Handling your finances well will not just help in handling your personal life well, but will also help you to grow as a person with the foresight of being prepared for an unforeseen future. The planning and organizing apart from keeping a track of the accounts will help in expanding your perspective of evolving into a mature and an organized person. Every penny saved is a fortune in waiting. So, if you really want to have the fortune of being financially well prepared for a better future, then here are a couple of tips that might help you in achieving it.
If you are new to financial affairs and have no clear insight on how to manage your resources, then you are at the right place. Keep reading to know more about simple financial tips that will help you lead a disciplined life, well prepared for an unexpected future.
1. Plan a Budget – We have all been there many a time. The money comes in at the beginning of the month and halfway through the month, we have no clue where it all went. Once the money is gone, people will track down the expenses and make an account. Budgeting is planning finances before spending, not after spending. It is a plan to guide your financial decisions. Use a spreadsheet or an app for this. Before your pay comes in, plan what you will need for the month. Jot down all your expenses including the rent, phone data plan, utilities, groceries, etc. Keep aside a small budget for any miscellaneous spending. Make sure you plan such a way that there a no pending bills and you should also save a few pennies, which goes into the savings fund.
2. Footmark Your Expenses – Keep a track of your expenses. If you need to know where your hard-earned money is going, then follow the old-fashioned way of tracking your expenses. Every time you swipe your card or spend your cash, note it down with the date, place, and amount in an accounts book. Once you diligently start noting your expenses, you will become conscious and will be able to make clearer decisions about needs and wants. If you are already in a debt with a poor credit history, then you could avail installment loans for bad credit. There are many lenders in the market who will provide easy and convenient online installment loans for people with bad credit scores. You can use this amount to clear your previous unpaid bills and save some for your monthly expenses.
3. Move Your Finances – A debit card or even worse, a credit card is one of those addictive drugs that lead to overspending. Move your finances from your regular pay account to another savings account. Keep back only the amount you will need for the month’s expenses. When there are no funds in the account, there is no chance of overspending. Keep your credit card only if you really need it or else surrender it.
4. Needs Over Wants – Sort out your needs and wants. Prioritize your ‘needs’. Push your ‘wants’ down the list. Make a list of all your ‘wants’ with the cherished ones on top. You can probably treat yourself with one ‘want’ a month. This way you will not just have a planned budget but will also have the luxury of getting what you needed and what you wanted.
5. Save A Piece – Saving money when you are living paycheck to paycheck or when you are trying to put it together for the essentials might seem like a herculean task. Financial experts say that the determination to save matters more than the amount that is saved. So, even if it is just a few pennies, save it. Start as bits and pieces and with time it will turn big. When you turn back and have a look at the savings amount, you will be amazed at your perseverance and at the zealous work done by you.
It is never too late to start saving. Plan the budget well and do not give scope for any loopholes. If you are availing a bad credit loan, then make sure you are borrowing only the amount you need which you are sure of repaying on time. Makes changes to your plan every month so that you can save more and spend less. Although the whole process may start as a drop in the ocean, it will improve gradually with appreciable results. It is all about spending less than what you earn and saving for a better tomorrow.
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