Managing your money can be stressful- particularly if you’re trying to pay off debt, you find it difficult to save, or you want to get started with investing.
Unfortunately, most people aren’t taught financial literacy in school, and instead need to figure it out as adults- often when they’ve already made some poor financial choices.
Here are some top tips to help you sort out your finances:
Learn some self control
If you’re lucky, you may have been taught self control as a kid. If not, it’s time to learn it now. The sooner you learn to deal with delayed gratification, the easier you’ll find to keep your finances sorted. Sure, you can immediately use credit to purchase an item when you want it, but it’s much better to wait until you’ve got the cash ready to go.
There are plenty of benefits of using credit cards, such as building up your credit rating and taking advantage of cash-back and point bonuses. But if you start making all your purchases on your cards, regardless of your ability to pay your bill off in full, you could still be paying for those recent purchases in 10 years.
Most people like to stay in their comfort zones. And if you’re not very financially literate, it can be tempting to stay that way. But this is no way to take charge of your financial situation. Instead of listening to what well-meaning friends and family members have to say, read a few books on basic personal finance. That way, you can be armed with your own knowledge so you can make your money work for you.
Start an emergency fund
You’ve probably heard the expression “Pay Yourself First.” And there’s a reason why it’s so often repeated by personal finance gurus. No matter how low your income, it’s crucial that you find some money to put in your emergency fund each month.
Being prepared for emergencies can give you peace of mind since you’ll stay out of trouble financially.
We’re living in a world where technology is making every aspect of our lives easier. And personal finance is no exception. Luckily, there are a number of great apps making it easier for people of all ages and income levels to get their financial lives sorted.
There are plenty of itunes financial apps available to help you make a budget, and some of them connect to your bank account and can even help you invest your money.
If you’re serious about getting financially sorted, it may be time to download a Google Play budget planner app so you can understand just where your money is going each month.
For those needing some help with their home budget, check out this home budget app to get started. Hoping to get your finances sorted and save up for a vacation, take a career break, or buy a house? The above tips will help you get started.
What’s your best finance tip? Leave a comment below and let me know.