The Chase guide to modern money management

Thinking about how your purchases will serve you over time and looking for alternatives are just two of the steps we share in what we call modern money management.

Some of us are looking for new ways to approach money management.

In a cost-of-living survey conducted by research group Maru (Opens in new window) in May, over 90% of Chase customers reported that they are searching for new products and methods to ‘make their money go further'. So, what would a more modern approach to money management look like?

Modern money management is determined by your attitude and actions about spending, saving and investing. Here we offer suggestions on how a shift in your mindset could help your funds go further.

Think beyond the here and now when you buy things

Just like cars, every object you buy appreciates or depreciates. If you avoid fast fashion or generic homeware, you might be able to claw back some of your initial spend on reselling platforms. Think about what others would buy second-hand.

Remember, home and fashion trends generally tend to shift every five or so years, rather than every five months as marketing might have you believe. Hard-wearing staples will always be better buys than seasonal trends – potential buyers will be looking for them second-hand as well.

Can you get a bit more life out of your computer or phone? Keep track of new iterations of the gadgets you love, often a better version (and deal) is just a couple of months off. There’s the option of replacing batteries or buying refurbished, too – sometimes directly from the brand itself.

Some online platforms are out to get you…

Avoid time-limited deals, subscription packages and apps with endless push notifications. Only open apps when you need them. It’s also a good idea to put a reminder in your phone calendar when an app’s free or discounted trial is coming to an end to determine whether it’s worth paying full price.

If you're a night-time scroller, it may be best to avoid buying things on your phone before you go to bed. Always wait until the morning, suggests Becky, 38: “I often look at online shopping sites in the evening, but I never buy. I pop things into my basket and then review them in the morning. It’s amazing how often I find things I don’t really need – or that I’d never wear!”

… but other sites and apps can help your money go further

Before buying new, search to see if you can find a review or similar used item online. Seeing non-studio photos will help you make a more informed decision – does it seem durable, and will it fit you or your home well? If it’s not right, you’ll save on return postage; if it’s good, you may find a used one for less.

Look online and you’ll find countless ways to upcycle or repair things. If you’re falling out of love with old homeware or clothes, there's infinite inspiration on how to mix and match.

Don’t make non-essential spending an afterthought

Random expenses will always crop up no matter how frugal you are. Routine bills are fairly easy to calculate. But come payday, are you treating yourself on a whim or factoring in a proper allowance for things like celebration drinks, a takeaway when cooking isn't on the cards or tickets to your friend's gig?

Consider adopting a one-for-one rule. If you want to buy something new, resell the old one first. Even if you’re only getting a quarter of what you paid initially, it adds up.

Keep maintenance costs in mind

Pale shoes will not last as long as dark ones, no matter how careful you are. The same applies to furniture. Are cream fabric chairs the best idea?

Try gadgets like portable steamers or debobblers to keep your clothes looking fresh. Leather can be restored with patches, creams and dyes.

Cut your expenditures and reach your savings goals with friends and family

If loved ones are also trying to save money, don’t shy away from chatting to them. Run your new purchases past them. If you want to throw something out, ask if they would like it. Let people know what you’re saving for, have shared goals and treat yourselves together once in a while.

Looking for an account to keep your savings? Bank with Chase and you can open a saver account. Start saving with as little as you like, and we’ll calculate your interest daily and pay it monthly.

18+, UK residents. A Chase current account is required to open a saver account.

Recommended reading

• Your guide to guilt-free spending
• 10 ways to stop (over) spending
• Easy ways to save for your kids

Disclaimer: The Hub is intended as a knowledge portal to provide information on a range of topics, including financial products and lifestyle management. These articles are not financial advice. Articles may reference products and services that Chase UK does not currently offer.