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Seven tips to managing your money

Money - By Esther Muchene | September 1st 2020 at 10:02:19 GMT +0300
Start being mindful when it comes to spending habits (Photo: Shutterstock)

You’ll know you’re winning at adulting if you’re consistently able to manage your money properly. You should take control of your own finances because no one’s going to push you to do so.

All this is true but reality is quite different sometimes. Many of us aren’t perfect when it comes to money matters and that usually leads to some bumps along the way even when you’re earning enough cash.

Therefore, it’s your responsibility to learn what you can do to keep things on track.

Here are some practical steps on how to manage your finances wisely.

  1. Be intentional with your money

Start being mindful when it comes to spending habits. You have to resist things like emotional spending and spontaneous clouded decisions that make you waste your money.

Think about your financial future and the goals you’ve set for yourself then base your decisions off that. This will help you stay within your budget and you’ll actually be happy to spend it when it’s time to spoil yourself a little.

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  1. Customize your strategy

People have different incomes, needs and lifestyles. The strategy of someone with kids will be different from someone who doesn’t and someone who has a car won’t have the same needs as someone who doesn’t.

Basically, you need to look into strategies that can fit into your lifestyle. For example, if you’re a single mom, do some research and find out how other single moms are managing their money. If you’re in the low-income budget, get tips on how you can still make things work for you instead of looking for advice for the high-income bracket.

That way, you’ll be able to create your personalized plan that actually works.

  1. Grow your money

It’s better to look into ways you can build wealth instead of staying stagnant. If you’ve already reached that point where you’re fully satisfied with your account balance, good for you! But for the majority, financial security is still in the works.

You can start looking into passive income ideas or invest in things that will give you positive returns.

  1. Pay your bills on time

First whenever you take loans, make sure you pay on time. This is how you can avoid the debt spiral packed with expensive late fees.

The same should be the case when paying for rent, water bills and other similar things.

If you’re having a hard time keeping track of these things, set a reminder on your phone every month so that you don’t accumulate unnecessary charges.

Also, avoid taking loans which you can’t manage to service for now.

  1. Track your money

Always revise all your subscriptions and statements to make sure you’re not being charged extra for anything.

Sometimes you can find that your request to cancel a subscription didn’t go through and that will cause unnecessary stress.

You’ll probably have to go back and forth making calls and visiting offices to sort things and in the end, you might still have to clear those bills.

So, take responsibility over your money early and always take time to look into the finer details.

  1. Get someone to help

Collaborate with a professional who can give you some guidance in case you want to make major money moves like starting a business or even managing daily tasks like budgeting. You’ll get helpful tips and it will be easier for you to manage your accounts without any stress.

Another option is to incorporate apps that can help you keep track of everything easily.

  1. Prioritize your goals

Another thing you should do is set your priorities straight. Start with the most essential things then leave areas that aren’t as important for last.

This will give you some perspective and ease the stress when you have so many things to take care of.

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