Most Useful Advice for Financial Management You Should Remember

How we all wish that managing our finances had been a lesson in school. Never before in the history of the human race has debt been h...


How we all wish that managing our finances had been a lesson in school. Never before in the history of the human race has debt been higher or more spread out and diverse. However, no matter how hard we try, there always seems to be something else to buy or an unexpected bill that comes around and decimates your bank account. Now is the time to take back control of your finances.

For a solid foundation of knowledge, here is a list of some of the top tricks and tips for managing your money.

Self-Discipline

Self-control is the easily the most important aspect to consider when managing your money. If you walk past a shop and see something you want, chances are you may go and look at it and buy it. If you’re trying to save, or simply want to be better off financially, purchasing items like this needs to be controlled and not so impulsive. A good thing to remember is that you’ve lived your whole life so far without this product, do you really need it now?

Plan for the Future

At the end of the day, it’s your money, and you’re the only one how has control over it. Maybe you would like to save up for a new house, a new car or that holiday you always wanted to go on. Create a strategy on how to reach that goal. 

Stuart P. Richardson, Financial Manager for Best Australian Writers, explains;

“Many people have the dream of being financially secure and stable but find it difficult to understand how to get to that stage. I was speaking to a colleague the other day who wanted to save up to go on a cruise with her husband but couldn’t seem to find the money. I suggested that even cutting things like her video streaming services and putting that money straight into savings can save her £100’s a year. It’s all about taking lots of little steps instead of big, overwhelming ones”.

Track, Monitor & Optimise

Imagine you were running a business. Every week, maybe every day, you’ll look through your company’s finances to ensure that you are making more money than you are spending. You look at your expenditures to see what you can cut and how you can save money. This exact principle can be applied to your finances. Look at your outgoings. Maybe you’re spending £200 a month of new clothes? Ask yourself if these kinds of purchases are really necessary. If they’re not, cut them out of your monthly spending.

Create a Back-Up

If you’re currently in debt or paying off credit cards, it can be easy to start paying money into these accounts the day you get paid. However, as long as you’re paying the minimum payment, that debt will get paid off. Alternatively, you should be thinking about yourself. Every time you get paid, put some money aside into a savings account which we’ll call the emergency fund. This fund is then there for any unexpected bills you may have which then won’t affect that month’s pay packet.

For example, if you’re depositing £50 a month into your fund, that’s £600 a year. If your car breaks down and needs £200’s worth of repairs, this fund has you covered.

Summary

Taking control of your finances is one of the most important steps you’ll ever take in your life. Love money or hate money, it’s what makes the world go around so by taking control of your finances, you’re not longer a pawn of the system, you’re playing the system to your advantage. With a bit of self-control and willpower, you can redefine your life from surviving into thriving.

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