Being able to manage money is something not everyone is very good at. It can take a lot of resilience to try and not spend money, but it is definitely doable for pretty much anyone. Here are a few ways to help manage your money better in 2020.
Create A Budget
Budgets are a great way of keeping track of the money that’s going in on a weekly or monthly basis, depending on how often you earn. If you can do it each month, it will start to become part of your routine, which is important to do so. Creating a budget is easy, whether you do a spreadsheet on excel or just make one in your notepad. Track everything that’s coming in and then everything that needs to go out. You can then see clearly how much you have to spend, and you might also want to track your spending to ensure you’ve got enough left to see you out for the rest of the month. Those who overspend or can’t save, tend just to spend haphazardly and don’t monitor their funds on a regular basis. This way means you keep track and hopefully save in the process.
Manage Your Expenditures Wisely
We all have expenditures, and sadly, money is a lot easier to spend than it is to save. You got take months to save a certain amount to then just spend it in one or two sittings. You can manage your expenditures better by ensuring any loans you have are paid off. So those loans from New Horizons, you might want to get paid off, and if not, then make sure you only have one or two or else it makes it harder to keep track of it. When it comes to your general expenditures, keep an eye on these to make sure there’s nothing out of the ordinary when it comes to your bank account. Be wary of those extra expenditures that you might be making every week or month, and that could be impacting your overall funds.
Use Money Saving Apps
Where would we be without our phones nowadays? There are so many apps out there to choose from that it seems weird to think our phones used to exist without them. When saving and managing your money, sometimes you need a little helping hand. One of the ways that you could do this is by having a money-saving app. Find one that’s ideally going to be able to connect to your bank too so that it can save you some money, without even really noticing. Apps can be great in giving you that extra bit of motivation that you might need to save the cash here and there. A lot tend to give you advice and statistics about what you’re spending the money on and where you could possibly cut back. This might not have been something you had realised until now.
Do Comparison Shopping
Ever compared the cost of your online or physical shopping to a different store? Yes, for some, it might seem like too much of a hassle, but it’s a great way for you to save money or at least reduce the amount you spend on your weekly food shop. You can always adapt this to monthly household bills too. By shopping around for a better deal, you could end up saving tens or hundreds of pounds from simply clicking a few buttons or making a few calls. When it comes to your household and to save that extra money, it’s worth it. You can always find a cheaper alternative elsewhere, you just need to be willing to look.
Start An Emergency Fund
An emergency fund is something that everyone should start because we can never guarantee what is around the corner. What if the boiler breaks or you’ve been written off work for several months? Not all companies will have the means to pay you a full wage for so long. So the more you can do to help yourself, the better. Think about how much that will be beneficial to you when something goes wrong. It doesn’t need to be a huge fund, but if you’re putting £20, £50 or even £10 each month, it’ll soon add up. And you can then keep that rolling in the background until it’s needed.
Managing your money is possible, so go into the new year with a healthier attitude to money, and you’ll be able to live life a little more comfortably and with less stress.