“Money is hard to earn and easy to lose. Guard yours with care.” – Brian Tracy
Before I begin, I wish all my readers a Happy New Year.
“Money management”! These two words may look simple, but are equally difficult to handle.
I know it seems a bit boring to talk about money management at the beginning of the year. But, the truth is, you can’t ignore it. It’s the key element for a good, strong and golden financial future.
Are you super rich? And, do you think that money will solve all your financial difficulties? If so, then I’m afraid it won’t happen the way you want.
Always remember, for a stable financial future money management is the primary step. A not so rich person can also build a strong financial base for himself/herself with proper money management.
“We learn from failure, not from success!” – Abraham “Bram” Stoker
So, try to learn from your past mistakes and make sure that you don’t repeat those mistakes again.
Let your money breathe with these tips and tricks
How are you planning to boost your dollars in 2016? Do you have any special plans? If not, then have a look below at the money management tips and tricks to help you manage your finances better:
# Get ready to hit the bull’s eye
Without a proper stratagem, your monetary goals are nothing but an air castle. Have you made any financial goals for 2016? If not, then try to identify your financial goals first and make plans to achieve them. With a strong financial planning, you’ll be able to hit your financial target correctly.
Jotting down your goals will help you make better spending plans. Note down your short-term, medium-term, and long-term goals and make financial plans accordingly. This’ll help you to manage your dollars better.
# Cook up your budget
“Budgeting” is the key ingredient in making an appetizing financial platter. It’s the first stepping stone of any money management plans. A proper budget can turn your savings into one of your expenses. Are you facing difficulty in making a budget? If so, then use budgeting apps like Mint, Digit, Acorns, PearBudget, Level Money, BillGuard, Dollarbird, and so on to make a steady budget.
# Nurture your savings plant
To make your money grow, water the savings plant at regular intervals. In other words, start saving money early or have a savings plan for a secure financial future. Take baby steps and make a habit of saving regularly. This’ll help you build up your wealth.
# Know your money’s footsteps
Keep a track of your expenses for better money management. Write down your monthly income and expenses like rent, mortgage, car insurance, groceries, bills, etc. Compare them and calculate the areas where you are spending more. If you know your money’s whereabouts, then you can filter your spendings better.
# Save for your wrinkled years
One of the crucial steps in better money management is to save for retirement. “More than half of the respondents to the Fed’s survey indicated they had no 401(k), 403(b), or similar defined contribution plan.” This indicates that most of the people don’t save for their retirement years. Try to save early so that you have enough money to support your old age. This year, make it a point to save for your retirement so that you don’t become a burden on your kids.
# Get financially prepared to stand the test of time
“Sixty percent have less than $25,000 saved for retirement.” What will you do if you suddenly lose your job? How will you support your family financially? Do you have an emergency fund to support your dark days? If not, then you must build an emergency fund first to help you cope up any emergencies.
# Tie the knot with investment
Investment is the best option to grow your money. Invest in proper places to get good returns. Educate yourself about investment options, keep track of the investment market, and know about the regular market updates before investing your hard earned money.
# Debts, debts nowhere!
Eliminate your debts first so that you can make a better financial beginning. Your outstanding balances won’t give you financial freedom. Try to handle small debts first to manage money better. Make an attempt to become debt-free this year.
Make wise money decisions this year and think twice before you make any money moves.
“Beware of little expenses; a small leak will sink a great ship” – Benjamin Franklin
So, how will you handle your money in 2016? Share your thoughts with me.