Managing your finances in these trying times is hard no matter where you live. At first, if you haven’t handled anything like it before, you will probably also be overwhelmed with the things that you have to take care of. Finance is a huge topic and only some of the areas that it covers are: Electricity bills, credit card bills, mortgage payments, loans, travel costs and of course the monthly expense as well. You must remember that although there is a multitude of information online, everything is scattered and going through all of them will be quite hard and impossible.
This is why, I have compiled a short list of items that will help you manage and control your finances. Keep in mind that there are many other techniques that you could adopt but because I cannot cover them all here, you will only be reading about the basic yet most important ones. Here are some of the things you can start implementing.
- A lot of people don’t notice but a lot of cash that’s in your bank might be going through the ATM machines that use. What am I talking about? Well, the thing is that most banks will charge you a small amount when you use the ATM, that’s fine when it’s very little money. However, this amount can increase by many folds if you access the ATM machine of another bank other than where your account is. So, stay away from them.
- Make it a point to save at least some dollars each month. Yes, it is difficult in this economy, but it can be done if you try. You don’t have to save the half of your pay check, instead just decide a low percentage like 10-20% (depending on your salary) and drop that into the piggy bank, you will be amazed at what you could be looking at some years from now.
- Have a budget. If you want to stop spending hordes of money and start saving, you need to have a budget. Keep a diary and write everything down. The bills, the loan, the expenses for you and your family if you have one. Keeping a budget will help you keep on track so that you can get that thing you always wanted from what you have saved up.
- Make use of coupons, discounts and sales. Sometimes, sales and discounts seem so low that you say to yourself, what’s the use if I am only saving one dollar on this? The truth is that even that one dollar will count because in the end it will amount to a lot more.
- Christmas and other occasions are another area where we seem to spend a lot of needless amount of money. If you have many relatives and friends who you need to buy gifts for, just be economical and look for a place that gives you good things for a moderate price. Here, it is important that you search for stores in your area. You will always be tempted by the big store that has everything, but remember that small stores will offer the same product for less.