If you frequently ask yourself “how to manage money” it can be a sign that you have a financial disorganization. Every year you witnessed the mystery: how does my mother manage the house?
The mother provided a weekly, biweekly or monthly expense and she was in charge of doing wonders with that money to pay for all the services, feed the household members and also, that nothing would ever be missing.
My mother always took out little boats or had several “guardaditos” which she used according to need. Mom knew how to save money while now I wonder how to manage my salary.
The shape of my mother was excellent to avoid frights and unpleasant surprises as the “did not reach me”, but also, it worked to save money.
That was one of the ways I learned how to manage my money and avoid lacking cash, but how did I really learn to do it? In the following article, I tell you how to organize your resources so that they always reach you.
There are different ways in which you can start to better manage your money. Each and every one of them applies differently to each person but, if they work for you, apply them in your life to live better and better.
Apply everything you were taught
Surely your parents and grandparents made it very clear to you how to save money. While there are no basics to generate economic welfare, guide yourself from the classics.
For decades your parents and grandparents managed to make a sound management of their expenses, so focus on those practices that they put. Do not spend more than you earn or save money is a great way to start.
Liquidate your debts
One of the great outlets of money is in the debts we have. If you do not have a good management of them, chances are you never get to the fortnight.
To make a good budget administration is to contemplate the payments to credit cards that you have to do, otherwise, you will begin to pay interest and compromise your financial stability.
Organize yourself knowing what you owe and do not leave everything to your good memory. Save your receipts, check your account statement and remember in detail the transactions you made.
In addition, it develops a management methodology to avoid delays in payment and thus feeds your cash flows on a regular basis. Do not live on credit!
You can place reminders on your calendar or on your cell phone so you do not forget what you have to pay. As time goes by you will surely get used to knowing your payment deadlines better.
Do not say things that are not
It is common that in the face of bad economic management you want to blame even your ex for the bad luck that you have, but remember: only you are responsible for your situation.
When money does not reach you and you are not managing it correctly you have to be aware of why it is so, otherwise, you could never manage your resources as you expect.
Prepare for emergencies
Having a fund for emergencies is ideal to better manage your resources because there is also money that you can lose in emergencies.
The death of a loved one or illness involves very heavy expenses that, when not managed, can cause large losses of money.
When you are the head of your hofar and have responsibilities, you can not afford not to work. Your family depends on you and for that reason, you will not want to resort to easy exits to obtain money to solve an emergency.
The emergency fund is calculated knowing how much you need to live three months and in that way cover the expenses you have every day.
A control of income and expenses
There may be expenses that are always made every month, an example could be gasoline, but even if they are made repeatedly the amount could vary.
Having a control of the expenses made could give you a broad panorama in which you can identify the way to make budget cuts without harming other aspects.
You will also have the opportunity to save some money or allocate it to other areas where it could be more necessary.
Start saving money
It is common for us to hear phrases like “the salary does not reach” but, is it really like that? You have to start by suppressing the unnecessary expenses of your life.
Dissaving is a consequence of little awareness to face the economic challenges of daily life. When there is no response and you only spend on things you do not need is impossible to save.
Ideally, you should strive so that you and your family form a culture of saving where it is clear to all that this is nothing more than a matter of habits and discipline.
Naturally, it is not a matter of always and always limiting your family, but only that you manage expenses more intelligently.
Search on what to invest
It is one thing to have an emergency fund and the other is to strategically plan for investments that will give you long-term resources.
From banking programs to starting a business, there are hundreds of ways to invest our money so that it starts generating returns.
For example, there are government actions or associating with a family member for a business but, remember well the saying “clear accounts, long friendships”. Do not make a storm in a glass of water!
Recycle and do it yourself
It’s amazing how much money we spend buying new products every time they are needed. For example, at the beginning of each school year, we buy new notebooks for children.
What is recycling? Take the leaves that were not used and needle and thread to make a recycled notebook. Incredible as it may seem, it can leave a great amount of money.
Also, learn from those things that you can do yourself. It is not so complicated to make a repair in the kitchen of the house or in the bathroom and the cost of the plumber can save it.
Naturally, there will be things for which you will definitely have to seek help from the experts.
Increase inputs and decrease outputs
Sometimes increasing money inflows may seem like a difficult task and the main pretext is “I do not have time”, but you could think about what things you spend your “Free” time and I will surely find a way to have some other activity that allows you to generate cash.
Diminish the exits is very simple if you stop buying daily coffee in the corner of the office or buy accessories that neither your house nor you need. The most important thing is to keep the cash flow to avoid you lacking.
Cultivate your creativity
You do not need to invest cash to get information that works for you to manage your personal finances, to create a payment schedule or to know how to create new money entries.
Creativity can also give you great ideas to use material and technical resources without having to spend on acquiring something new.
Knowing how to manage money is an everyday issue but sometimes it can be more complicated than one imagines.
When there are “leaks” or deficits in personal finances, that is, expenditures exceed the income, a good exit can be through the payday loans that credit institutions put at your disposal.
In Credifiel we have financing through payroll, so you will always have the possibility of having your money with a very low interest rate, without affecting your other monthly payments and expenses.