Having your finances in order can be one of the biggest factors affecting self-confidence. Here are some practical tips that might help.

Having your finances in order can be one of the biggest factors affecting self-confidence, according to research – even outweighing romantic relationships and physical appearance.

Many people’s financial confidence may have already been dented by having to dip into their savings recently. Consumer spending in Ireland continued to surge in retail, hospitality and travel since restrictions were lifted in July. Chances are that you may have already dipped into your lockdown savings. Taking control and staying focused is the key to boosting your money confidence? Here are some practical tips.

1. KNOWLEDGE IS POWER

Many people were able to cut their spending in lockdown, but more spending opportunities now the world is opening up again could allow positive money habits to fly out of the window.

Simple things like checking your balance regularly, and staying on top of what you owe, can help people feel financially empowered.

2. FIND AFFORDABLE WAYS TO SOCIALISE

Just because diaries are starting to fill up, you don’t need to break the bank when meeting family and friends. There are cost-effective ways to see loved ones.

This could include making the most of the milder weather with a picnic in the park, searching the internet for ‘bogof’ (buy one get one free) ticket offers, restaurant deals or visiting a free exhibition, museum or art gallery.

3. BALANCE WHAT YOU NEED AND WANT

Every month, you will have non-negotiable expenses that you need to pay.

This may include rent or mortgage, utility bills, loan repayments and food. You will also have things you want to spend your money on, such as new clothes or a visit to a restaurant. Maintain a good relationship with money by consistently prioritising what you need over what you want. Then, when you do decide to splash out, you can treat yourself guilt-free.

4.SET FINANCIAL GOALS

Think in advance about high spending items like Christmas or a holiday in 2022 and make a plan for how much you need to set aside each month.

4. FINALLY, KEEP GOING

Consistency is key when it comes to improving or maintaining good finances. Sharing your financial goals with family and friends could also help you to hold yourself accountable.