Managing your money and your personal finances is essential when it comes to saving more money, making more money and more importantly making the most out of your money.
Below are a few tips and ideas as to how you can start getting your personal finances spick and span in virtually no time at all.
On one piece of paper write down all your financial details and keep them in a safe place. Write down what bank accounts you have open, how much is in them and what they are used for. Now you can do the same with your credit cards and debit cards. Once you have done this you should have a pretty clear picture as to what you have and where.
Now, on a new piece of paper write down all of your incomings and outgoings and also make a note of when they are either credited or debited to your account. Seeing what you have coming in and going out should help you clearly see what on the list is essential such as food, rent/mortgage, clothing and so on.
TOP TIP: Remember that even the small amounts add up over the long term. I would suggest going through at least 6 months worth of bank statements, credit card and debit card statements, examining how much you spend, where when and why. You will probably notice that like almost everyone you spend money on things you don’t need, want or even use, learn to stop yourself buying and spending money when you don’t need to and you will soon start to see a healthier bank balance.
Now you will have a good idea of what’s coming in and going out, now it comes to managing these figures, and for this I would recommend keeping a note of everything you spend save or receive, so you will know exactly what’s going on. For this I suggest keeping an accounts book, be this a physical book, or an online one, I feel its best to have a place where you can instantly see what you have in black and white.
Now the basics are done lets talk business, you know where your money is and how much you have but are you honestly getting the most out of your credit card or bank account. Are you earning as much interest as you thought you would? If not then its time to either start shopping for a new account or time to have a talk with your bank manager to see what they can do for you.
Making the most out of your money is essential so ensure you are getting the best deal around. Do this by using comparison websites such as money supermarket.com or even pop into your local bank/s to see what they are offering and then work out where you want to go from here.
I hope you have found this article both useful and helpful and I wish you every success when it comes to managing your money.