We have become very used to taking our financial advice from slick money men that have given us ‘rich’ insight whilst secretly squandering our money.

Now, Homer Simpson is not famous for his common sense but his impulsive outbursts actually offer more advice than he realises.

Don’t spend on impulse, too much

Homer: I would like to buy one of your guns please.
Shop keeper: Ok, just fill in this registration form and you will receive your gun in 48 hours.
Homer: Aaahhh, but I’m angry NOW!

Homer is acting on pure impulse here and had his wish been granted, a lot of bad things could have happened. The lesson here: don’t spend purely on impulse. It is crucial that you think through the majority of the financial decisions you make.

Between the ages of around 16-23, you will be enjoying your first steps to freedom and the enjoyment of being increasingly financially independent. If you spend all of your money, there may not be anyone to help you out, so it is always important to think through your bigger decisions and anything that doesn’t get spent, gets saved.

Set a budget, stick to it and manipulate it

Doctor Hibbert: My God, you have been grossly misinformed.

Now don’t take this advice too literally otherwise you will end up sweating gravy. What should be taken is; set a budget and stick to it. You can play fast and loose with a budget but one thing will always remain; spend more than you earn and you won’t be able to buy a thing.

Here comes the maths – The best budgetary advice I can give is:

Work out how much you earn a day – e.g. If you earn £12,000 a year, divide 12,000 by 365 (32.8)

Work out how much you are guaranteed to lose per day – e.g. if you pay out £1200 a year on your car and train tickets say, divide 1200 by 365 (3.2)

You have then worked out your daily spend – you earn £32 per day but you lose £3 of that before you even see it. So, everyday you have £29 to spend on whatever you like.

Now the beauty comes in when it is an ordinary Monday; you only buy breakfast, lunch and a drink, in total costing you £10, therefore saving £19. That £19 can be added to the next day’s budget meaning on Tuesday you can spend £48, Bingo.

It’s a great way of staying in control of your finances and having an easily calculable way of keeping tabs on your spend.

Try saving a certain amount everyday in the week and then indulging yourself on the weekend. Save £10 a day in the week = £50 extra to spend on the weekend.