Making commitments

Are you...

  • getting a place of your own? 

  • moving in with friends or a partner?  

  • getting engaged or married?

If the answer is yes to any of these questions, that's great news. But these kind of commitments mean taking responsibility and that starts with looking at your finances and making some proper plans to help things run smoothly.

Our top tips

Work out a budget

It will allow you to see how much of your income is taken up by necessary expenses like bills and accommodation costs, and works out what you have left to spend on other things, like socialising with friends.

Check out this budgeting tool to help get you started.

Make a spending plan

Write down your goals and include costs, timescales - short, medium and long-term.

Start saving now

Build saving into your budget. Work out your saving options and aim to get at least three months income saved for emergency use.

Deal with debt

It’s unlikely that you can avoid debt all together, so just try to avoid bad debt, for example, borrowing money at very high rates of interest. If you have debts use this debt test calculator to work out where you stand.

Don’t forget the long-term

Think you’re too young to think about pensions? Think again. Starting to save for your retirement now is really important. You should always check out your pension options through your employer first. This pension calculator will help you work out what your future might look like.

Plan for the unexpected

Don’t ignore the chances that illness, accident and redundancy can derail your life. Check with your employer about what would happen to your income should these unforeseen circumstances arise. If necessary, consider an insurance option. Also make a Will to set out your wishes should you die prematurely. Click here for more information on why you need a Will.

Get Into The Savings Habit

Regular saving is key to great Financial Planning, but we all know how hard it can be. Our advice is simple. Don't put yourself through the anguish of temptation every payday. Put some of your pay aside straight away - you can’t miss what you’ve never seen. Ideally you should aim for 10% of net pay, but start somewhere! Click here for more information on saving and investing.