Keeping on top of your finances isn’t always the easiest thing to do, especially when you have a lot of outgoing costs each month. While there’s the option of a short term loan in the case of an emergency, there are plenty of easy ways to keep track of your finances and get yourself organized so you’ll hopefully never fall short again.
Create a budget – income, expenses.
Creating a budget and sticking to it is always the first step when it comes to organising your finances. It might sound boring, and tedious to do every month, but it’s a vital step if you truly want to keep track of your finances and what you have to spend your money on – Besides, with a little knowledge of Microsoft Excel, or even an app for your phone (You Need A Budget, GoodBudget,) budgeting can be made into a much quicker, easier process.
Make savings a fixed outgoing.
Listing ‘savings’ in your budget as a fixed outgoing will help you ensure that you’re putting away money each month into your savings or for emergencies. Sometimes it can take a little self-control no to spend your disposable income and save it, but having a fixed amount as an outgoing can help you keep on top of not only what you’re spending, but what you’re saving too.
Keep a good credit score
Granted, this isn’t always the easiest task, especially if you’re already in financial trouble, but keeping a good credit score will give you a better chance at getting a mortgage or a loan when the time comes. Your credit score can even mean the difference between being accepted or not for monthly payments on a phone, or credit on large appliances at some stores.
Be organized with paperwork
Keeping your paperwork organised will not only keep you on track for what you’re in and outgoings are, but will also mean you can quickly and efficiently find any paperwork you might need in the case of an emergency. Searching panicked for your last bill or bank statement is never a fun task, so keeping everything organised will make it easier to find, and easier to organise your budget too.
Just like with budgeting, there are plenty of technological options for helping you keep track of your finances, and to keep them organising. From something as simple as a budgeting app, to using mobile banking to keep a closer, more frequent eye on your account, technology has made managing your money so much easier. It can even help you save money. Using messaging apps that work over WiFi can save you on minutes and texts, using store apps and loyalty cards on your phone can get you rewards and savings at some of your frequently visited stores and online ordering can save you money on items that might otherwise be more expensive in store.
Live on less than you earn
It might seem like an obvious choice, but budgeting for less money than you actually have can keep you in control of your finances and stop you from going over what you can afford. Having a buffer each month will not only save you from overspending money that you don’t otherwise have, but it can also help you when it comes to putting away savings for emergencies, or even for that holiday you’ve been dying to go on.