How to manage personal finances
When little money comes into the house, when there are many mouths to feed or when, due to circumstances, we have lost our job, it is necessary to keep a tighter control of our finances, especially if the savings we have are scarce. In this article we advise you on how to manage personal finances .Steps to follow:
The main thing is to be organized and keep the accounts up to date. To do this, you can create a spreadsheet in Excel to calculate the current assets and there you can record your expenses and income daily. Thus, at the end of the week or month you can take stock of your activity, control your spending and see what kind of items you have to cut more.
If possible, try not to spend the extra money you earn. For example, if you were paid a delinquent debt or extra pay, save the money. You can always spend the fixed income you have, but it is better to keep a certain provision of funds just in case.
Some people decide to invest in insurance . This is also a good option because you never know what can happen. If you allocate a certain amount of money monthly or quarterly to a health insurance, home ... you will really be making an investment.
Get used to using credit cards only for incidentals . That is, if you are buying something and you do not have enough loose ... Remember that the more credit cards are used, the less control you will have of your personal finances. Visit our article on how to save your credit card expenses, it will help you.
Investigate other means that allow you to increase your savings at the time of receiving the pension, such as by taking out life insurance or an independent pension plan.
Domicile the payroll in your bank account, so you can have more control of your income, than you spend and not invest almost all the salary on a whim.
It is better if you manage finances with your partner or your family . Inform someone you trust and keep the bank accounts on par. The task will be much simpler and you can both decide what to spend or how to better manage the money.
To save on monthly expenses, do not forget to check your electricity bill in case they charge you more consumption of the account at abusive prices.
Another aspect where you can save is in the invoice of your mobile phone. It is very important that you go checking to check that they do not charge you for services not contracted.