While many regard Christmas as the most wonderful time of the year, there is no doubt that the festive season puts a strain on your finances. From gifts and decorations to food and drink, no expense is spared when trying to celebrate Christmas. Once the holiday comes to an end, checking your bank balance can be a painful experience! However, with good money management, you won’t have to dread that moment.
With the New Year in full swing, many people set themselves resolutions, and one of those could be to learn how to manage money better. By investing some time and energy into adopting money management tips and techniques, you will find yourself in a more secure financial position by the time Christmas rolls around again!
Continue reading to learn more about money management, UK residents! We explain the importance of getting your finances in order and online courses that will teach you how to manage money.
What is Money Management in Simple Words?
Essentially, money management involves tracking your income and balancing it against your expenses. By learning how to manage money properly, you will be able to live comfortably and within your means. You don’t need to be earning a high salary to have good money management. Being in a financially sound position after paying your bills and covering other expenses means you have good money management.
The Importance of Money Management After Christmas
One of the most expensive times of the year is Christmas. For those who celebrate the holiday, there is no getting away from the amount of money you will likely have to spend to enjoy it. These expenses generally include:
- Gifts
- Food
- Drink
- Decorations
- Parties
- Travelling
It soon adds up! While it can be easy to splurge over Christmas and forget to budget, the effects that it has on your bank balance after the festive season can be draining. This is why it is important to manage money effectively. If you do this before Christmas, then even better, but if you are just learning your lesson, now is a good time to start!
There are various money management tips, of which we will explore later, that can help you kickstart your year in a better financial position. By learning how to manage money now, you will be able to cope with the various expenses you are likely to face over the course of the year. Then, when it’s time for Christmas, you won’t experience a huge drain on your earnings.
How Can I Manage My Money Better?
There are a range of money management tips that you can follow to put yourself in a more comfortable position with your finances. If you are asking yourself ‘what are one of the most effective ways to learn how to manage my money?’ then consider enrolling on an online money management course.
With Stonebridge Associated Colleges, you can study an online course that will give you a detailed overview of money management and how to manage money in a more effective way. We’ve detailed the highlights of this course below:
Money Management
If you are considering embarking on a job role that involves business money management, UK learners will gain plenty of insightful knowledge from our Money Management online course. Not only will it teach you how to manage money within your personal finances, but it will also help you manage money from a business standpoint.
The skills and knowledge you acquire will be helpful if you decide to pursue a career in financial management. This is because you will explore a range of money management tips that are designed to help you make informed decisions about investments and borrowing money.
During the course, you will cover a wealth of money management tips and the principles of business money management. UK learners can expect to study the following:
- The meaning of money
- Various financial terms you need to know
- The purpose and use of cheques
- Financial planning and how to manage money
- Borrowing
- Buying
- Investing
- The function of banks
- Superannuation and communication
After each lesson, you will be required to complete a question paper, demonstrating what you have learned from that specific unit. It has to be submitted to your tutor, who will mark the paper and return it to you with constructive feedback. Once you have completed each paper, you will be issued with a certificate of achievement.
Indeed, if you do decide to use this knowledge to carve out a successful career, you will likely need to gain further qualifications. Perhaps our range of courses in financial services or accounting will match your ambitions.
The Best Money Management Tips
You will learn plenty of money management tips during your studies, but it is worth knowing the basics that you can live by on a daily basis. Below, we have outlined some of the best tips to take on board:
- Track your spending – One of the pitfalls that many of us succumb to is overspending, particularly over Christmas. If you want to get a handle on your spending, then make a note of your outgoings and see what you’re spending most of your disposable income on. You can either do this manually or use money management apps to do the tracking for you
- Create a monthly budget – Once you learn your spending habits, you will be in a better position to manage your money. Each month, set yourself a realistic budget, taking into account your bills and other monthly expenses. By sticking to a budget, you will not fall into the overspending category
- Get saving – It is always advisable to have some money stored away in a savings account so that if a financial emergency occurs, you have cash to support you. Most people put away a certain percentage of their monthly salary into savings. Work out what you can realistically afford to save and earmark that amount each month
- Pay your bills on time – The hectic nature of everyday life can sometimes result in people delaying payments on their bills. This could lead you down a slippery slope! To avoid this, set up direct debits, if possible, on your bills so that you never miss a payment
All of the above money management tips will help keep you on the straight and narrow in terms of your personal finances.
Learn How to Manage Your Money Today!
After a busy Christmas period, looking at your bank account balance may give you a headache, but by acting now, you can avoid future debt. You can learn how to manage money better by adopting some crucial money management tips and getting expert insight from a range of online money management courses.
To enrol on one of our courses, pick up the phone and call 0121 392 8288 to speak to one of our Course Executives. Alternatively, reach out to us online or click below to discover more. Get a stronghold of your personal finances today to avoid crippling your bank balance next Christmas!
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