How to Manage My Money

Steps to Good Money Management

There are quite a number of things to take into consideration when it comes to managing your money. According to http://www.balancetrack.org/moneymanagement money management is the process of knowing where you are spending your money today and having a well-thought-out plan in place for where you want to go in the future.

Based on this I have compiled com step that can help you get well on your way of managing your money.

 1.  Pay your bills on time!!! – If you’re paid monthly or fortnightly then you need to set aside the money to pay those bills before you commit to anything else, and avoid late fees and penalties.

   2.  Save save save!!! – Some people say pay yourself first! It very important to save money so that it becomes easier for you to access the luxuries in life.

    3.  Stop Swiping for everything! – The more you use your card the less you control your money. Try to carry the exact amount of cash you want to spend and leave the cards at home.

   4.  Follow a monthly Budget – Compile a savings / spending plan to help you keep track of your money. Budgeting is an effective money management tool.

 

5.  Check your Bank Statements on a Regular

  6.  Set up and Emergency Savings – there is no certainty in life or career, so putting aside a little every month for unforeseen circumstances or for that rainy day is very wise.

7.  Buy Used Stuff – this will definitely help you to save a lot of money.

   8.  Pay More Than the Minimum on Credit Cards – This will ensure that you don’t end up overpaying fees if you miss a payment.

   9.  Earn Extra  - Write a blog, sell jewelry, make cakes do something in your spare time that can earn you a little more cash.