Want to make changes to how you spend your money? Sometimes tackling your finances can feel overwhelming, but small steps can make a big difference. #TalkMoney week starts on the 4th and we’re encouraging people to do 1 thing: plan ahead.

When you’re shopping for goods and services

1. Shop around for the best deals — compare prices and look for special offers before you buy.
2. Postal costs — check cost of postage and potential return costs to understand the total cost of your purchase
3. Read return policies — check return policies to see if you can return unwanted items and be mindful of return deadlines.
4. Using online marketplaces — read reviews and work out if you’re buying from a private seller or a trader as this Will affect your consumer rights. Also, check if the website offers support in dealing with disputes between the seller and the buyer.
5. Know your consumer rights — find out more about your consumer rights related to goods, services, and rental properties to avoid financial risks and issues with untrustworthy traders or landlords.

Budgeting and tracking

1. Make a simple weekly or monthly budget — knowing where your money goes each month helps you stay in control of your money.
2. Keep a spending diary for a week — this is a quick way to understand where your money goes each week, and track expenses that might not appear on your bank statement (cash transactions).
3. Have regular money check-ins — regularly review your finances to see what’s working and if anything needs adjusting. This could be monthly or quarterly.

Future expenses

1. Prepare for annual expenses — like car/home insurance, MOT and car services, TV licence or school costs. Putting a bit aside each month can make these expenses easier.
2. Think about upcoming seasonal costs or big life events — this could be religious festivals, birthdays, moving house, or a holiday. Add these events to your calendar so that you remember to budget for them.
3. Consider an emergency fund — even a small amount set aside for unexpected costs, such as a boiler or car breakdown, can give you peace of mind.

Savings

1. Set a financial goal — whether it’s big or small, having a goal to aim for can keep you motivated.
2. Start meal planning — planning meals can help you save money by avoiding last-minute, more expensive purchases.
3. Look into a pension — putting a little into a pension pot now can make a big difference later. You can find out more information about pensions by visiting Pension Wise.
4. Consider insurance options — insurances, such as home, health, life and pet insurance etc, can offer financial security in case of unexpected events.

Building a savings habit at home

1. Set up a piggy bank or savings account for kids — this can teach children to save, the importance and benefits of savings, and set financial goals.
2. Have family money talks — talking openly with your children or family about household finances can help everyone understand budgeting, savings and financial goals.

End-of-life planning

1. Think about writing a Will — having a Will in place can give you peace of mind and help loved ones in the future. Check out our website for making a Will.
2. Consider funeral planning options — setting aside some money for this can reduce future stress for your family. Find out more about arranging a funeral on our website.

Helpful support

1. Check your credit report for free — making sure your credit report is accurate can help improve your credit score and make it easier to borrow money or access financial products and services in the future. More information about getting a credit report can be found on our website.
2. Know how your bank contacts you — knowing how your bank gets in touch can help you spot scam texts or emails.
3. Speak to Citizens Advice — consider speaking to Citizens Advice about any benefits, grants or financial support that you might be eligible for. Getting advice can be especially helpful if you’ve recently had a major life change or expect one soon, as this could open up new support options for you. Find your local Citizens Advice.

Written by Eleanor Sutherland