Are you the manager of the money in your household? If so – excellent – this post is just for you! I love being the money manager at home – I like to know my bills are paid, I like to know there is money in the bank when I need it, and I like to know whether or not we can afford things as they come up. There is a certain ‘power trip’ about it. I think it’s very important for women in particular to know how to manager money correctly! Here are some simple tips – all easy – mostly common sense! But it will set you up to manage your money wisely – and will save you money in the long run.
Tip 1: Pay your bills on time !
Did you know most businesses now will either charge you interest or a late fee if you are so much as an hour late on your payment? Why pay extra for nothing! Make sure when a bill comes in you make it on a calendar and put the bill where you will see it every day! My bills are on an alligator clip above my kettle – with the nearest due right on top – that way – I never miss a due date!
Tip 2: Stop Spending Money on Things You Don’t Need!
So your paying your bills on time and sticking to a budget – you don’t need to keep adding to the situation! Before purchasing something new – decide if you REALLY NEED it – can you wait or get it second hand. Getting into further debt is not going to help the matter – so really think about your hard earned money before you hand it over.
Tip 3: Think Outside the Square
So you have allocated $50 to this weeks shopping – and that figure does not allow for the kids fancy yogurt packages. Before you curse and beat yourself up – think outside the square. Can you make some yourself at home? Can you buy a larger tub and distribute it in smaller tubs. Can you wait to see if it comes on sale. There are always alternatives if you take the time to think it through. Work smarter – not harder!
Tip 4: Be Strict on Your Budget
Keep your eye on the prize – if you are budgeting to save up for something special – don’t blow it! Keep yourself in check – stay strong. It’s an empowering feeling seeing that bank balance slowly climb because you have been disciplined. Think of ways to keep yourself on track – I find I like to see a graph table on the fridge – so I can see where my money is going – and that keeps me strong! Know what money is going in – and what is going out!
Tip 5: Live Within your Means
Heard the saying ‘Champagne tastes on a beer budget’. Most of us are like that – it’s only natural. There is nothing wrong with wanting to better ourselves – it’s a great thing – but we should never spend more money than we earn. It’s the key to getting rich the slow way!
Do you have more money managing tips to share with us? I’d love to hear them!