Being Honest With Yourself For Money Management – Needs Versus Wants Can Help You Manage Your Finances

21 Feb

One of the key techniques to managing your finances in these difficult times is to clearly identify your ‘needs’ versus your ‘wants’. In a fascinating interview on BBC Radio, five times British archery champion Jackie Wilkinson explains how she tackled being skint herself.

You can listen to the interview on BBC iPlayer – fast forward to 2hrs 8minutes 50 seconds.

Jackie Wilkinson has been skint and has survived and her book ‘Survival Guide For The Skint‘ has been welcomed as a money management book with a difference as it is jargon free, simple advice from someone who has been there.

Some of the areas covered in the interview:

  • Be honest with yourself on what your needs and wants really are
  • Buy real food – buy fresh ingredients and cook real food
  • Always go shopping after you have eaten – if you go to the shops on an empty stomach you are much more likely to impulse buy bad (and more expensive) foods you don’t really need
  • Use a shopping list – you know what you need in the house and you have to have the basics
  • Bills – Turn the central heating down a couple of degrees if you are able
  • Clothing – fashion is the easiest way in the world to waste money. Look for value for money – weigh up between quality and fashion – buy cheap high fashion items if they are likely to go out of fashion, but things that you can keep ongoing its worth buying quality
  • Try and make lunches rather than ‘paying for your own private chef’ by buying ready-made sandwiches and getting things from vending machines
  • If its ‘every day’ then even a few pounds saved can add up to hundreds over the year

Knowledge is power – when people estimate they get it wrong. When she was skint Jackie kept an exact record for 4-6 weeks what she was spending money on, and it was a real surprise – she had got her guesses wrong. Understanding where the money went meant that Jackie could start to control her finances.

Survival Guide For The Skint

Survival Guide For The Skint

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Posted by on February 21, 2010 in Managing Finances


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