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Taking The Hassle Out Of Managing Your Money


When life gets hectic, it can be difficult to find the time or summon up the energy to analyze finances and create a budget. If you’ve neglected your finances of late or find it stressful trying to manage your money, here are some top tips. 

Picture source: https://www.pexels.com/photo/black-calculator-beside-coins-and-notebook-5466785/

Mobile banking

Mobile banking has revolutionized the way we manage our money. In the past, if you wanted to know how much money you had in your account or track transactions, you had to go into a bank or print out a statement at an ATM. Today, you can check balances, view transactions, and move money at the touch of a button.

If you don’t already have a banking app on your phone, it’s an excellent idea to explore free mobile banking. With mobile banking, you can keep a close eye on your accounts and enjoy much greater flexibility and convenience when it comes to making payments, transferring funds to savings accounts, and finding out more about financial products. 

Get the compensation you deserve.

For the most part, good money management comes in the form of being cautious regarding your spending, such as through budgeting. However, it’s also important that you always operate in your best interests, which means seeking financial compensation when you are eligible.

For example, injury lawyers such as Dennis Hernandez can aid you in receiving financial compensation for incidents such as car accidents. While getting a legal team involved may sound a little daunting, it’s actually a great way to protect yourself financially during this troubling time.

This is because the compensation you receive can be used to cover medical bills, car repairs, or cover any income you lose if you have to take time off work. It also means that you don’t have to drain your savings account in order to be able to stay afloat.

Budgeting

Budgeting may seem time-consuming but it’s actually a really simple way to seize control of your finances and keep track of spending. If you don’t use a budget, you can download or copy templates or use apps to enter data. Your budget should include your monthly income, your regular outgoings, rent or mortgage payments, and one-off expenses you need to pay in the month ahead.

Once you have a budget template, you can adjust it month by month to modify outgoings or adapt your income if your salary has increased or decreased. You can also enter expenses that you weren’t expecting. When you draw up your budget, try to use exact figures rather than estimates.

If you are estimating, always round up to ensure that you don’t overspend. Use your budget to set spending limits and identify costs you could reduce. If you’re shocked by how much you’re spending on food, you can put a cap on groceries and takeouts to save money. 

Checking your statements

Today, we are used to tapping a card to pay, buying products at the touch of a button on our phones, and transferring funds via direct debits. While all these features and options are convenient and easy, it can be difficult to keep track of where your money is going. If you tend to spend without thinking or get a surprise every time you check your balance, it’s wise to keep looking at your statements.

Use online banking to view transactions daily. Knowing how much money you have available will help you save and reduce the risks of getting into debt. It’s a good idea to try and save on payday. If you set up a direct transfer to your savings account, you can budget for non-essentials, treats, and luxuries knowing that you’ve covered your bills in your budget and you’ve added to your savings balance.

Do you struggle to find the time to budget? Do you get stressed even thinking about money? Do you lose track of spending? If managing your money is a hassle, take these tips on board today.





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