A Quick Guide To Better Money Management
- Mark Edwards ·
- 5 Comments ·
- May 19, 2018
Do you find that you struggle to manage your money? Are you living paycheck to paycheck, and simply don’t know where most of your money goes? Maybe you know exactly where your money goes but you just don’t know what to do to help yourself. This quick guide to money management will help you to figure it all out.
Change The Way You Feel And Think About Money
Changing the way you feel and think about money can be one of the biggest and best things you do to change your financial status and eventual relationship with money. Now, changing the way you think and feel about money isn’t easy. It can take years of unlearning behaviours and beliefs that we picked up when we were young. However, once we’ve done it, it’s more than worth it. You can use lots of different systems to change the way you feel and think about money. Here are some ideas:
- Use affirmations daily
- Catch yourself when saying something negative and change it into a positive
- Try the tapping solution to change the way you feel and think
- Change the story you tell yourself, e.g. ‘I’m broke’
- Fake it until you make it
Some of these may seem strange to you, but if you do your research, you’ll see that many of them work for different people.
Keep Track Of Everything
Whenever you spend money, keep track of it. Keep track of absolutely everything. Keep track of how much money you make, how much money you spend, and how much money goes on your bills, etc. You can download apps to help you to see where all of your money goes. You might be surprised to realize how much money you actually spend on pointless things!
Explore All Of Your Options
If you need to borrow money or you’re in a money emergency, make sure you explore all of your options before deciding what to do. You could look into the best 0% APR cards so that you don’t have to pay any interest on money you borrow; however, you need to be sure that you’re equipped to pay this money back.
Make sure you put things you have coming up in order of importance. If you have multiple friends and family birthdays in one month, for example, make sure you take these into account when it comes to your budget and plan for how much you’ll spend. Try to look ahead at the money you’re likely to spend during the month before you give yourself pocket money to spend on whatever you want.
Find A Mentor
Getting a mentor for money management isn’t such a bad idea if you need a little help. This person will be able to take an objective look at your situation and give you actionable tips that will help you to handle your money better day to day. Sometimes all it takes is somebody else looking at your habits to help you get things back to how they should be.
Have Weekly Money Meetings
Schedule weekly money meetings with yourself or your family to make sure you’re on track to meet your financial goals. Be consistent and you’ll notice a big difference!
I love this Mark! It’s not often that you find an article written online which tells you to fake it until you make it, but this is packed with honesty. Too many times I heard myself say I’m struggling, so much so that I found it hard to think otherwise even when I had money in my bank.
Couldn’t agree more about tracking your money. Hated beginning such a task but once I did, I realized that my obsession with coffee pit stops was making a considerable dent.
It’s about moderation isn’t it Sarah-Jane, especially with coffee! Joking aside, sometimes it takes a stark realization, such as tracking your money, to see where you are losing money. Moreover, yes Louise, sometimes all it takes is a simple change in the way you approach your money to start making those first changes!
Some helpful words here, Mark.