Ever sat down and wondered how to take control of your finances? I definitely have, and as a young mother in this modern day world, money is always on my mind. I couldn’t tell you how may times I’ve lost track and become overwhelmed by my financial demons… but no more!! With the right approach, we can grab those finances by the horns and really take control- show your finances who’s boss!
How To Take Control Of Your Finances TODAY
If going to university taught me anything- other than how to be a great musician of course- I really learnt how important it was to manage and take control of my finances!
Especially during this pandemic, financial stress has become a big thing that a large majority of us have dealt with. But no one on this earth likes dealing with financial stress… so how exactly do we solve it?
Let me give you 6 life saving tips on how to take control of your finances!
Creating a budget really might change your life and then some! Whether it be daily, weekly, monthly or yearly; knowing which money goes where is super important when needing to take control of your finances.
Your budget doesn’t have to be complicated, keep it simple yet thorough. Make sure you know where all of your money is going and allow room for movement here and there- that way, you are much more likely to spend your money wisely and much less likely to face financials slip-ups.
Create A Savings Account
Even if it’s just a few pennies here and there, you should start saving today! Savings accounts are amazing ways to store emergency funds and keep your stresses at bay.
Most banks have forms of scheduling to allow you to reach various targets. And did you know that many saving accounts come with interest!? Yes, you can save money and get a lil extra too- which is amazing for long term saving plans!
Stop Lying To Yourself
I think after delving deeper into ways to managing your money, it is important that you are entirely honest to yourself about your situations.
One of the worst things you really could do is to hide from the fact that you are struggling. I think we’ve all done it- despite those bills piling up in the corner, you are insistent on having a good time…
yeah, don’t do that.
Instead, look at the reality, evaluate it and work towards something bigger. Hold off the giant shopping sprees for a moment and focus on bettering your circumstances
Manage Existing Debts
Instead of accumulating more debts, start managing the existing ones, life is so much easier that way. As well as working out a budget, let me tell you that knowing how to consolidate debt may just rock your world! If you have a decent credit score and are entirely honest with yourself then consolidating that debt may be just for you!
By combining all of your debts together and choosing a structured repayment schedule; you are more likely to consistently remain in control!
Not everyone is comfortable with asking for help and that’s okay. But when it is offered, ready and available, I say take it take it take it! There are plenty forms of benefit and financial government assistance available, you just have to check what is available in your country/ local area!
Check Your Bank Account Regularly
The amount of times I’ve gone to check my statement on my bank app and realised that money is still going out for subscriptions I no longer use! I assure you that there are things you too have also forgotten about so it is necessary that you are aware of each out-going payment. Another way to do this is to download your bank app and turn on notifications; that way, you are alerted for each and every transaction!
So What Was That?
- Create a budget
- Open a savings account
- Be honest with yourself
- Manage existing debts
- Accept help
- Check your bank account regularly
I hope you now have a clearer idea of how to take control of your finances. These tips are all very easy to follow and will ensure that you never fall under unnecessary financial stress again! Relieve yourself from your burdens and become financially FREE!