I’m back with another collaborative post for y’all! I’ll be touching on a topic that isn’t often discussed on too many blogs, finances, and types of credit.
Taking control of your personal finances is something you might have thought about from time to time, although people often feel powerless to do this when the pull of something they want to buy comes along. It might be a new home accessory, a gadget, an item of clothing…whatever it is, it can often be difficult to fight that ‘urge’. Even if you do end up fighting the urge and putting some of your money away into savings, there’s only so much saving you can do before that too becomes ineffective and you should be doing other things with your money.
Here are some pointers you can use to take control of your personal finances once and for all:
Understand Your Attitude Towards Money And Why You Spend The Way You Do
The first step isn’t actually anything to do with physical money; you’re just going to examine your attitude towards money and why you spend it the way you do.
Let’s go back to when you were a child. What were your parents attitudes towards money like? Do you remember anything they specifically said that influenced the way you thought and felt about money? Usually, we learn these behaviours from our childhood years. If your parents spent money on things they didn’t need, or felt negatively about money, you may do and feel the same. It’s important that you’re honest with yourself and write down everything you think you believe about money so you can work through those limitations. That’s exactly what they are: limitations!
Get To Know Your Numbers
By now, you should have a good idea of your attitude towards money. You can begin replacing those beliefs by stating new stories and statements to yourself regularly. As well as this, get to know your numbers. Know exactly how much you have coming in and out.
Come Up With A Budget You Can Stick To
Coming up with a budget means you know how much of you money needs to go on certain elements, e.g, food, fuel, bills, entertainment, etc. Making sure you think about the important things in advance will ensure you always have money for them. You can leave yourself a little pocket money to play with, but make sure you also allocate a portion of your money for smarter ventures; we’ll talk about these later.
Figure Out Ways To Bring More Money In
Don’t think you have enough money coming in? Try to do something about it. You can do online work on the side, rent out your driveway, or you could look at free online games to win real money, no deposit – just be very careful whatever you decide. Make sure you know where to draw the line if you can’t control yourself.
Save An Emergency Fund
An emergency fund will give you peace of mind, whether you have to take a pay cut or have to find a new job.
Start Working Your Money Harder
Finally, once you have your emergency fund, start working your money harder. See if you can download an app that will help you to round off purchases and invest money. Savings depreciate in the long run, but investments don’t!
This post was a collaborative effort – please check out my disclosure policy page for more details.