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Home / Money

What you can do to get your finances under control

 Being in control of your finances gives you a certain level of freedom (Shutterstock)

Financial control gives you a certain freedom that you'll never want to lose in life. There are principles to follow so as to acquire this freedom brought about by keeping your finances controlled.

When you do this, you'll begin making better financial decisions that will improve your life. Here are some principles to consider:

Go through financial improvement resources

When you're stuck on where to start, going out of your way to learn more on financial management from experts gives you perspective and motivation.

Read some books and listen to podcasts of people who've made financial mistakes in the past, overcame them and notice the baseline of their conversation. The principles of financial success are similar.

Write a budget

Coming up with a written budget helps you to actually see what you are spending your money on, what you need to spend it on and what you shouldn't spend on.

A budget also guides you in knowing whether you can afford something or not. Budgets highlight a huge scale of our financial patterns too. From your budget, you can erase what you don't need off it and allocate that money elsewhere. All this controls your finances.

Pay your debts

How is your credit score reading? Having debts is something that will constantly put your finances on a strain because every income you get is geared towards making you debt free.

In light of this, come up with a plan to pay your debts over a certain period of time. Allocate certain amounts of money on this to ensure that your books are in order.

Limit your bills

Check through your bills and monthly expenses. Bills are a consistent expenditure always knocking at the door.

Write down what you spend your money on consistently and write out a plan on how you pay them. You could decide to pay some in advance, or discuss a good payment plan.

Also, go on a spending fast to limit your spending on bills and subscriptions that you don't use often.

Limit credit card use

Whereas a credit card gives you more flexibility in what you can purchase, never assume that it's your money exclusively.

Technically, you're being loaned that money as it's money you don't physically have but will pay for in the long run. As such, avoid depending on your credit card when you know you're not disciplined enough to avoid Impulse buying.

Once your credit card limit is exhausted, stay put and avoid using them all together. It saves you much more than increasing your credit card debt.

Start saving and investing

Begin saving your money in bits. It could be by having a fixed account. When you start cultivating such a culture, you're less likely to get on a bankruptcy ordeal.

This is because you shall have spared some emergency fund through. Investment is the best way to multiply your money.

Spend time researching on the best investment options, whether you're in it short term or in the long term. If all goes well, you'll have made an empire.

 

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