talkative way. Check out Money Unfiltered and FT Money Clinic.

15. Calculate fun money

As tempting as it may be to go full throttle on a spending ban in an effort to save money, particularly with the current crisis, the restriction isn’t always the best answer. When it comes to building long-term habits, building a budget you can maintain is the top priority, so make sure you consider a small amount of discretionary spending in each month so you can enjoy those spontaneous moments when you crave a cinnamon bun or a quick take-away coffee.

Ellie has held free money advice sessions in Westfield Stratford City, shares her top tips on Instagram, and co-hosts a podcast called @money_unfiltered.

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