Skip to main content

Money Management Tips

 


Money Management Tips

Money Management normally involves creating a strategy to minimize your spending, plan your savings and still live a fun-filled life. Yes, it is true…. when some people hear the phrase ‘Money Management’, rigidity and strict spending would be the first words on the tip of their tongues. Well, I am sorry to burst that bubble, but that is not true. Money Management let you create ways and methods to achieve the things you want in life. It allows you to create flexible plans that works for you to achieve the goals you have set for yourself.

To have an effective money management plan, the following are some tips I would like to share with you:

⮚      Track your spending daily, avoid ‘unnecessary spur off the moment’ purchases.

⮚      Create a goal to always pay your bills on time.

⮚      Do savings challenges to buy big (expensive) purchases.

⮚      Always review your monthly reoccurring expenses.

⮚      Create a realistic and flexible budget.

It may be hard at the beginning to keep up with the process. Here are some tricks to help you along the way.

⮚      Turn the process into a routine; don’t ever let it become a ‘chore’. Enjoy the process.

⮚      Never go grocery shopping hungry.

⮚      Avoid repulsive buying.

⮚      Make a list when doing online shopping.

⮚      Do not save your debit card on favourite online shopping sites.

⮚      Always ask yourself ‘Do I really need that?’

For me, my money management routine involves using my elite budget planner which I decorate with uplifting decorative money saving quotes stickers. It’s aesthetically pleasing to use my planner to plan my money. I check in daily to note my expenses and plan monthly with weekly check-ins. It’s a routine I love to do because I just love looking at my planner. Lol🙃

 

Until next time.

Budget your money, plan the process, live a fun-filled life.

 


Comments

Post a Comment

Popular posts from this blog

Debt Management

  Debt servicing can get out of hand and very stressful. When you didn’t plan your debt repayment strategy; interest rate and the repayment amount and period can be more traumatizing than natural disasters about to hit the island. When you take the decision to apply for any debt, never throw a blind eye on the interest rate and the repayment details. These details should be taken in to consideration when planning out how you would repay and your monthly budget. Yes monthly budget. but that another blog series. Applying for a debt, get all the important information first and sit and incorporate it into your budget and then develop how can you repay this debt comfortable. Yes, the financial institution would have done they ratios and other calculation. But you need to sit and work out a plan to make sure you have that debt in order through the repayment period. Once you have come up with a plan, you can know approach the financial institution with confidence i.e. knowing your a...
Post a Comment
Read more

Being Registered

Having your business properly registered is not an added liability, it creates a professional image when doing business transactions with key stakeholders. When a business is properly registered, i.e. business name registration, tax registration and National Insurance registration, opens many business opportunities and access to more facilities tailored for business. Do you know that with a business name certificate, you can now open an business account and have access to more banking facilities for business such as over draft and small business loans, Financial lenders and other important investors pay particular attention to business operations especially compliance with the government laws and other compulsory requirement that local business should follow. Business registration should be done with six to twelve months after opening a business. Within that time business owner should have some clear indication as to the business viability and its continuation in the future. Proper...
Post a Comment
Read more