Get on top of your finances in 2018

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Do you know how much you can afford to spend each month, or do you keep using you cards and then lie awake at night working out how you’ll pay for everything?

With Brexit just over a year away, businesses concerned about the future and the world in a volatile place, money worries are on the rise, as are prices, and debt seems to be a bigger issue for many people.

While rent and council tax take up a big chunk of incomes, those large costs often aren’t the problem, it’s the smaller bills that add up and the unexpected expenses that can cause stress.

We have had a look at how to keep on top of things so you don’t feel like you’re going under every time you look at your statement.

Have a budget
Yes, it sounds simple but sometimes going back to basics can be a good idea. Making a list of the money coming in and out each month lets you see exactly what is happening with your finances, rather than burying your head in the sand. Firstly look at income, then list all of your fixed costs and should including your housing, utility bills, standing orders, car payments, insurance and phone bills. Then look at your fluctuating costs such as food shopping, entertainment, holidays, pets and anything else you have to cover. With all of this in hand you can work out how much is left, or not, and where changes could potentially be made.

Shop for the bargains
We all like nice things, but there are many savings to be had out there, and deals can really help keep you buoyant. Buying presents in the sales, stocking up on school uniform when it’s half price and shopping around for cheaper car insurance might seem like an extra job to add to your list, but the pounds soon add up. It is also worth looking at the money off vouchers on leaflets, loyalty cards and incentives as these can make a real difference to your pocket.

Meal planning
Another way of saving money is by actually only buying the food you need and not letting fresh items go to waste. Before you go shopping, work out what you are going to eat in the week, include packed lunches and snacks, and only buy those items. Yes, BOGOF might seem like a deal you can’t miss out on, but when that extra cake or loaf of bread goes mouldy, you haven’t saved anything at all.If there are items deals going cheap at the end of the day, buy them but only if you are going to eat or freeze them straight away.

Turn off your lights
It is amazing how many people leave lights on, have the heating burning at full blast when they are out and let the water run as they brush their teeth. All of these things cost money, so turn things down and switch them off if you want to save money, and the environment.

Second hand options
Vintage, retro, upcycle are all on trend and for a good reason, they offer value. You don’t have to buy everything new and if you go to charity shops, car boot sales and auctions, you will amazed at the bargains there are to be had.

Rainy day fund
We all like to think the unexpected won’t happy to us, but it does. If you can, try to save a little money each month so that if the car does break down or the boiler goes wrong, you have a buffer and don’t hit the red.

Keep on track
Once you have your finances in place, don’t them slip. Making lists, having a database and checking your online banking on a weekly basis can help you keep on track. If you do feel things are spiralling out of control, talk things over with a trusted friend or speak to Citizens Advice Bureau but don’t let the bills pile up and the stress get on top of you.

Make 2018 the year to go freelance

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Fed up of the daily commute?

Had enough of mundane water cooler conversations?

Sick and tired of Sarah in IT and Jo in HR making your life a misery?

Then maybe it is time to go freelance.

While you might not have the security of a 9-5 role, a monthly salary or 21 days holiday a year, being your own boss does offer you flexibility and the chance to do what you love but on your terms.

We aren’t saying hand your notice in now, but have a think about what you want to do and if you consider the points below, we think you might start making that dream a reality.

Have a plan
Create a business plan that looks at finance, growth, location, activities and skills. This don’t need to be anything long or fancy but setting things out in black and white can give you a focus and realistic goals.

Network
Breakfast meetings, lunches and evening events are all greats ways to start making connections even if you are still in a full-time job. If you are nervous, why not go with a friend and then swap notes at the end of the session?

Contacts
The old saying, ‘it’s who you know not what you know’ is very true when you start a new venture. Maybe your best friend works on a magazine, your old school mate is a blogger or you know a couple of people who design websites or do PR? Make the most of the people you know and it could well be there is synergy between you and them that could lead to business opportunities.

Look at the Competition
You might be able to make a mean cake or write a really creative marketing plan – but so do loads of other people out there. Do your research, check out the competition and work out what makes you different and where your offerings would site in the market place.

Think About the Money
Let’s not beat about the bush, starting out requires hard cash investment and you are going to need this, so start planning. Look at how much money you need to start your business, what equipment you would need, and before you make a start make sure you have a buffer saved up for those unexpected costs and quiet patches. It might even be that you need to work part-time for a while to get things up and running and keep money coming in, but it will be worth it in the long run.

Marketing and PR
This is something you can do as you get ready to take the next step of full-time freelancing. Decide in a business name, get a logo, set up your social media feeds and ensure you have a website in place. All of this takes time, and money, but if you get the basics set up in the background, when you are ready to go, people will be able to find when you when you are open and firing on all cylinders.

Small Print
The excitement of setting up something new can mean the details get left behind, but this isn’t a mistake you want to make. Finding an accountant or book-keeper, registering for tax, considering VAT status and researching professional insurance might seem boring, but they need to be done and will make you more efficient and professional in the long run.

Location, Location, Location
When you work for someone else, you go to their premise day in and day out but when you fly solo it is a very different matter. You need to make sure you have a base to work from and one that is ideally close to local amenities, has a decent internet connection and phone support as well as good transport links.

Whatever you do, if you have a dream, go for it.

Team Pure-Beauty