Who doesn’t love having money? If you’re like most, you’re looking to stretch your dollars as far as you can.
The thing is, though, that taking control of your finances can sometimes be easier said than done.
These money management tips will put you ahead of the curve and help you gain an even greater level of financial freedom.
For beginners, this one’s non-negotiable.
It’s a relatively simple process, yet only 32% of Americans take this basic step to help themselves out.
It goes a long way in giving you control over your money, helps you keep specific goals in your crosshairs, and gives you greater overall awareness of how you’re spending and how you can potentially cut back.
Goals are how we grow. This philosophy applies just as equally to money as it does to other aspects of our lives.
They don’t all have to be far-fetched, long-term goals either. Small, manageable goals that you can achieve at a quicker pace will help you stay motivated and keep your focus on managing your resources as well as increasing your cash flow.
It’s easy to put this step off. “I’ll start next month,” we continue to tell ourselves. Money management tips like this are more effective when you do them now.
The sooner you start saving money, the more you’ll have for yourself later on, as your accounts will have more time to grow.
Opening a savings account isn’t difficult, and the interest that you accrue over time will ensure that your wealth continues to increase.
Your credit score is one thing that can make or break you when it comes time to make substantial purchases.
You should consistently monitor yours to ensure that it’s on the up and up. Numerous services will assist you in checking your score and setting up credit monitoring.
These include Credit Karma, which is my favorite and happens to be free.
You’ll also get the added benefit of detecting and correcting any potential errors that could be hurting your score.
Do you know your credit utilization rate? It’s the amount of total credit you have versus the amount you’re using.
If it’s too high, you could be putting a dent in your score inadvertently.
Ideally, you’ll want to get that rate below 30% across all of your cards, as exceeding that ratio can potentially drag down.
Remember to use your credit smart, and, as we mentioned in our first point, keep a budget to help you stay on track.
There are plenty of unexpected events that could put a serious hamper on your financial goals if you’re not protected against them.
Having insurance for various potential scenarios can help keep you secure in the event of a “rainy day,” so to speak.
Of all the money management tips, this is one of the easiest to overlook.
Consider speaking to an insurance professional about home, life, and auto insurance options.
It will keep you from overspending!
When you consistently rely on your cards, you’ll have a tendency to overindulge.
Practicing the “all-cash” routine isn’t as difficult as it might sound, and you’ll find the incidental benefits far outweigh the minor inconveniences.
About your purchases.
Do your research to make sure that you’re getting the best deals on the things that you purchase.
Take care not to purchase things that you don’t need, and don’t invest unnecessarily in items that you don’t currently need.
This is one of the few money management tips that will also improve your body!
Exercising helps you stay productive and positive, which will, in turn, help you realize your goals more easily. On that note…
Beating yourself up is no way to get control over your finances.
If you’re pessimistic about paying off your debt, you’re less likely to stay in the pocket and get it done.
Adopt a can-do attitude and watch your fortunes improve.
Glenn Carter is a sharing economy expert and is sharing his passion for side income through new digital platforms with his readers.