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Family dynamics

01st Apr 2021

7 ways to take control of your finances


Brought to you by askpaul

Some simple steps you can take to better manage your finances.

Re-claiming control over your finances is no easy task, and if managing your money is a source of stress for you, you’re definitely not alone.

But there are some sure ways of making your pay cheque stretch that bit further, so we’ve compiled some simple changes you can make to take control of your finances.

And remember, when it comes to navigating your finances, expert advice is always on hand with askpaul. Whether it’s budgeting, tips for saving, or investing, you can book a consultation with the askpaul team.

Start budgeting

You’ve probably heard this before, but making a plan is essential when it comes to managing your money.

Not only will a budget clearly outline the money you have coming in, but it also highlights your spending, particularly any unnecessary expenses that you’re not aware of. By budgeting, you’ll be able to cut out any non-essential expenses and have a clearer focus on your financial goals.

Reduce your monthly bills

You should regularly review your set monthly expenses, as this can be one of the most effective ways of controlling your spending.

Look at all of your subscriptions and cancel any you don’t use or need. Shop around for gas and electricity providers that offer cheaper rates, and look into different TV or mobile network providers as well.


Set up a virtual envelope for discretionary spending

It’s unrealistic to cut out every single unnecessary expense, especially when there are ways that you can plan for these as well.

Setting up a space for discretionary spending, such as Revolut, and using the amount you allocate here for coffees, lunches or takeaways is a way of allowing for smaller expenses. Seeing how quickly the money chips away will also help train your brain into rethinking your spending.

Start saving money weekly

We know it’s not easy, but saving small amounts weekly is the best of way of improving your overall financial situation.

The askpaul 52 week saving challenge is an easy approach to saving. It challenges you to save €1 in week 1, €2 in week 2, and so on. By the end of the year, you’ll have saved €1,378.00.


Create an additional source of income

Have you ever thought about how your hobby could help you bring in some additional income?

There’s a lot of ways you can supplement your income from the comfort of your own home, such as freelancing or renting out a spare room.

Get yourself insured

Your ability to make money is your most valuable financial asset, so it’s just good sense to insure it.

If you had an accident or a serious illness that kept you out of work for months, or even years, an income protection policy ensures that you can continue to pay your mortgage, household bills and living expenses.


Start investing

If you’ve little or no stock market knowledge, it’s easy to skip by this one and assume it’s not for you.

But you could be passing up on a great opportunity to make the most of your savings! With the askpaul Investment Club, it’s easy to invest a certain amount every month, and these savings can earn you even more money to do as you please with.

With askpaul, you can get money advice that’s straight-forward, jargon-free and easy to follow. Led by Ireland’s favourite financial adviser Paul Merriman, the askpaul team can provide a financial plan tailored exactly to you and your goals. For more information and to book a consultation, click here

Brought to you by askpaul