More money, more problems is the saying, but MVFers have now mastered the personal finance domain thanks to Bashir Malik from HSBC.
Financial wellbeing isn’t something that is very high on many people’s priority list - especially as a graduate or someone just starting out their career - but a little love shown to your budget can really reduce stress and improve your ability to achieve personal goals.
This session was all about the basics of personal finance; which is all about saving money where you can.
Reduce Your Bills
It sounds simple enough, but bills make up the biggest portion of your outgoings on your budget - so the less they are, the more money you have!
Start with your rent - are you paying more than you can afford? Think about negotiating with your landlord or look at moving to a location more within your budget if you are finding rent is eating into your disposable income and savings.
Move on to utilities and look to get quotes and comparisons wherever possible to make sure you aren’t paying too much for energy, phone bills or internet.
Stick To Budget
You can’t stick to a budget if you don’t have one - so start by making a budget which lists your incomings and outgoings and tells you how much you have leftover. It’s from this amount that you’ll know how much you want to spend versus how much you want to save. There are some great budgeting apps out there, or a simple excel spreadsheet does the trick!
Set A Goal
We’re all generally more motivated if we have a goal, so work out what yours is and you’ll be more likely to be a better saver. Whether it’s a flat or a flight, it’s much easier to say no to that third pint if you know you five quid is going towards a good cause.
For those who wanted more personalised advice Bashir also offered MVFers one-on-one consultations, which we will be looking at doing more of in the future.