Managing Your Money

Managing your money is crucial to your financial health. Take proactive steps to handle banking, money and accounting issues. This way, you will keep track of your spending and save money.

1) Keep all paperwork

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Keep accurate records of all your financial transactions. Have a separate file for income and another one for expenses. Once you know where the money goes, you can take steps to cut expenses.

2) Keep it Simple
Your financial records do not have to be complicated. A simple spreadsheet will do. Just keep the records simple and you will achieve great results with it.

3) Keep Multiple Accounts It is not prudent to have only one account. You should have at least to bank accounts. One account should be your salary account while the other one is your savings account. This enables you plan your income and save money.

4) Payment Dates
You should harmonize your direct debit dates to ensure there are no gaps between the payday and the payment due dates. This way, you pay your bills conveniently and have a healthy liquidity position all the time.

5) Clear Debts First
Pay off your debts as soon as you can because servicing a loan takes a large chunk of your money. Avoid payday loans and take bank loans only when you need them.

6) Audit Your Accounts
Take out time to audit your personal accounts every week. This is one way to spot unnecessary expenses and take corrective measures.

7) Keep to the Agreements
Keep agreements with your banker and your credit card companies. Avoid late payments and always play by the rules. This way, you will save money on bank charges and penalty charges.

8 ) Understand Online Benefits

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Most banks offer internet banking services these days. Take advantage of the online option and manage your accounts from the convenience of your home or office.

9) Pay Attention
Review your transactions regularly and look out for errors and omissions. Report any suspicious looking transaction to your banker and never take things for granted.

10) Read the T&Cs
Finally, you should read all the terms and conditions and try to understand everything there. Knowledge is power so you should get all the information you need so that you will enjoy a beneficial relationship with your bank.

Helpful Advice For Your Finances

Money is a major source of stress for many people, particularly for millennials who may not always possess the life experience and financial knowledge that older generations have. In addition, many millennials feel that they have made good decisions, such as getting a college degree, only to wind up with debt or find themselves facing one money issue after another. Here are some of the typical financial problems millennials may face and some tips for dealing with them.

Too Much Debt

For many millennials, having too much debt (including student loan debt and credit card debt) is their main source of financial stress. To tackle this issue, it may be tempting to ignore the problem, but it is important to make a plan to get out of debt. To avoid spending years paying off the debt, you will need to pay more now. This will not only help you to get out of debt faster, but you will also avoid paying thousands of dollars in interest charges. In addition, try to pay more than the minimum payment each month if possible. Another good strategy is to negotiate with your bank or credit card company for a lower interest rate.

High Rent And Living Expenses

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Many millennials prefer to live in big cities to pursue jobs and enjoy a more active social life. However, this often translates into a higher cost of living. If you want to live in a big city, try to take advantage of the amenities in order to lower your living expenses. For example, get rid of your car and use the city transit instead. You can also try splitting the rent with a roommate, or negotiate with your landlord for a rent decrease. Another important step is to grow your income so that it keeps pace with your high living costs. You can do this by looking for freelance jobs or working side gigs for extra money.

The single best way to tackle financial problems is to aim for a lower cost of living. Don’t be afraid to live more cheaply than your friends or move to a cheaper city if it helps you meet your financial goals.