Are you in control of your money? Or is money in control of you?
Most people agree that they could do with a bit more money. Ask them how much and it’s surprising that lots agree that somewhere around a third more would be about right. No matter their income or savings in the bank. A third more would be enough…
Lots of studies have shown that money doesn’t make us happy. But being in control of our money gives us a lot more satisfaction than we think. When we lose control of money, then money starts to control us. We get into debt, our choices are limited, we start to worry and our health, well-being and relationships can all too easily suffer.
It doesn’t help that as a society we are in debt. Quite a lot of it. Private household debt is estimated to be £1.4 trillion or to put it another way £1,429,624,000,000. That’s not far off £30 thousand for each adult in the UK. Our debt is also forecast to rise over the next few years in relation to our income.
So, what can be done?
The first thing to ask yourself whether you are in control of your money? That doesn’t mean that you know where you spend every last pound, you can’t have any fund and that you aren’t in any debt. But it does hopefully mean that you have some idea of your incomings and expenditure. That you are paying down any debt and that you are getting the best deal when you spend your cash. And hopefully that means that you have a bit more money left over at the end of the month to enjoy life with!
A third more would be nice, and would definitely help me… but let’s start with what we’ve got and make sure we’re making the best use of that.
Over the next couple of months, I’ll be blogging here on some ideas and practical issues about getting your money in control, some financial skills that will help, and suggesting a few places you can turn to if you need some extra help.