Carrots Beat Sticks Every Time (c) R Dennison August 2013

It is that time of the year when thoughts turn to personal finance.  It can seem tempting to beat oneself over the head about having an easy-come-easy-go attitude towards money.

I think a strategy that is more carrot than stick, helps.  Keeping track – on a simple spread sheet – of sources of income; where expenditure goes; and where economies might be made, helps.  Clarity could certainly supply answers to questions such as:

• Will there be enough money in the bank after the family holiday to make the autumn and pre-Christmas period bearable?

• How tempting does a pay-day loan look?

• Is it time to start buying supermarket own brands instead of the costlier versions advertised on the television?

There’s definitely value in having a personal goal around the effective management of money.  There’s also something positive in having control over personal finance, instead of feeling it has a strangle hold over you.