Monday Motivation: 8 Ways You Can Manage Your Money Better

By Leonora Dullovi

Recently, there was an article posted to a popular blog known as xonecole.com. Normally there's articles about improving your life, dating, maybe some celeb news, but this time I saw something refreshing; a post about managing your money. On this Monday of Motivation, xonecole inspired me to drop you with these 8 gems about managing your money better. Enjoy!

Visualize the numbers:  

Many people are visual learners. A good way to see where your money is going is by creating an Excel style spreadsheet. Although it might be a bit old fashioned, using a spreadsheet can be a way to change, add, and subtract your income or expenses whenever you need to. Even if this method doesn’t work for you, you can always use apps on your smartphone such as Mint, that have your financial information available right at your fingertips. Google also has Google Sheets which is easy to use and handy because you can save it in your Gmail account and access it just about anywhere! Find out more here! 

Save for your future:

Instead of waiting til you spend most of your check and using the left over money to put into your savings, think ahead of time and put away some of your funds for when you really need it. Saving should be a priority instead of something you do just when you have additional money. When saving think about it as you paying yourself and preparing for what the future has in store.

Have a separate savings account:

Because it’s so easy to dip into your savings now a days, making it separate from your checking account at another bank/credit union will require a little more work than just easily transferring money from the two accounts at one place. This way you won’t be tempted as much as when it was more accessible.

Check the debt off your list:  

Pull up your credit report and keep track of all your bills of the month and make sure they’re being paid on time. In order to do that you can create a list of all of your bills for the month, from smallest to largest, so you can know which ones are most important. After you pay the first ones, you can use the left over money for the other bills. Just take it step by step. Check your credit report at: freecreditreport.com

Have an emergency fund:

Having at least 3-6 months of living expenses saved is a smart choice to make if you ever need it on a rainy day. When saving up 3-6 months worth of money, you can always start small with a $1K goal. You’ll need to have enough money to cover your monthly bills, rent, or any other important expenses. Remember you don’t have to beat yourself up to get up there so fast. Just plan it out and set small goals every month.

Start saving while you’re young!

The earlier you invest in yourself, the better the outcome you will have in the future. Take advantage of the many options you have right now and talk to your employer or HR representative. If they don’t have any options for you, you can always research and find something on your own. So start saving while you’re young and don’t have as many responsibilities you will have as an adult such as: your kids, mortgage, car payments, and etc.

Get to know your credit score:

Make sure you don’t fall in the credit card trap and cash out of any and everything! Debt can easily add up so when using a credit card, pay your bills on time, check your credit report once a year at one of the credit report agencies available, and be very aware of what you’re getting charged for. If you feel tempted you use your credit card too often, just don’t carry it on you all the time and avoid spending. Remember you can always be charged for something that’s been already paid, so make sure to go over all your bills thoroughly and fix any issues you may have. Your credit card is a very valuable tool to use; you just have to be smart when using it.

Don’t get sidetracked by your life:  

There are many factors in life that can get you sidetracked and stuck such as that bad job you want to quit, your relationship, going to school, and etc. Instead of dwelling on these things, change them for the better! If you feel like that 9-5 isn’t doing well for you, save up while you’re working there and use the money to follow your dream one day.  Remember that change isn’t always bad. Just make sure you’re prepared and able to adapt to it.


For more info, visit the inspiration article for this post: http://xonecole.com/managing-your-money-what-they-dont-teach-in-school/