How To Take Control And Be Better With Your Money

| March 13, 2015 | 0 Comments

We don’t know about you, but every year one of our new year’s resolutions is: be better with money! So far, we’re doing well and things are on track. So, we thought we’d share some secrets with you. If you wish you were better at handling your cash, then this article is perfect for you. We all find ourselves in financial difficulty from time to time. Debts and expenses loom over us constantly and there is always something new to buy. If you have trouble keeping control of your finances, keep reading.

Audit yourself – First things first, you need to take a long, hard look at your finances. Assess where you are spending money and look at where you could cut back. Before you do anything else, write out a very specific budget. Work out your necessary monthly outgoings and figure out how much you’ve got left. Look at your current spending and see what you could cut back on. Make slow, gradual changes to suit a new budget.

Get out of debt – Our entire world revolves around debt, and it’s easier than ever to find yourself here. Whether it’s a mortgage, student debts, credit cards or pay day loans, they all build up. We’re not suggesting that you pay off your mortgage immediately! Instead, look to eliminate credit cards and any immediate loans. It will lift the looming cloud of debt from your mind and you can move on to more sensible habits. The trick with debt is taking simple, small bites at a time.

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Start saving – If you don’t already, open up a savings account and start making small deposits. One trick that works wonders is to pretend you earn less than you do. Set up a direct debit to move a small amount of money to your savings every month. If it never stays in your current account, you’ll barely notice it’s gone. Little bits make a big difference and build up over time.

Invest – It’s never too early to start planning for the future. Whether it’s a retirement plan or a way of boosting your savings, it’s worth looking at investment. It’s not the risky, get-rich-quick scheme that many assume it is. Investing sensible amounts in strong companies will see your money slowly rise over time. Broker companies like ACM Gold are all set up for first timers and can walk you through the process. Remember to do as much research as possible before you start investing of course.

Set goals and dreams – It’s all well and good laying out this advice. It’s another thing entirely to put it into action and stick to it. We know that emergencies crop up and your money is easily eroded. However, tie your money to dreams and goals and it will make saving and investing easier. Put money away for a holiday or a budget to set up a new business. When you have something inspiring to work towards, you’ll find it much easier.

Being better with money doesn’t happen overnight. Take small, baby steps when it comes to finances. You’ll soon see it building up and that black cloud will slowly lift!

 

Category: Debt

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