5. Compare prices


Always compare prices, not just on your purchases but also on household expenses like electricity and gas bills, your car and house insurance, and when you shop for groceries. It is easy to save money by switching to a different provider or to a different shop.


6. Credit score


A good financial tip is to start building your credit score early. It takes time to build up a good credit score and it will be useful when you buy a car on finance or you are looking to get a mortgage.


One of the ways of building a credit score is to get a credit card, but you need to use it wisely so as not to get into unnecessary debt. Only spend money on credit that you know you already have, then try to pay it off before the end of the month so you are not charged any interest.


7. Subscriptions


Do not waste money on subscriptions that you are not using, whether it’s a gym membership or a subscription to Amazon Prime that you barely use. Cancelling subscriptions can save you a lot


Managing money can be hard, but these tips will hopefully make you feel more confident about your financial future.


of money without much effort and you can use the money for other things or put it into your savings.


8. The future


Planning for the future and saving money are extremely important even if it doesn’t seem very exciting!


Your emergency fund is important, but so are retirement savings or opening long term ISAs that will mature a long way down the line. Once you turn 22, a certain percentage of your earnings should go into a retirement fund automatically. This will show up on your payslip under the name of the pension organisation that your workplace uses. You can increase the amount that is paid into the fund if you can afford it.


You can split your savings and set some aside for short term savings, like a holiday, and some into long term savings, like an ISA.


“I WANTED TO BE JUDGED BY MY SKILLS AND TALENTS. IN THE ROYAL NAVY, I AM.”


Over 100 career paths to choose from, including Medical, Engineering and Logistics.


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For more information call 0345 607 5555 Visit www.royalnavy.mod.uk/careers


Make The Future Yours! Issue 1 11


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