In the somewhat turbulent and seemingly ever-increasing costs people across the country have been experiencing in recent years, it is no wonder that many who previously managed just fine with their monthly outgoings are now starting to struggle/
If this sounds like you, then this article is here to help; here are some simple yet incredibly beneficial, methods of managing your money.
Always Ensure Bill Money is Ready
Even though this first tip seems somewhat obvious, if you are honest, then it may well be the case that either sporadically or even more regularly, you seem to miss the payment deadline for your direct debit or other bills.
Not only does this go on to negatively impact your credit rating, but it will also mean you are always playing ‘catch-up’ with your own money. From now on, make sure the right amount of money is in your bank account a good few days before your bills come out.
Prioritize Your Cash
The most important things you need to make sure you can afford every month should naturally come first, and with this in mind, it may well be that you need a little help prioritizing your income each and every month.
One effective and affordable way of doing this is to look into a health saving card, which will ensure that not only can you afford to prioritize the important things in life but that you will also transform your diet into a much healthier one as a result.
Direct debits are indeed the easiest way of making sure your bills are paid on time, but if you fail to ensure the money is in there ready to go, then you could incur extra charges on top of what you owe.
Devise a Realistic Monthly Budget
Part and parcel of being a more effective manager of money is knowing exactly what your outgoings are each month and working out how much ‘spare’ cash you will have to spend on other things.
The best way to create a realistic and practical monthly budget is to first spend a week writing down exactly what you spend and what, on, everything single thing you buy for an entire week. You could do this on the notes application of your smartphone for ease, and after reviewing your average spending habits, setting a budget will make more sense.
Build Your Savings; Dollar by Dollar
Like any endeavor worthwhile in this world, building up a savings pot takes time and more than a little effort, so instead of worrying that you will never have a security blanket of money in your bank account for that proverbial rainy day, you should instead start small.
Even manually transferring twenty dollars to your savings account each week will soon build up, and over time, you will see your savings start to grow. An emergency fund is certainly an excellent idea, and as such, as soon as you do transfer whatever amount you think you can realistically afford, you need to imagine that the money is no longer available for you to access and fritter away.