Check Out How You Can Manage Your Money Better
Sometimes managing your money can seem very complicated.
“When money realizes that it is in good hands, it wants to stay and multiply in those hands.”
“Money, like emotions, is something you must control to keep your life on the right track.” Natasha Munson
“There is only one way to make money: sell something. You’re either selling your time or a product. The secret? Productize your time. That’s freedom.”
In order to manage money well, you have to learn to simplify the process so you can keep your financial situation straight and easily understandable.
Check Out how you can manage your money
Track Your Spending: Start writing down every penny you spend for 30 days. Once you do that you start getting the feel for what you’re spending on everything, then you can begin a monthly budget. I know a budget may sound complicated, but if you do it religiously it saves you a lot of time and money in the long run. It may seem a little difficult at first, but it gets much easier the more you do it.
If You’re Married, Combine Your Finances: If you’re married, there shouldn’t be “his” money and “her” money or “his” bills and “her” bills. All of it belongs to both of you, as we say here in the South, It’s yall’s money. So always deposit all of the money into one central account and distribute it from there. Doing that fosters good communication and, along with a budget agreed on by both of you, will eliminate money fights.
Build an Emergency Fund: When you have money set aside for emergencies, you’re not tempted to go into credit card or other debt to deal with it. Everybody has the occasional emergency, and if you are already prepared when it comes, that’s one less thing you will have to worry about in a time of crisis, and you won’t have to spend months or years paying it off.
Use Cash: Goes along with doing a monthly budget. Once your budget is done, put cash in envelopes for each spending category and spend only cash, only out of those envelopes. This simplifies things because you have a set plan to spend only so much, so you don’t end up spending more than you make.
Sell Your Crap: Most of us have too much junk that we don’t need, don’t use, and just takes up space. If you never, or rarely ever use it, then sell it, donate it, or give it to someone that can use it. Those things don’t add value to your life and don’t bring you any joy. All they do is take up space and drag you down. So get rid of the junk and pass it along to someone that can enjoy it.
Dr. Jason Cabler is a Christian personal finance blogger, author, and speaker. He teaches how to get out of debt.