33 easy tips for planning your finances

Financial planning is important but too often it’s not at the top of our to-do list. At our #SLSavingTips Twitter conversation, we talked about financial planning — the challenges you face, how to get over the anxiety and how to make it easier.

Our chat and prize draw were sponsored by Standard Life, which supports customers with tackling financial planning. We were also joined by psychologist and award-winning life coach, Gladeana McMahon, sharing tips and answering questions. Follow her now on Twitter at @gladeanamcmahon.

Here, your biggest concerns, tips and financial wins  

 

What’s your biggest financial anxiety or worry?

I worry about pensions. I put 10% salary each month into private pension but it’s not enough @jrandrews72

You fail an “affordability test” when looking at a house. What is the next step? @CtinaCurtis

What is the best way to start saving % earnings , a little every month , if you can? @xvickycullen

My biggest worry is savings! I know you should always have some in case of life’s little emergencies but it’s so hard! @MrsJTea

We need to teach the next generation good financial practice. That’s my biggest worry. @angep1969

There’s so much to consider with finances. It can all get confusing @twirlyswirl79

How to save with shopping

Use your freezer! Visit supermarkets at the right time of day and raid the reduced section. Most of it’s freezable! @angep1969

I made smoothie mixes for freezer. Might do some soups this week @emmauk74

How much do you spend on bottled water each day. £1 a bottle? Refill your bottle and look at how much you would save in a week. @GladeanaMcMahon

Exactly! A bottle of water from a shop is at least £1. By Friday I have saved £5 @jhowze

Before I buy anything online I see if there are any discount codes available to save a bit of money @LaurieRosee

I use deal sites or find discount codes before making a purchase it tends to save me a little money @RebeccaS246

We check rates every year and always go for cheaper utility company @MyLittleLBlog

How to save for and with kids

Our children have to save their own money if they want things. So far my son has bought a toy gun and trumpet! Yay! @HayleyPrudhomme

I want an a/c that we can pay in for our kids but they can’t touch until they’re 18 @AnneDalzell1

How to make extra money

We do about 3 car boot sales a year! We did the last one around the beginning of October and made £154 in about 3 hours @mummabear99

We really need to do this – make money and de-clutter at the same time! #SLSavingTips https://t.co/F3TgH2PWXc @SonyaCisco

How to stay motivated with finances

Doing the planning with my husband so that we both know exactly where our finances are at @gottobein

Figuring out what is important to us as a family ad setting goals. If we know what we want we can make more progress @Wotstarmagic

I think having something visual helps, like a chart or graph to work out my in goings and outgoings @LoopyLouVix

How to budget

We have a set budget for bills, birthdays, Christmas, treats etc. This helps us to keep on top of our finances as a family @RebeccaS246

If you get behind on a bill call them rather than ignoring otherwise you may end up in more debt when they can help @Tantrums2Smiles

Check for pesky direct debits! I had one for å£7.50 p/m for insurance on a phone I no longer had @mummabear99

I take cash when food shopping  it makes me stick to my list and cuts out wasteful impulse buys @manna137

How to save

My tip is to start with a small amount such as £10 per month. See how that goes and perhaps after 6 months you could increase @RebeccaS246

I save up all our 20p and 50p pieces in a jar. It’s surprising how quickly they add up and you don’t notice them going @manna137

Oh yes we had that too ended up having few hundred pound in 2p’s @MyLittleLBlog

I have found cooking from scratch has saved me a small fortune! @CtinaCurtis

Expert advice

Q1. Would investing in buy to let flats be a good addition to my personal pension? @jrandrews72

A1. Can be but remember you have to manage void periods. Research area, pros and cons and then decide @GladeanaMcMahon

Q2. Are ISAs worth having any more? @gottobein

A2. Yes, providing you do your research to find the best rate
@GladeanaMcMahon

Action point – Shall add research on ISA rates to my ‘to do’ list Be good to get a higher in rate@gottobein

Q3.Any tips on how to demotivate my husband from spending money and save instead? @goriami

A1. It’s all about pay-off. What does he want that he could save for? You need to have something to aim for. He needs motivation to give something up you need to see an outcome that is better than spending @GladeanaMcMahon

Action point: It’s all about the car. He buys car bits so I need to suggest he saves for a nicer car @goriami

How to feel good about financial planning

When saving you need to have short-term payoffs as well as longer term like pensions. @GladeanaMcMahon

Saving is all about mindset and a mindset of future not just instant gratification. Doesn’t mean you can’t have fun @GladeanaMcMahon