Ways to Become More Financially Astute

We live at a time when debt is a serious issue affecting millions of people. In fact, around 63% of people in the UK had personal debt in 2020, and around 19 million people use overdrafts regularly. That is a lot of people. If you happen to be one of these people, then it may be about time you started taking action. The problem with overdrafts is that they are so easy to slip into, and once you get into the vicious cycle of overspending just a little more each month, it is a cycle that is hard to break. The good news is that you can stop it, even in times like these, where interest rates are rising and everything is increasing in cost. Nothing is impossible. Do it right, and you may even be able to save some money, meaning you have options on what to do with it. It doesn’t always have to be so hard. If you learn how to manage your money better, you will find that you become less stressed. That means you will be healthier as a result. If that isn’t a motivation in itself, I don’t know what is. Here are a few ideas to get you started:


Professional Advice

When people start getting into debt, they generally tend to owe money to several companies. Many people bury their heads in the sand, hoping that this problem will go away, but it just mounts and worsens. It may be hard admitting you have a problem to yourself and others, but without overcoming this first step, you will never improve your situation. Whoever you owe money to, speak to them; that could be your gas and electric provider, phone, internet, banks, etc., it doesn’t matter. Speaking to the people you owe money to will help. You won’t know what can be done to help you unless you ring up and ask for it. If you are really struggling with many debts, loans, etc., then it is probably in your best interests to discuss your finances with a financial advisor such as here financialadvisers.co.uk. You will speak to someone who is able to go through your entire financial situation and help you develop a path through. It may not be as bad as you think.

Live Within Your Means

Now, this is pretty easy to say, but if you have gotten into bad habits, it can be very difficult to achieve. But it is not impossible. It starts by facing up to your money issues and vowing to make a valiant effort to sort your finances out. Once you have done this, there are many tips to help you live within your means. Look at all your expenses, are they realistic for your income? Consider things such as your rent, your car, the places you go out to, your hairdressers, your nail salon, food shopping, etc. You may need to move somewhere else and change your supermarket to make your life a lot more manageable. If you are spending too much to try and keep up appearances, you have to decide what is more important. Is what others think of you more important, or are your stress levels? Once you don’t care what others think any more, life can be far better. Fixing your finances may well mean cutting out toxic relationships and toxic things from your life. Too much alcohol, for example, is not only expensive but it is also bad for you. So, it may help you if you associate your health with your finances. When it comes to living within your means, be honest. Think about what you need and what you like to have. Whittle your life down to the necessities and begin working from there.


We hinted at decluttering above by getting rid of toxic things in your life, and this is necessary for a whole range of reasons. But it helps if you declutter your living space too. A lot of the things you have in your house can be sold off. That means you can make a fair bit of money from the stuff you don’t use. Going through the decluttering process, too, will show you how much you spend on stuff you never use. It may help you by showing you that you do not need that new thing when you are next at the shop. Stopping yourself from impulsive buying is a must-do if you want to control your finances better.

Delayed Gratification

If you want to stop spending so much, then you need to train yourself to delay gratification. In a similar way to the above decluttering item, when you go to the shop and see that beautiful thing you want but can’t afford, do not pull out the credit card. In fact, it may help if you cut up your credit card. Anyway, instead of buying it there and then, think ‘I’ll come back when I have the cash in the bank’. That means you need to think about it and save up. This will help you develop an awareness of how much the things you want cost and will stop you from buckling to your impulses. It may also stop you from buying the thing altogether. In two months, when you have the cash, the impulse will have probably faded, and you will have the cash spare. Cash you can save and put towards something you really want, and no item cluttering up your living space.


Delayed gratification and decluttering are both methods to help you build an awareness of how much you spend and what you spend your money on. However, a heightened awareness of your spending can be done in a number of ways, and it is essential to develop this understanding if you want to have more money. First, download and banking app, if you haven’t already done so, and ensure that you look at it once a day. Set a reminder on your phone to do this if you are likely to forget. You could set an alert on your account to message you when your funds are running low. Why not draw out the cash you want to spend each week and physically keep an eye on your money? This can definitely help you stop spending as much. Try and stop shopping so often. Go to the supermarket once a week or so, and try not to search for products online as often.

Savings Account

If you manage to put these methods into practice and actually end u with a surplus, you’ll want to find places to keep it. Well, the interest rates rising are not all bad news. If you have savings, you want benefits from some of the best interest rates in years. So, do some investigation and find out where the best place is to put your cash.


A financial advisor may actually be about to help you out with this too. But investing your money is far more lucrative than a savings account if you are brave enough to start investing. There are many types of investments, such as buying stocks and shares, cryptocurrency, gold, and property to either rent out or do up and sell on, or even live in for a number of years and then sell on. When it comes to investing, ensure that you understand the investment you are getting into. Do not simply trust blindly. Do your own research, and never risk more than you can afford to lose. 

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