![]() And to learn how to make your money work for you requires you to educate yourself about money and personal finance. 7 – They Always Want To Learn Moreįinancial independence and the ability to manage your money well comes over time – it’s not just something you know how to do. PocketSmith is so easy to use and my husband loves how he can see how much we have left in our budget at anytime. I’ve tried so many different apps and this is the only one that I loved. It’s also great for finding and tracking changes in our spending (so we can budget accordingly). It syncs all of our finances, including our loans and assets – which means it shows us our overall wealth. One of my most favorite tools for managing and tracking my money is PocketSmith. Knowing what is coming up, planning ahead and budgeting for it are all habits of people who manage their money well, and it’s something that is so easy for you to start today too. Your finances shouldn’t be a surprise (and anything that is should be covered by your emergency account). Know exactly what expenses are coming up and when and budget for them. 6 – They Plan Aheadįeel like Christmas always ‘sneaks up’ on you even though it’s the same time every single year? Or surprised when you realise your service light is on in your car and not sure how you’re going to pay for the work needing to be done? This means you aren’t mixing your spending money with your bills money and you have money waiting for upcoming expenses. You should never have to worry about paying your bills on time because people who manage their money well automate their finances so they don’t even have to think about it.Ĭreate a bills account, ensure there’s enough money in there and have your bills deducted from this account. – Krystal x 5 – They Automate Their Finances Be sure to check your spam folder if you don’t see it in the next few minutes. You’re in!! The first step in the challenge is already on its way to your inbox. They know that a budget helps them to achieve their goals and they do what they can to make it happen. People who manage their money well have their financial goals built into their budgets – they have money going towards their goals at all times and keep track of how they are going towards achieving their goal. What is it you want to use your money to achieve? Do you want to buy a house? Travel the world? Go on a family vacation? Whatever it is you want to achieve, you need to set your financial goals and create a plan to achieve them. 4 – They Set Financial Goals (And Achieve Them) That’s it.Ĭreating a budget should be a habit that you do each pay cycle – because your financial needs change (birthdays, events, etc) and should only take you a few minutes to do, but will set you up for financial success in the long run. Your budget isn’t mean to be restrictive, it’s meant to help you allocate and manage your money. If you are a foodie who absolutely loves to cook, but you’ve only allowed yourself a budget of $50 a week for groceries when you’d normally spend $150, then you’re setting yourself up to fail.ĭo yourself a favour and create a budget that is realistic for the long term and that serves you. ![]() One of the biggest reasons budgets fail is because they are unrealistic. 3 – They Aren’t Too Strict On Their Budget This is your money – you should know what’s happening with it. It’s not about being ashamed of where your money goes, it’s about being accountable. Having a good understanding of where your money is going is a habit that people who manage their money well have down pat. ![]() Sure, the bills come out and the mortgage gets paid, but how much money are you spending on groceries? And how much did you spend at Starbucks last month? Likewise, they also know what money is going out. Knowing and tracking the money that comes in is a great habit to have. So many people know their yearly income before tax, but they often overlook how much money actually lands in their account – but this is the important figure. Things like your wages are what normally comes to mind, but do you earn interest on any money, do you get any regular payments from anywhere else? And if your wage isn’t set and fluctuates, do you know how much you get as a minimum so you can budget from this? Where do you get your income from? Have you accounted for all sources? The absolute first step of managing your money is understanding how much money is coming in. Your Finance Planner is on it’s way to your inbox right now! Be sure to check your spam folder if it’s not there within a few minutes.
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