3 Quick And Dirty Ways To Take Control Of Your Finances

April 19, 2019 Stu Q

There are many things we can do to destroy our finances. It is quite easy actually. You can overspend on your credit cards or sign up for loans on things you don’t need. Ultimately, however, you taking control of your money should be just as simple, right? Unfortunately this is not always the case. However, there are some simple things you can start doing now to take back control.

1) Weekly or Bi-Weekly Reviews

Yes, as crazy as it might sound, you actually have to monitor your money. If you are like most people, you are going to be spending money every week. Much of the spending will likely happen without you even really thinking about the impact. This is why it is important to take a quick assessment of where you are at the end of the week or every other week. Look through your online statements to see where you are at and to see how you have performed. In most cases this is enlightening and discouraging. You see the bitter facts and spending that you yourself did. Take heart though, use this to learn from.

2) Automate Savings

One of the biggest culprits of never being able to get ahead with your finances is the lack of savings. Whether for emergencies or for some future item, it is important to be active in your savings. Due to the feeling that we can’t afford to save money, we often neglect this part of our finances. However, a simply way to ensure you are saving money is to automate it. You can setup a transfer to another account (preferably another bank) automatically every month. You can even have multiple savings going at once if you are trying to save for something specific rather than retirement.

3) Have a NO SPEND Day

Yes, as silly as it may appear, having a no spend day is important in your finances. Much like when you are working out hard continually, you have to have a rest day. The same is true with your money. If you are always spending money out of your accounts, you don’t have the realization from the impact of your spending. Taking a day to step back and not spend anything will give your brain a break and hopefully allow you to not feel like you have to spend more money.

Ultimately how you manage your money will come down to you. If you are able to take action to stop spending and save more, than you will be better off.