We’ve all been there, right? The most stressful part about managing your money doesn’t have to be whether you have enough to buy groceries, or pay your rent – it’s simply not knowing exactly how much you’ve got, and not knowing where it’s all going. Everyone recognizes that sinking feeling when you check your bank balance and it’s much lower than you expect. Or perhaps there are transactions on your account and you can’t remember what they were for. You might even forget about certain debts or bills, and get a nasty shock when they come out. Feeling on top of your finances is one of the best ways to improve your mental health and help you feel on top of life itself. It’s not about having millions saved in the bank; it’s about managing what you do have, living within your means, and always feeling in control.
Keep a Record
It might feel like a hassle, but keeping a record of your transactions is one of the best ways to achieve financial peace of mind. Often, the information contained in your bank statement simply isn’t enough to identify payments, and it can be hard to keep track as money might leave your account several days after you have ‘made the payment’. This can lead to false balances, and it makes it hard to keep on top of your accounts. To combat this, use your phone or even a physical notebook and jot down a quick note every time you withdraw or save money. Hot tip, it helps to use a colored pen and a fun jotter, making it a fun little record, rather than a drag! With a little quick maths (or the calculator on your phone) you’ll have an instant up-to-date record of exactly how much you have left to spend.
Check Your Debts
Everyone has debts, right. They feel like an inescapable part of modern life. Now, most people accept their debts unquestioningly. However much comes out of your account each month, you’ve resigned yourself to losing that much money into the void of different banks, organizations, even individuals. However, it doesn’t necessarily have to be this way. It might seem incomprehensible, but there are ways to achieve complete freedom from your debts – all it takes is a little effort. Many debt agreements have time limits or legal requirements, and with a bit of research, you could well find that you are no longer liable for debts you assumed were inescapable. Debt counselling is another great way to go through your debts to see what the best resolution is for your situation. It’s always worth challenging organizations and holding them to account, and the rewards can be great.
Make a Budget
It might sound boring, the kind of thing your parents always told you to do, but guess what? Your parents were right! Making a budget and sticking to it is a key way of managing your money and staying in control. It doesn’t have to take a lot of effort, either. There are loads of amazing apps out on the market, that will create budgets based on your current spending, track your outgoings, and warn you if you’re about to go over. With a handy advisor like this just sitting in your pocket, you’ll always feel on top of your finances.