There is lots of information out there when it comes to saving money, managing debts and generally getting on top of your finances. Here are our 6 favorite tips that we believe will help you manage your money.
Paying off your debts
It will be quite difficult to manage your money if you are in debt, so the best place to start is by wiping away all your debts, and then you can make a proper money management plan. For those who happen to be in a large amount of debt, you can set aside a certain amount to pay off every month. The same goes for overdrafts, they will need to be gradually paid off.
If you do happen to be in debt and need some emergency help, there are always options like no credit check loans that can help you for a short amount of time. It is only recommended to use this if you will be able to pay it back in the future with no trouble.
Use bank cards that have phone applications with money management options
Many bank accounts now have applications that can be downloaded onto your phone. This provides a great way to track your spending and group each payment into a category, so you can have transport, food, eating out, bills, entertainment, clothes, and many more! It is useful to look back on every month and see how much you spend within each category so you can budget accurately for future months.
Some phone applications also have the option to round up payment transactions and put the extra pennies into a savings pot. This doesn’t look like a lot of money when you see it saved from small transactions, but by the end of the month, you could have possibly saved a big amount without really realizing it.
Start saving a set amount every month
If you set aside a specific amount every month to put into savings you will get used to doing this and it will leave your bank account just like a standing order for a bill does. With some savings behind you, there will always be money to fall back on if you’re out of pocket or if unexpected bills arise. Life will be more comfortable when you learn to manage your money properly and you won’t feel guilty for treating yourself now and then.
Start money management from payday
If you start managing your money from payday you will be winning all month (if you get paid once a month). Put aside your bills, rent money, and any basic outgoings that you need to pay, and then you will be left with your budget for the month. If you would like to put a chunk aside to save, or you have debts to pay off, now is the time to do that as well. Paying this off at the beginning of the month means you will have no chance to spend it.
Now you have some top tips on how to manage your money, we believe you will do a great job going forward! It really does work if you section up your money at the beginning of the month and try to budget in certain areas of your life.
Photo by cottonbro
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
