Managing money is stressful; the less you have of it, the more discouraging life can be. Start thinking smarter and watching where every single one of your pennies is going and you can begin to get a grip on your financial situation.Read this article for some helpful tips to save money and managing your finances . With some due diligence, your money matters will get better!
How to Managing your Finances and Save Money Tips
1. Start an emergency fund. Set up a separate bank account, just for this purpose, and deposit a few dollars into it every month. Also, keep a coin collection in your home and empty your pockets each night. Both will add up quickly and start to give you a feeling of peace of mind and that you have some control over your financial situation. Additionally, this will develop good habits in you.
2. Take care of old bills ASAP. Once your outstanding bills are sent to collectors, your credit starts to suffer, you get annoying phone calls and the stress really piles up. Send even a small payment to these companies and contact them about special arrangements as a show of good faith. Whatever you do, just don’t ignore them because you feel hopeless about the situation; there is hope!
3. Never lend money. A friend may simply be in need of a few bucks until pay day or even a relative might ask you to help them out of a bind, but when your own money matters are out of control, you must resist lending any of it away. Not only is that cash you may never see again, it’s money that you need right now so resist the temptation to be somebody else’s hero until you are on more solid ground.
4. Carefully consider any and every major purchase. Unless it’s something your family simply must have, like replacing a conked-out washing machine, you may want to avoid all large purchases for at least a year after you have resolved your financial woes. Most especially if the purchase would be finances, you simply don’t have the resources if you are feeling the pinch of over-due bills and finding it impossible to save up money.
5. Look for ways to shave costs. Use anything at your disposal: the Internet, clipping coupons, yard sales, mail-in rebates, etc. Don’t buy things without first researching to find the best possible price for it. The money you save with regular shopping can add up in your emergency savings fund or even be one old bill dealt with for that month. Think before you spend and spend the always spend the least amount of money.
6. Save dining out for very special occasions. Most people love to go out to eat, but don’t realize how expensive it can get. When you think about spending about $20 bucks on a couple of meals in a restaurant, you forget about beverages, taxes, tip and the gas money you spend getting there. Frequenting your favorite restaurant can literally cost you hundreds a year, if not more. That money is better spent getting your financial feet on the ground!
Learning to managing your finances takes focus and discipline. It even requires some sacrifices on your part but once you have found a more solid financial footing, you will find all your efforts worth while.
