Have a Happy Wallet | 5 Easy Money Management Tips Anyone Can Use

Managing your money can be a daunting task, especially if you’re new to budgeting or don’t have a lot of experience. But with the right tools and strategies, it doesn’t have to be so hard.

Here are some easy money management tips that anyone can use to get their financial house in order.

Create a Budget and Stick to It

Creating a budget is an essential part of managing your money. A budget helps you keep track of where your money is going and how much you can afford to spend on various expenses. 

It also helps you identify potential areas where you could cut back on spending or save more money. 

The key is to make sure your budget reflects your actual spending habits, not just what you think they should be.

Budgeting on pen and paper can be a great way to keep track of your spending, as it gives you a tangible record that you can refer back to when needed. 

You'll need to create detailed categories for all your expenses, such as housing, food, transportation, entertainment, and others, and then write down exactly how much you spend in each category. 

Doing this manually can give you a better understanding of your spending habits and help you identify areas where you might be able to save money.

Using spreadsheets is another option for budgeting. Spreadsheets are incredibly versatile and allow you to create detailed budgets with graphs and tables that make it easier to visualize your income, expenses, and savings. 

Benefit from the automation of spreadsheets and set up formulas to track your spending and create automatic alerts if you’re going over budget in certain categories. 

Spreadsheets also make it easier to compare year-over-year spending or even forecast future expenses, giving you a better idea of where your money is going and where it could be going.

Use Automated Payments

Setting up automated payments for bills like rent, utilities, and loans can help ensure that you never miss a payment or incur late fees. 

You can also set up automated transfers from your checking account into savings accounts, which will allow you to gradually build up an emergency fund without having to remember to do it manually each month.

Automating your payments is a great way to ensure that you always pay on time and stay within your budget. To do this, create a budget where you list all of your expenses. 

Then break them up into categories like rent, utilities, loans, savings, and other bills. Once you have determined how much money you will need for each category, set up automated payments to ensure that the money is withdrawn from your account on time. 

This will help you stay organized and make sure that all bills are paid each month. You can also use this method to contribute a portion of your income into savings accounts.

Set Financial Goals

Having specific financial goals in mind will help keep your finances organized and give you something to work towards. 

Set short-term goals like paying off credit card debt or saving for a vacation and longer-term goals like building an emergency fund or saving for retirement. 

Identifying these goals will help motivate you to stay on track and manage your money better over time.

Working with a wealth management firm is a great way to get on top of your finances and set financial goals. They can help you develop an investment plan, analyze your current financial situation, and craft the right strategy for reaching your long-term goals. 

With their expertise and guidance, you’ll be able to make better decisions about how to allocate your money and achieve financial success.

A wealth management firm can also provide the tools, resources, and advice you need to stay on track and meet your goals. No matter what stage of life you’re in or what your particular financial goals are, having a trusted advisor at your side will ensure that you make the most of your money.

Pay Down Debt

Many people struggle with high levels of debt due to credit cards or other loans. It’s important to pay down debt as quickly as possible in order to reduce interest rates and improve credit scores over time. 

Paying off small amounts first is a great way to start; even small payments can add up quickly if done regularly!

When getting into debt, it’s important to practice responsible borrowing. Make sure you understand the terms of the loan and that you can realistically afford to pay back what you borrow. 

Establish a budget and stick to it, so that you don’t take on more debt than necessary. Consider researching alternative financing options such as low-interest credit cards, peer-to-peer loans, or personal lines of credit. 

Above all, make sure you’re aware of the risks associated with taking on debt and plan accordingly. With responsible borrowing practices and a well-thought out repayment plan, you can build a more secure financial future.

Save Smartly

Investing in stocks or mutual funds is one way to grow your wealth over time without taking on too much risk. 

If investing isn't for you, then consider opening an IRA or high-yield savings account as another way of growing your savings without putting too much strain on your finances in the present moment. 

Working with a financial advisor may also be helpful when trying to decide which route is best for smart saving strategies.

Another great way to save money smartly is to shop around for the best deals. Compare prices and look for sales or discounts when you're shopping online or in stores. 

Taking advantage of cashback offers, rewards programs, and coupons can also help you save a significant amount of money over time. 

Additionally, try to resist the urge to impulse buy, as this can add up quickly and take a toll on your wallet. 

Finally, consider setting up an automated savings plan that will move a set amount of money each month from your checking account into a separate savings account.

Taking control of your finances doesn't have to be complicated or overwhelming; with these easy money management tips, anyone can start getting their financial house in order today! 

From creating a budget and setting up automated payments to identifying long-term financial goals, these strategies will help make managing your money easier than ever before. So why wait? Start taking charge of your finances today!

Christmas Debt Still Have you Down - 3 Ways to Bridge that Financial Gap

Finance (Photo credit: Tax Credits)

Spending money at Christmas time can take a significant toll in the New Year, with many people starting January with serious debts from the previous year. From dealing with food bills to making payments towards presents, and including the need to meet high energy bills, many people choose to find ways to bridge their financial gaps after Christmas to avoid sliding further into their overdrafts. There are many ways to stabilise your finances in the New Year, which, while representing calculated risks, can help you to get a head start on 2013.

Short Term Loans

For most people, it can be necessary to take out some kind of short term loan in the New Year to cover their spending at the end of the year. There are a wide range of different options available to you for loans, but with the complication that you’ll need a good credit history and report to gain access to loans with favourable interest rates and repayment schedules. A short term personal loan from a bank can be taken out on a 12 to 18 month repayment schedule with fixed interest rates, but only if you’re able to provide a strong credit report.

If you have bad credit, then your loan options are going to be more limited to higher risk deals. Examples of these deals include payday loans, which are repayable when you receive your next wage slip; while payday loans are easy to apply for and receive, you face the problem of paying very high APR on your initial borrowing, as well as extensive minor fees and penalties. In this context, you’ll need to make a careful decision as to whether you actually need to borrow money for an emergency, or whether it’s better to avoid taking on further debt.

Pawnbroking

Another option when it comes to bridging your finances is to use a local pawnbrokers. It’s possible to boost your finances by taking part in a buy back scheme, where you use a valuable item as collateral on a loan; this might involve exchanging jewellery or gold for cash, and then buying back the item by paying for its resale value with interest added. Alternatively, you can use a pawnbroker to directly sell your items, while also taking advantage of short term cash loans and gold valuation services to make the most of any possessions that can be put forward as collateral for a loan.

Financial Management

In all these cases, however, you’ll have to decide whether a short term financial boost is really needed, and whether you’ll be incurring further debts after spending beyond your means at Christmas. The New Year should also represent an opportunity to start putting aside money for the rest of the year, and to target financial independence through savings and paying off existing debts; this can be achieved by making use of tax free savings accounts like ISAs, by seeking financial advice from credit unions, and by downloading personal finance apps that will help you to balance your short and long term budgets.



About the Author:Patrick Hegarty has been supporting his family on a low income for many years. He has found selling his unwanted items a great way to supplement his income. He can be found blogging about different subjects from balancing finances to family life.