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Tag Archives: Money Management

Keep Your Personal Finance In Check

Katia Arias No Comments

Let’s face it…when it comes to managing our money and creating budgets, things can get a bit overwhelming.

Every time (somehow) we have more and more responsibilities that require a lot of organization. So, to prevent you from going crazy or bankrupt, we’ve put together 5 short tips that will help you keep your finances in check!

  1. Revise Your Budget Constantly

 We live in a changing world. And, even if you usually spend a certain amount on something (let’s say gas), anything can happen that can increase or decrease the amount.

That’s ok as long as you update your budget as soon as possible and make the necessary adjustments. This will prevent you from eating up your savings and stressing at the end of the month with extra expenses.

Source: raweva.com

Source: raweva.com

  1. Always Keep Your Bills in Mind

 To do this properly, Investopedia advises the following…First, pay your bills as soon as you get them. Second, keep a “bill checklist” to keep track of your payments, and, third, create a folder (in your computer or in print) with monthly sections where you can organize all your bills.

  1. Set the “Bill Money” Aside

 As soon as you get you paycheck, transfer the amount you considered for expenses to another account. That way you will avoid spending the “untouchable” money.

  1. Keep Personal and Business Separate

It can get very messy when you mix business and personal money. You may end up spending your savings to save the business or using your investment money to buy you dinner. To avoid this, keep personal and business bills in separate folders, boxes, etc. Run a separate budget & checklist for each area and, above all, have 2 separate accounts!

The ideal would be to have personal, business and savings accounts, interconnected with one another.

  1. Chose Debit over Credit

 Having a credit card is great for emergencies or long-term investments. The problem with credit cards, though, is that they can lead you to debt and overspending very easily.

When you use your debit card you are using the money you already have, and even if there’s a chance you run out…at least you didn’t use the bank’s money and accumulated debt WITH interests.

“Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.”
― Dave Ramsey

  1. Some Extra Advice

 And just as a bonus, if you find making a budget or keeping track of your expenses too daunting…there’s always personal finance software and apps that can do the numerical job for you! All you got to do is keep it fresh and update it constantly.

 So here you go, put these six tips in practice and you will see how paying your bills stops being your worst nightmare!

 

If you found this post useful, please let us know in the comments!

 Sources:

  1. http://www.investopedia.com/articles/pf/10/8-tips-organize-finances.asp
  2. https://www.americanexpress.com/us/small-business/openforum/articles/10-tricks-to-keeping-personal-and-business-finances-separate-1/
  3. http://www.businessinsider.com/7-best-personal-finance-apps-2015-3#mint-1

 

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