Let’s face it – adulting can be tough, especially when it comes to money. If you’ve ever felt lost in the financial wilderness, you’re not alone. A staggering 45% of UK adults don’t feel confident managing their money^[1]. But don’t worry – it’s never too late to take control of your financial future. Here’s how:

1. Start with a Reality Check

Before you can move forward, you need to know where you stand. Take a deep breath and gather all your financial information – income, expenses, debts, and savings. It might be scary, but knowledge is power!

2. Create a Budget (That You’ll Actually Stick To)

Budgeting doesn’t mean living on beans and toast. It’s about understanding your money flow and making intentional choices. Try the 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings and debt repayment.

3. Tackle Debt Head-On

The average UK household debt is £65,143^[2]. Yikes! Start with high-interest debts like credit cards. Consider the ‘avalanche method’ (focusing on highest interest first) or the ‘snowball method’ (paying off smallest debts first for quick wins).

4. Build Your Safety Fund

Aim to save 3-6 months of living expenses for emergencies. It might seem daunting, but start small. Even £5 a week adds up. In fact, around a quarter of UK adults (11.5 million people) have less than £100 in their savings account^[3]. Don’t be part of that statistic!

5. Invest in Your Future Self

Investing isn’t just for the rich. Start with your workplace pension – it’s free money! Then consider low-cost index funds or stocks and shares ISAs. If you feel a little more confident, consider stock investing on your own. Nowadays, there are a lot of investment platforms that you can start investing from £1. Remember, time in the market beats timing the market.

6. Continually Educate Yourself

Financial literacy is a lifelong journey. Follow reputable finance blogs like Mognito, listen to podcasts, or take free online courses. The more you know, the more confident you’ll feel. Mognito, is launching soon and its mission is to bridge the wealth divide by democratizing access to money management education for all by providing an engaging, fun curriculum tailored across proficiency levels – from personal finance fundamentals to advanced investing strategies. Sign up to our newsletter and follow our socials to stay updated.

7. Don’t Be Afraid to Ask for Help

If you’re feeling overwhelmed, consider speaking with a financial advisor. The Money and Pensions Service offers free, impartial advice^[4].

Remember, taking control of your finances is a marathon, not a sprint. Be patient with yourself, celebrate small wins, and keep moving forward. You’ve got this!