Money Management 101
Money can feel like a pretty daunting topic for a lot of people to talk about. In fact, there are plenty of people that think that money shouldn’t be talked about at all, especially when it comes to what people are earning. But if we don’t talk about money and how we manage it, then how can we help each other to do just that? If we aren’t taught what to do, then it could lead to debt and other financial problems. So here are some of the ways that we can start managing our money better right now. Let’s keep the conversation about money management open.
It might sound like a pretty obvious statement but tracking your spending isn’t something that all that many people do. And if you’re not aware of what you are spending, and we’re talking about being really accurately aware of what you are spending, then it can make a big difference. Small amounts can add up, for example, so it pays to be keeping on track of it all. Keeping receipts or setting yourself a daily budget can all help.
Pay Bills on Time
We all have bills to pay, from credit cards to electricity bills. But if they aren’t paid on time, then it can lead to extra charges or missed payment fees. Hopefully, it is a case of forgetting when you miss a payment. If so, it is a good idea to set up a payment for bills calendar. Write down what is due when, and it will help you to pay them on time. Then at least you won’t have extra fees to pay.
Look Into Investing
If you want to have more money, and in the end, have greater control over your money, then investing your money could be what you need to do. The stock market has proven time and time again that it can be a better return on your investment than traditional savings or bank accounts. However, if you’re not too sure where to start, then it pays to do your research or look into using an automated trading platform, for example. There is always an element of risk with investments. You just need to make sure that you’re not taking a massive risk and have looked into it all.
With contactless payments and just being able to pay for things with the swipe of a card, it can make it a really simple and easy process, without even having to really think about it that much. So it helps if you can use cash, as you really have to think about the money you have, what you can afford, and if you really need the things that you are buying. So instead of doing a shop with card, take cash out so that you know you only have the amount on the card to spend. It keeps you in control much more.
What helps you to keep your money under control? It would be great to hear what you think.