MONEY MANAGEMENT, PERSONAL FINANCE

3 Easy Ways To Manage Your Money

Manage Your Money
3 Easy Ways To Manage Your Money

Improve Your Finances With 3 Easy Tips!

School is great for many things, but there are some things that it doesn’t prepare us for, and how to manage your money is one of them.

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Being good with money and being able to manage it is essential if you want to live a comfortable life and be able to have some money left over for vacations or trips or even just to have a meal out once in a while.

When you have good financial skills, life suddenly becomes a lot easier.

So if you want to improve your financial habits, here are some easy ways to manage your money. 

Don’t Spend Without Thinking

If you need to make a large purchase (or any purchase, really), then stop and think before you go ahead.

Can you afford it, or do you just want it so much that you’re persuading yourself you can?

If the item needs to be put on finance, think about how that will impact your monthly outgoings; even if it is only a small amount for that one item.

If you have many small amounts going out of your account, then it will soon add up and could become unmanageable.

Make sure that you really can manage the payment or payments, and ensure that the purchase won’t leave you short between now and next payday. 

Ideally, you will save up for whatever you want and not have to put anything on finance at all , this is the best option.

However, if there is no choice, make sure you really can afford things before committing to anything. 

Make A Budget 

Making a budget is not everyone’s idea of fun, and it’s true that picking through all your outgoings and noting them all down, listing out expenses, adding everything up, and making sure you haven’t forgotten anything isn’t an ideal way to spend an afternoon.

Moreover, once that budget is done and you can see exactly where you are spending your money, you’ll be glad you went through with it.

You’ll be able to see where there are things you’re paying for that you don’t need, and when you spot them, you can cancel or reduce those payments.

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You may end up being able to save a large amount of money on your monthly bills in this way. 

Check through the budget regularly to ensure that it all still holds true.

If you make a purchase using payment plans or pay a credit card or loan off completely, make sure you adjust the figures to show your new potential spending or savings amount.

In this way, if you want to look at additional ways of making money, such as investing in shares that meet GIPS standards, you’ll know you have the money to spare. 

Shop Around 

Thanks to the internet and the plethora of online stores, it is likely that you will be able to compare your potential purchase before you commit to paying for it.

This way, you can make sure that you are paying the lowest price you can.

Be sure to take any shipping and handling costs into account, as these can make what looks like a great deal become a lot more expensive. 

As well as shopping around for the best bargains, you can also look for coupons and discount codes or even cheaper alternatives to what you were going to buy.

A good idea is to put the difference between what you paid and the highest cost of the expensive version of the item into a deposit account.

You’ll be more likely to look for cheaper ways to buy when you know you’ll be able to put more into your vacation, vehicle, or property down payment account.

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