If you are coming to the end of the year and you are struggling to find yourself back in the black or you are slipping into the red at the end of every month, you need to get a grip on your finances. While you might not be heavily in debt, you definitely aren’t comfortable with your finances. Living within your means may be becoming increasingly difficult so it’s time to get on top of your money. Ensure that you use the end of the year as a time of reflection. Make a New Year’s resolution to sort out your monetary situation. Take a look at how you can get on top of your money in three simple steps.
Get On Top Of Your Money in 3 Simple Steps
You may have gotten into debt and you are still not sure how you can go about getting out. Sometimes you may try everything you can to decrease your debt when the solution might be right in front of you. Below are some simple steps to get on top of your money.
The first thing that you need to do to get on top of your money is to set yourself up on a budget. There are plenty of personal budget templates online that are totally free to use. Here, you need to spend a month filling it out listing every iota of income and every expense no matter how trivial. Dead serious.
- If you buy a newspaper at the weekend, list it.
- If you are always purchasing a caramel frappuccino on the way to work as a treat every Friday, you need to consider whether this is essential.
Removing these types of spend from your expenditures could help you save a four-figure sum over the course of a year.
You will hit your stride in month two or month three and you will soon be spotting key areas where you can save money. Any amount leftover in your current account at the end of the month can be used to top up your savings pot.
Just because you are sorting out your finances doesn’t mean that you have to live like a pauper. You simply need to be more in tune with your financial situation.
- If you want to head for dinner with pals, don’t go to the two-star Michelin restaurant and go for a high-end chain instead.
- If you need to buy yourself some new work attire, consider using some store credit online rather than spending your cash at a department store.
Some store cards even allow you to set a budget so you never have to worry about losing track of what you are spending. You can also have access to a range of top fashion stores using just one card.
3) Big Ticket Items
If you are in need of a new car or your kitchen has seen better days, it might be worth being a little more frugal when out shopping.
- Go for a decent used car with a low mileage rather than driving a brand new car away from the forecourt.
- When you head to the kitchen showroom go for an ex-display model. Yes, the drawers may have been opened a few hundred times, but it will still be a fully functioning and fashionable kitchen.
- And, when thinking about going on holiday, forget the five-star all-inclusive resort and scale down your plans. A road trip can be just as fun for you abroad. You can save a whole load of cash.
Get on Top of Your Money – It’s Your Turn!!
No one likes to be in debt. Sometimes you just need a little help to get started. Don’t bury your head in the sand, just follow this guide to help you get on top of your money.
Have you tried to get on top of your money with a few budgeting tips?
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.