Happy New Year

With the festive season well and truly behind us, many of us have made New Year
resolutions concerning behaviours we want to change or challenges we want to achieve. Amongst the many options, how many have decided to try and improve their money management skills?

Having been made aware of Refinery29 Money Diaries recently and becoming engrossed in the anonymous money diary section, it is fascinating to look at the cross section of people of various ages, lifestyles and occupations all listing their weekly spending habits and breaking it down day by day. What struck a chord was the variances in what people are living on per week and how well some are managing their money on a limited income.

Lots of the spending is a reaction to what has happened on any given day and highlights the impact this has on the rest of the week. A number of the spending dilemmas fall into what we cover in our ‘mymoneytalks’ sessions with the pupils in schools. Looking at needs and wants, prioritising what to spend money on, where savings can be made and trying to put something away each week (where possible) for that ‘rainy day’ .

Some people budget without thinking – it’s natural – and some people work hard to make sure ends meet but it’s certainly something we all need to talk about and engage with, to make sure best practice is passed on.