Managing your finances isn’t easy, and it can take a bit of work to stay on top of them. When you’re hit with a financial emergency, it can be tough knowing what to do if you don’t have any savings to see you through. This is where some people look at borrowing money from regulated lenders, making use of a payday loan or a credit card. But what do you do when you want to get a better handle on your finances in general? Keep reading and find out just how easy it can be to control your monthly spending.
One of the best ways to control your monthly spending is through budgeting. It might seem a bit strange at first, but you’ll get used to it very quickly. The best way to create an accurate budget is to work out how much money you have coming in, and how much you have going out. This will then leave you with a round number to work with. This amount of money can then be split up into different categories or broken down into 4 week amounts, allowing you to easily keep track of what you’re spending. So, start by implementing a budget, and this alone will help you maintain better control over your finances.
Regularly Check Your Accounts
Once you have a budget in place, it’s also a good idea to regularly check your bank accounts. You want to ensure that all your bills are going out on the right days and that you don’t have any forgotten payments coming out each month that are taking you overdrawn without you realising. Knowing exactly what’s coming in and out of your accounts will allow you to be familiar with your finances and help you stay on track with your budget. If you don’t already have it, download the mobile apps that your chosen bank has available, as you can easily keep an eye on your accounts through your smartphone at all times then.
While we all love a treat now and then, splurging on nice items all the time is going to ruin you financially. Instead of always impulse buying things, take a moment and think about what you’re about to do. Don’t buy it there and then and try to save up for it instead. By the time you’ve actually managed to save up for it, you’ll probably find that you don’t want to waste all your hard work on one expensive item. So, you’ll not only prevent yourself from splurging, but you’ll also be working on building up your savings.
Leave Your Cards At Home
While not everywhere takes cash anymore, most places still do, so you can actually leave your cards at home. When you’ve got your cards with you, it’s very easy to overspend, as you have access to all your money at any given time. However, if you were to only bring your budgeted amount of money with you in cash, you’ll only be able to spend what you have on you. This can make it much easier for you to stay on track with your budget and not overspend. If you don’t want to carry around cash, or the place you’re going doesn’t allow it, try moving your budget amount of money into a separate account and only use that card. You’ll soon get into the habit of spending less while you’re out and about if you limit the amount of money you have with you.
Only Eat Home Cooked Food
If you think about how much money you spend each month of takeaways or restaurant food, the number would probably be a lot more than you think. So, if you want to really save money, only eat home cooked food. It’s much cheaper to prepare your own meals as opposed to paying someone else to make them for you, and it’s probably healthier too. If you’re headed out for a special occasion, then it’s fine to enjoy a little fancy food every now and then, but don’t make it a regular occurrence. You’ll soon see how much money you can save when you only eat home cooked food!
Managing your monthly finances isn’t easy, especially when you’re not sure where to start. But one of the best places to do so, is with a budget. Once you have a budget in place, you’ll find it so much easier to manage your money as you’ll know exactly what you can and can’t spend. Before long, budgeting and saving money will become second nature, and you’ll have much more control over your monthly spending.