There are good and bad habits. Careful money management is definitley a good one.

As the Internet meme goes, is there always too much month at the end of your money? You’re not alone. Stretching our income to suit our lifestyle can be difficult. So if you’re bad with money, here are five habits to get into to make the most of yours.

Make saving a habit

When we first start earning money, we can’t wait to spend it. An article by Portafina states that 43 per cent of British people spend half of their disposable income within 24 hours of being paid.

But living payday to payday isn’t sustainable in the long term. You need to start saving for your future, or a rainy day. From the day you start earning money, put a little aside into a savings account. Make it a habit. If you arrange for the money to leave your account on the day you are paid, it will be much easier.

Alternatively, you can use an account that lets your round up the spare change on a transaction and puts it into a savings account for you. This can really add up over the course of a month.

Plan for the future

Think about what you want to do with your life. Do you want to buy a house, have a family, retire at 50? All of these things need to be planned and saved for carefully in advance. You can use a financial advisor to help you plan for the long term and maximise your savings.

Always shop around for a good deal

There’s more competition than ever before, which is great news for consumers. Don’t always choose convenience over price. Look for the best deals on everything you buy, from clothes to insurance.

There are many price comparison and cashback sites you can use to make your money go further.

Get rid of unnecessary expenses

Be honest with yourself about what you’re spending your money on. That £2.50 latte on the way to work can soon add up to over £500 per year. Look at what you’re spending and find ways to make savings. You don’t have to deprive yourself of everything, just make smart choices, such as only buying a latte once a week or making it yourself at home.

Have a ‘cooling-off period’ before you purchase

If you’re the type of person that always has to have the latest piece of tech or designer item, try implementing a cooling-off period. Instead of rushing out to buy it, give yourself a week or two to really think about whether you need it. If the urge is still as strong after this period, then go ahead and buy it. Sometimes you will realise you didn’t need it that badly after all and you’ll save a fortune.

Managing your money can seem boring but the payoff is huge. Not only will you be getting yourself into good habits for a lifetime, but you’ll also be putting yourself in a better position to buy or retire as you get older.