Money Management: 5 Tips to Adopt

We might all be different in many ways, but we have a lot in common; we all have to budget our lifestyle to be in line with our income and as you would expect, some people are better at money management than others. You do need a degree of self-control in order to live within your means and if you are struggling to make ends meet, here are a few money management tips.

1. Cash payments – While we are definitely heading for a cashless society, paying cash does have its pluses; you know how much you are spending when you use dollars and for some, paying with plastic doesn’t seem to register what you are actually spending. While some places insist you pay electronically, if you use good old cash when you can, you’ll have a better idea how much you’ve spent.
2. Read up on personal finance – There are a million and one books to educate you about managing your personal finances; a simply Google search will bring up thousands of websites offering similar knowledge and the first thing to do is list all of your weekly expenses, essential and non-essential, then look at your weekly earnings and there should be enough left over to start saving. While we don’t advise you to borrow regularly, if you have an emergency, you can always get a Cashify loan to get by.
3. Saving your coins – Get one of those huge glass jars and leave it in the hall and drill it into your mind to put all your coins in there when you arrive home. It might not seem like a lot of money, but as time passes, you will be surprised at how much that jar contains and whatever you do, resist the urge to dip into your piggy bank. The sooner you get into the habit of saving a portion of your salary, the better; some people set up a direct debit to their savings account, which is a great way to make sure you don’t spend your nest egg.
4. Set saving goals – While many people complain that saving is impossible, most can put away a few dollars for the future and there’s one great thing about saving, you will never regret it! Start by listing your monthly outgoings in 2 columns; essential and non-essential, then look at the balance after all has been paid – that is the minimum figure you should be able to save and by cutting out a few non-essentials, you can increase that figure. Click here for information on how to get a free debit card.
5. Reduce your shopping trips – Let’s be brutally honest here, it is only when we go shopping that we seem to spend money and by cutting down on the number of times you are around stores is bound to lead to a saving. The media hurls commercials at us from all directions, desperately trying to convince you to buy that new car or try the latest iPhone, so a degree of self-control is required sometimes.

Managing your personal finances is an integral aspect of adult life and this is to wealth generation and that leads to financial security. Good luck out there!