Money is one of your biggest stresses right? There is always a bill about to go out, and you don’t know how you’re going to make your paycheck stretch to cover it, right? Well, it doesn’t have to be. By getting properly organized, you can have a stress-free money system that takes minimal effort. These tips work for everyone, high-earners and low, debt-free and in-debt.
If you’re in debt, then the first thing you need to do is get it under control. You can do this in a few ways; stop using credit cards and stop any frivolous spending. Look at your income and outgoings and work out how much money you have extra each month, and only spend what you can.
Look at how many debts you have and when all the payments need to be made, can you request a new billing date to match up with your pay-day, or would spreading them out be easier? Or would one bigger bill each month work best for you? Click this link for advice on the issues with multiple credit cards and how to resolve that by paying off the multiple debts with one loan.
Budgeting will always be your best friend when controlling your money. By working out what you’re spending, where and when, you can control the cash flow in your bank. The skilled budgeter has their own methods of working out money with graphs and tables, but for a beginner, there are plenty of online services that can get you started for free, like at http://www.epi.org/resources/budget/.
This process helps you to see where you can make cuts. Sometimes you don’t realize how much money you spend on food, or trips to a coffee store. In a way, being able to see your income being dissected in front of your eyes helps to drive the point home.
Having multiple accounts and saving accounts may seem to make things more complicated, but think of it as a virtual binder. Have an account just for your bills and move the money you need to that account on pay-day, have a savings account or two for emergency and holiday (or whatever you’re saving for), maybe have a debt account too. Then what you have left in your first account is yours to spend on whatever you wish!
Just because you’re saving, or getting out of debt, doesn’t mean that you can’t enjoy things like a day trip or coffee on the go, you just have to be smarter about it. Get coupon-savvy – Coupons aren’t just for groceries, you can find them for hair cuts, car services, and events.
The avid couponer has stacks, or a neatly organized folder to put all their coupons in, but you can just start with adding a couple to your wallet before you do the grocery shop or looking for days out over the school break. Either way, make sure you know how to use your coupons properly, you can get my advice on how best to use your coupons here – http://coriscouponcorner.com/2013/11/ad-saving-money-with-coupons/.
Money doesn’t have to be your enemy, with practice and control you can make it work for you, leaving you time to concentrate on the important things.