It’s not always easy to achieve living the quality of life that you envision, especially when you are living hand to mouth. Fortunately, it is still possible to manage your income in a sustainable manner although this often demands a few lifestyle adjustments.
Here are five ways to manage your personal finances in order to achieve financial wellness.
Formulate an Easy-to-Use Budget
If you don’t have a budget, it’s time to make one. A budget gives a guide as to how to manage what is coming in and how to see how much is going out. As a general rule you always want to see that your money goes toward the most necessary expenses first. Afterwards, there is no set way to create your budget so find a way that works for you and lines up with what you want to achieve. Stick to your plan and remain accountable where possible.
We can't say this enough- Remember There Is Food At Home!
Buying something to eat on your way to or from work can seem so convenient. However, it increases your costs often without you even realising it. Overtime 10 coffees or 10 burgers can be the difference between you paying for your mobile bill or not. When you prepare food at home, you can make healthier choices which are also financially friendly.
Review Your Finances Regularly
How often do you check your bank statements, file your receipts or record how much you are spending from your mobile money platforms. It’s crucial to keep an eye on your finances. This way, you can make sure you don’t miss anything. The more you consider your spending patterns the less likely you are to indulge in unnecessary transactions. Weekly or monthly reviews are a great way to get your finances under control.
Use Systems to Prioritise
Before you swipe your card or make use of your mobile money it’s essential to think about your priorities overall. By investing in a computer programme, mobile application like Mint or a dedicated journal you can begin to responsibly prioritise your spending. A budget and a financial plan can help you outline how you will use your money.
Achieving financial wellness does not happen overnight, rather it is a series of small adjustments you make over time. The key is to get started!
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