5 Ways To Manage Your Money Better

5 Ways To Manage Your Money Better

Financial security is something we all strive for; however, when life gets in the way, getting a handle on your finances can be challenging. Money matters should be more than just being good with money or making ends meet; it should give you a comfortable buffer should you need it.

You don’t have to be amazing at spreadsheets or a mathematician to crunch the numbers. There are lots of ways you can manage your money better when you plan and monitor it regularly.

Take a look at some of the top ways to take your financial know-how to the next level to feel happier and more secure.

money

Make a plan

Listing out everything such as incomings and outgoings can be seen as a tedious job, so that’s why many people fail to get it done. However, it doesn’t have to be so arduous when you have apps and software such as Money Dashboard and Monzo to help you complete it. These apps help you to record everything as it happens, so you have a clear view of your financial position. However, if you do want to create a plan yourself, the Balance has compiled a handy article about just how to do so.

Set yourself a budget

Budgets are a great way to keep on top of everything, and they give you a set amount to think about. If you go over this each day, it will be eating into your overall savings goal. Apps, as mentioned above, help track your spending, and they automatically put in anything that is a regular outgoing such a quick loan payment or water bill. That way, you’ll see these before you consider money for other non-essential purchases.

Look at your banking and credit products

An excellent way to save some money each month is to look at the products you’re using already for saving and borrowing. By looking around for better deals, you could be saving some cash on your loans and credit cards or getting a better interest rate on your savings. The common misconception is that switching is difficult, but it often happens automatically by the bank or lender, so you don’t have to worry about the mountains of paperwork.

Resist the urge to splurge

It can be easy to fall into the trap of unnecessary spending. For example, if you always get a coffee on the way to work, you could actually save money by making your own in a reusable cup or just having it a few times a week instead of every day. By taking away these small expenditure items, you will get into better habits of thinking about what you buy before you buy it. It’s always good to consider whether you really need it, or will it affect you if you don’t get it.

Treat your savings like a bill

We often think we’ll put money away for savings when we have enough spare cash. However, if you took some out and put it into savings as soon as you get paid, you’re more likely to keep it there. Set up a payment from your account directly into your savings, so you don’t have to think about a manual transfer.

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