Your plate is full of responsibilities already, and spending time tracking your finances may appear like a huge task. But if you are constantly left in shock of where all your money has been going, then it is time to take control of your finances, and bear in mind that there are simple ways you can achieve it.
You may be wanting to get a jump start on savings for a major financial goal or maintaining a desired standard of living. You may want to invest, buy a new home, or achieve other personal or business objectives; these simple strategies will help you take control of your finances.
1. Invest In Personal Financial Books
Laying your hands on proven personal financial books can provide you knowledge with of handling your finances the best way. There are countless books that have helped people around you to get out of debt and take control of their finances, you may want to ask them to suggest for you.
You do not have to get the financial books new, the used ones will provide the same information as the new ones and also cost you less. You can even borrow from people who have it around you. You can check online for free resources, or ask your virtual friends to help you with some.
The books will provide you a new approach to handling your money. You’ll find books that will teach you how to boost your savings, invest, and prepare for retirement. Audiobooks are great options too if you’d rather listen to the teachings.
2. Kick-start Budgeting
Start budgeting to help you handle your finances much better. Create a plan of how you want to spend money each month based on your monthly income and expenditures. Write them down and take out your expenses from your income.
From the beginning of the month, set up a budget to apportion spending structure for discretionary funds. Keep track of the spending over a period of 30 days and see if you were able to stick to the budget at the end of the 30 days. Harness budget apps and tools.
If you find out you spent more than your income, cut out some unnecessary extra expenses you made or consider ways to earn more money. Revise and budget again for the following month to begin to live within your earnings.
3. Stay Far From Credit Card
If you’re finding saving money difficult month after month, you should check your dependence on credit cards. If you are consistently using credit cards as a means to keep yourself up, you’ll have accumulated debts quickly without knowing. You’ll find it hard to make any substantial savings, make ends meet, pay other bills, or attain your financial goals that way.
It’s time to distance yourself from credit cards if you really want to be in charge of your finances. Switch over to debit or cash cards so that you do not constantly mount up debts after setting up your budget to avoid you making any purchase on credit. Create a short-term savings account that will be responsible for carrying your large expenses, or avoid taking your credit card out with you to avoid being tempted to use it.
4. Check Your Bank Statements Every Day
Keep a close eye on your bank statements regularly. You’ll be able to monitor your attitude toward your money and take control of your finances. Doing this could also help you uncover fraudulent charges on your account without you knowing it.
5. Eradicate A Fee
There are unlimited fees trending these days, and it is very likely you have at least one in your life that you can eradicate. There are probably subscriptions you don’t really need, but keep disfiguring your finances without you knowing it.
Check the amount you pay in fees for your checking account. Check your investment fees, how much does it accumulate to? Making a difference of 1% can save you thousands of dollars over a long period of time. Also, consider using your own bank ATM to avoid the little extra charges from your transaction.
6. Raise Your 401(k) Contributions
Increase the amount you put into your 401(k) account or other retirement accounts yearly. Just stepping up by 1% may not seem noticeable to your income, but can make a huge difference in your savings and contributions over a considerable period of time. You can do it online or reach out to your plan provider.
7. Automate Your Savings
If you’re really serious about taking control of your finances, a simple way to go about it is to automate the process. Assign different functions to the dollars that hit your bank account to avoid reaching the month-end and being unsure of where your money went.
You do not have to strain yourself with your savings, do whatever amount is realistic for you to save each month after covering all your monthly expenses, then automate the deposit directly into your savings account. This would help to prevent you from getting lured to dipping your hands into it. And if you are seriously in need of cash, you can still access it without stress.
8. Find Free Cash
If you search, you’re likely to discover that you have some unclaimed cash in your name lying in some rental and utility deposits, bank accounts, safe deposits, insurance policies, and other areas. Find out how to access the cash without incurring charges.
MissingMoney.com can help you with a database search of funds that have been unclaimed in different areas across states by entering in your name and punching a click. However, there are states that are not affiliated with this site, so you may consider Unclaimed.org instead.
For FHA home loans, HUD.gov may help. Check out the site to see if you’re in their refund database.