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We have teamed up with Pine Advisors to bring you these tips on Managing Money. In order to better manage you money, it is best that you take a good look at your finances, how much money you are taking in and also the amount of money going out. Once you have a better understanding on what is coming in and going out, you will better be able to manage your finances.
Money Management Tips:
- Budget
- Balance
- Save
- Start a Side Hustle
- Improve Your Credit
- Plan For Emergencies
- Avoid Impulse Purchases
- Sacrifice
- Payoff
Start with a budget, as we mentioned above. Look at what you have coming in and what needs to go out, and make a budget. You need to have this plan in writing so that you can keep better track of spending and expenses. Often we are spending more than we realize and there are expenses that we could be cutting out.
Set up a savings account. You don’t have to put huge amounts into your savings, but it all starts with taking the first step and getting started. Once you start putting money away into a savings, you can have a satisfaction of being able to save and accomplish your goals. Start small and work your way up.
Sacrifice spending that is not necessary. You may want to cut out extra shopping, eating out, coffee shop trips, and any other excess spending that isn’t really necessary. Do this while you are trying to pay down debt, and starting to build up your savings account. Every little bit adds up.
Take the initiative to pay off debts. Now that you know where your money is going and you are tracking all of your spending, you can start to pay debts. Pick one debt to tackle first and add additional money to that debt each month until you have paid it off in full. Once that debt is paid off, choose another and continue to do this until all debts are paid in full. Don’t forget to pay on all of your other debts while you tackle paying off the main debt. You definitely do not want to get behind on payments. This will only set you further behind.
You can also take advantage of cash back sites such as Rakuten when making purchases online. While this won’t save you a lot of money, it will allow you to take advantage of cash back deals, essentially saving you more money in the end. You may also consider using Rewards programs and store programs, similar to Fetch Rewards, where you simply snap a quick photo of your receipt to earn rewards points that can be used to purchase things such as gift cards to be used at a later date. If you’re already shopping, you might as well take advantage of extra savings, right?
About Mandee
I’m really good at knowing the how, it’s the execution that kicks my behind. Thanks for sharing!
These are great tips! Knowing how to manage money is crucial.
I know how to manage my money…it’s just that sometimes I don’t take my own advice!
These are great tips. I definitely need to start my year off with a budget.
helpful tips
I love all the great tips! Budget and Balance are my favorite!
A lot of good tips and suggestions here for people. I learned early in life how dangerous a charge card can be, they are so easy buy buy with. My rule today is I use the card to buy something but I have to pay that bill off that month. If it is a large purchase I give myself 2 or 3 months to pay it off.
I’ll have to look into using some cash back sites and Rewards programs. They sound very useful!
A lot of great tips in this blog post. For me, it was sticking to my budget and stop making impulse purchases. Determination to be debt free, kept me going. Now, I still have medical bills to pay off and a year left on my mortgage that I hope to pay off in six months. The medical bills, I’ll be paying off for years to come.
Good tips, well covered money management tips!
We love to do the envelope cash method of paying for everything… you feel it more when its cash leaving your hands than swiping a card.
I have managed to get rid of all my debts. It’s a good feeling to not owe money.
These are all great tips to keep in mind.
I always appreciate tips on saving and managing money. Thank you!!
Use credit cards only for emergencies. Pay cash (or debit cards).
These are very helpful tips. Great post full of info!
Wonderful ideaa.
What a lot of great advice. I have been doing this for years and so far everything has worked out. Oh how I would love just one day not having to budget. It would be so much fun…
Make sure you teach your kids on the right way to handle money.
These are great tips everyone should know and practice!
Thanks for sharing, these are great tips! Paying off debt is a goal of mine for 2020!
Thank you for these great tips! Bookmarked!
Know what you need to do to get out of debt.
These are great tips, especially with the recession upon us.
Following a budget has helped us a ton! We are able to focus on debt and my husband and I are on the same page when it comes to our money.
Having to modify my budget to allow for delivery fees for groceries. sigh.