It is always pointed out how we spend so much time in school memorizing information that we will never use again. While maths, geography, history, and more provide a great foundation to our understanding of the world there are many other areas that would benefit us greatly. Money matters could be a class in school all on its own. Many people today do not know how to properly organize their finances, budget or plan for the future. Read on for some tips on money that might help you.
Make a budget
The first tip is easy but the majority of people do not actually have a budget. Most people are running an internal budget in their heads and keeping loose control over their spending. While this can be ok, if you are not earning much money you need to budget to cover your expenses and to try to save a little. If you are earning a lot of money you need to budget to ensure you are tracking all your finances and planning correctly. There are many easy to download spreadsheets online that can help you get started.
Most people don’t think they need savings. When people say “I had a big weekend and have absolutely no money left”. I always wonder do they mean totally or just not including their savings. If you have said this and don’t have savings you are in trouble. If you have said this and have savings, stop being dramatic. You must have an emergency fund for when things go wrong in life, and they will. Life is full of surprises, please be prepared. You should have between 3-6 months’ worth of expenses set aside, just in case.
Find a secondary income
Having a secondary income is a great way to boost your savings. Find something you are passionate about and see if you can monetize it. There is plenty of information (even on this site) about how to get started.
Pay your bills and avoid debt
Wasted money is money that brings you nothing. If you buy something that brings you joy, fine. If you need to use your credit card, ok. Please pay your credit card bill before you are needlessly charged money for nothing. If you have any debts work to pay them off as fast as you can so that you can stop just giving money away.
These are just a few small tips to getting your money matters on track. If you feel you need more guidance book a free session with your local financial advisor and they will get you on the right track. The key point is to be smart with your money and make it go a long way.