A lot of us worry about money and where it is going on a daily basis, especially in the current environment. In this post, we’re going to focus on how to take back control of your finances, be more mindful and get the most out of them, so you can live the life you want.
Learn Where Your Money Is Going
Sometimes you don’t know where your money is going, and that, in itself, can be a source of stress. Thus, part of learning how to manage money requires mindfully tracking your spending.
Today, there are plenty of apps that you can use to help with both investing and saving such as Monzo for budgeting and MoneyBox or eToro for investing. You can link Monzo to your bank account, and it’ll automatically classify expenditure for you. Failing that, you can grab a calculator, collect up all your receipts and bank statements, and do it manually.
Pay Down What You Can
Debt is a part of the system and something that we often have to live with, from student loans to mortgages. Even though it can seem overwhelming, you don’t have to deal with it all in one go. Just pay down what you can and treat it as a project. Eventually, you’ll see the principal falling and interest fees declining. And that feels really good!
Use A Debt Clearing Service
Sometimes you have a little too much debt to pay off by yourself. Fortunately, though, there are solutions. Knowing what is an IVA will give you peace of mind. The legally binding agreement can help you regain financial freedom and take back control of your life.
Make Purchase Plans In Advance
Do you sometimes buy products on impulse? If so, you’re not alone. It’s something that affects millions of people every day. It’s so easy to grab something you want there and then, without thinking about it fully in advance.
Over the long-term, though, this habit can land you in financial trouble. You can wind up with much less money in your account that you thought you had. And sometimes, it can even lead to going into debt.
Here’s an idea: make your purchase plans in advance. Think carefully about what you really need. If you know you might make an impulse purchase in a certain situation, take steps to avoid it. For instance, you might prepare yourself a packed lunch in the morning, so you’re not tempted to buy snacks from an expensive cafe or disconnect your Paypal detail from Ebay.
Be Smart About Your Investments
Investing successfully by picking winning stocks, or buying into plus 500 bitcoin requires research, time and attention. That’s why it’s a good idea to get educated about investing and seek advice from a financial advisor before jumping in. If you wanted to teach yourself the basics there are lots of great YouTube channels to follow such as Humble Penny or MamaFuFur who explain financial investing for beginners clearly.
Remember, if you feel stressed about money, you’re not alone – it’s something that can affect everyone at some point in our lives. Start by writing down all your debts, incoming cash and outgoings then go from there. Never be afraid to ask for help.
