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Three ways to manage your money

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As we emerge from the economic crisis, things are looking more positive for both the country as a whole and the individual with disposable income. However, it’s the beginning of a long journey, and as such we should still keep an eye on our finances, particularly in the run up to Christmas.

Even if you’re not struggling, there are still ways in which you can tighten your belt to make sure you’re more responsible with your finances. To ensure you’re quids in this season, try these easy tips:

Categorise your spending

It can sound like something of a chore to work out where all your money goes, but you can utilise the advent of modern technology to aid you. For example, there are a multitude of banking apps out there which can easily put your spending into understandable categories, from work and travel to leisure and utilities.

You might also want to consider making up your own categories by dividing your household spending into family members. So for example, if one month a lot of money has been spent on a child’s new computer, you could allocate funds to other family members the next month.

Put a limit on those guilty pleasures

Think over your walk to work. Do you pass a coffee shop on the way? It can be oh so tempting to give ourselves a little treat, and while we might not consider a couple of dollars a lot of money, these little luxuries soon add up. Sit down and calculate just how much you might be spending per week – it could shock you.

The same applies to any other habits you might have – for example, the online gaming market can be a guilty pleasure for some people. However, you can still play without going overboard with your cash – many sites allow you to set monetary limits, but you should also consider implementing a time limit to be sure.

Make simple swaps

Cutting back on spending isn’t always the most attractive prospect for those who like to be frivolous with their disposable income. It’s akin to a dieter having to cut out their favourite treats, so why would we want to do the same with our money? You can make it slightly more attractive however by making some simple swaps.

For example, swap the aforementioned daily coffees for your own home made brew – you can invest in a coffee maker which will more than pay for itself after a week or two. Try the bus once a week instead of your car – these little changes will all add up.

 

 

 

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