“Between personal loans, pressure to start saving early for retirement and expensive urban housing markets, those first paychecks are in demand and there’s little room for error. Your money is a huge part of your life. It can determine what you can do and where you can go. Learning how to manage your money the right way is an important step toward taking control of your life. Understand where your money is coming from, where it’s going to, and how to make sure that the way you manage your money falls in line with the values that matter most to you.”
Usually, the biggest complications that keep things disorganized financially arise from not doing a few simple things. When you fail to do some or all of these things, it’s easy for your finances to descend into chaos and start causing serious problems in your life.
So here are six things you can do to start simplifying how you approach managing your money and learn to more easily keep it under control:
- Track Your Spending- Start writing down every penny you spend for 30 days. Once you do that you start getting the feel for what you’re spending on everything, then you can begin a monthly budget. I know a budget may sound complicated, but if you do it religiously it saves you a lot of time and money in the long run. It may seem a little difficult to manage at first, but it gets much easier the more you do it.
I wrote the book on how to make a budget that works. It’s fun to read & easy to understand! Find out more here
- If You’re Married, Combine Your Finances- If you’re married, there shouldn’t be “His” money and “Her” money or “His” bills and “Her” bills. All of it belongs to both of you, as we say here in the South, It’s yall’s money. So always deposit all of the money into one central checking account and distribute it from there. Doing that fosters good communication and, along with a budget agreed on by both of you, will eliminate money fights.