Know your money

Content supplied by Barclays 

Know your moneyWhen you're juggling umpteen tasks and coping with demanding toddlers or truculent teens, it's easy to lose track of how much goes out of your account each month or forget your passwords for online accounts. Here's how to get a handle on your finances.

How well do you know your money?

Ask yourself these five questions, and if you're struggling with the answers, read on:

  • How many pensions have you got?
  • How much goes out of your current account on average a month?
  • Can you name all your standing orders?
  • How much is your mortgage?
  • How much is currently in your savings accounts?
     

Suss out your statements
Keeping up-to-date with the whereabouts and amounts of your standing orders, pension plans, premium bonds and different bank accounts can at times feel overwhelming, so it's worth making time to refresh acquaintances with your finances.

Dig out your bank statements and look at where your money is going on a day-to-day basis - it's surprising how often you can notice little errors like paying for a mobile phone bill twice or a sum of money you're expecting not actually arriving.

Ditch expensive extras
Unless you only take a certain amount of cash out a week and limit yourself to spending only that amount, it's hard to keep tabs on how much your little grocery shops, daily coffees or last-minute presents add up to. It could be worth trying out this exercise for a week (and see when you run out). You can also try jotting down all your daily expenses on the Little extras calculator. It's fun - and useful, too.

Compare and contrast

Make your money work
Check you're saving and investing as much as you can. Barclays has a range of savings accounts to suit different needs and you can also call into any branch of Barclays to speak to a member of our team.

When did you last check you were getting a good deal on household essentials, such as gas and electricity, or broadband, phone and pay TV packages? Many companies offer extras around the product, so it's sometimes hard to make a true comparison based just on price.

According to the comparison site uSwitch, getting the best energy deal could save you up to £425 a year, while switching to the best phone, TV and broadband package saves families up to £212 a year.

 

Also, energy efficiency measures, such as turning down your thermostat by one degree, allow you to save money and do your bit for the environment. Visit the Energy Saving Trust for tips and you could save as much as £250 a year.

Head to Barclays on Mumsnet for lots more:

  • Expert information on starting your own business
  • Family budgeting and saving tips
  • Money-saving videos and inspiring start-up videos

 

Barclays Bank plc takes no responsibility for the content of third party websites or the views and recommendations expressed by named third parties in this webpage. The material on this webpage is for information only. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Barclays Insurance Services Company Limited is authorised and regulated by the FSA. Registered No 973765. Registered Office for both: 1 Churchill Place, London, E14 5HP. Barclays Business is a trading name of Barclays Bank PLC. Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board and is licensed and regulated by the Office of Fair Trading for the provision of credit products to consumers and related services. Further details can be found at www.lendingstandardsboard.org.uk

Last updated: 14-Jun-2013 at 5:04 PM