How To Get Better At Managing Money And Take Back Control Of Your Life

If you’re constantly finding that, as fast as money comes into your life, it goes straight back out again, and you have nothing to show for it, you have no savings, or you can’t seem to stop overspending or getting things on credit, then it may be time to take a look at how you manage money.

Here’s the thing: not being great at managing money isn’t something to be ashamed of, despite how some people will make you feel about it.

Money management skills aren’t taught in schools, and the majority of the time, we’re only modeling what we’ve been shown as kids from our parents, and then left to figure out the rest on our own.

The good news is, there is so much information, resources, and even full-on training that can help us to get better at managing our money, learning to create healthy money habits, and actually stop living month to month.

Financial coaching services are one way to go when looking to improve your money management skills, but there are also other ways that you can easily do on your own at home.

The important thing to remember, is: things won’t improve massively overnight, but sticking to the plan you’ve set for yourself is the key to success. So, don’t give up before giving it a good shot, and make sure you get disciplined with yourself.

Here are some simple things you can start implementing today to start improving your money management skills, and take back the control.

TRACK EVERYTHING:

Even if this is all you ever do from here on out, I assure you, that if you stick with it, you will get some real insights into how you manage your money, and quickly see where improvements need to be made. This task alone will dramatically improve things for you if you keep at it.

All you need for this is a spreadsheet or even a physical notebook. On whatever you’re using, create two columns: one for money in, one for money out. You basically want to see how much money you receive daily, and then how much you let go daily. Track everything you can, right down to even the smallest things, such as finding a penny on the street.

This task will help increase the sense of financial abundance in your life, but will also show you where you’re needing to cut back. Try it for the next 30 days to see what a difference it makes.

SET AUTOMATIC PAYMENTS:

If you find that you can’t seem to keep your money for long after getting paid, and have to go through the month wondering where your money went, then you should consider setting up automatic payments and direct debits, not just for your bills and essentials that need to be paid, but also have automatic payments set up for a savings account, and for money that you can spend on yourself or for fun things.

ONLY GET CREDIT YOU CAN AFFORD:

Credit can be a great thing when you need it, but if you can’t afford it, then it cause a lot of financial problems for you, so also make sure you actually take credit that you’ve factored into your budget somehow, so that you can make your repayments comfortably and not risk damage to your credit score, but also so that you have enough left over to live on after making the repayments.