There’s no doubt about it – money makes the world go round. And in order to be content and happy in life it is essential to have a clear understanding of how best to keep your finances firmly under control. There are always certain times everyone’s life when the bills begin to mount up and even everyday expenditures become a real strain. That’s life, but in order to keep these times at a minimum it is pays to keep a close watch on all areas of your money. Here are five of the key ways to keep a check on your finances so you don’t get into a panic!
Check Your Spending
One of the most important ways to handle your finances is to keep a track on just how much you spend and exactly what you spend it on. This form of budgeting should ideally be used to cover every single area of your spending – no matter how small it may appear. After all, at the end of the month every penny counts! Try keeping receipts for a month and design a ledger entering all relevant payments and spending. At the end of the month you can review it and see exactly where and how savings could have been made. Mint is a great free application to keep track of your personal finances.
In order to stay focused on regular outgoings it can be helpful to construct a payments calendar. This will easily inform you of when regular direct debits will go out of your bank account. It can be an essential tool in staying up to date with your financial records and so that things don’t get to be too much of a surprise!
All of have experienced a temporary shortage of funds at one time or another. Larger than estimated energy bills, an unexpected travel trip or a sudden home repair job can all cause a momentary drop in your bank balance. Payday loans from an established and reputable provider can quickly ease concerns related to these temporary financial problems. Companies such as Lendgreen are open to all employed people, and a straightforward online payday loan application that can ease money worries until the end of the month.
Sell Unnecessary Items
Most of us have a bunch of stuff that has been stored away without seeing the light of day for months and months. Rather than taking up space in the home, why not put these items – unwanted clothes, jewellery and electronic items for example – to good use by selling them on. This can easily be done on the variety of accredited online trading sites or offline at neighbourhood yard sales and markets. In this way you can tidy up the home and your finances at the same time!
As you begin to see an improvement in your handling of monthly bills, balances and outgoings it may be possible to begin saving. This does not have to be a luxury. Sensible programs of savings accounts offered by the high-street banks and providers are one option to consider. Keeping savings account for emergencies and one off spending is a far more organised method than tapping into credit cards. Ideally, these should be paid off and cancelled as soon as possible! Another way of saving is to set up a regular emergency fund. A small amount of your income can be used at the end of the month to
Sticking to these tips can offer a hard and fast method of keeping your money life fit, healthy and organised.