How to Manage Money If You’re Not Good With Money
Lots of people believe that they’re not good with money, but money management is a skill you can learn. It will take time and effort, but you will be able to organize your spending with the right guidance.
If you want to get started on your journey to better financial health, then this blog is the perfect place to start. It contains lots of little tips that you can start actioning today. Don’t worry if you feel a bit overwhelmed, take the following advice one step at a time and build from there.
Open Multiple Bank Accounts
While it might seem like having more than one bank account will make it even harder to manage your spending, it can have the opposite effect. It’s easy to lose track of what money you actually have to spend if your income is all in one account. Separate your money into different pots for things like paying your bills, everyday spending, savings, and occasional treats. This will give you much better visibility over what you have. Before you decide which bank account providers you’re going to be using, check out a chime review to learn more about their services.
Speak to a Financial Advisor
If you have debts or are in a really tight situation, speaking to a financial advisor can help you to get back on track. They can help you to figure out a plan for your future and push you in the right direction when it comes to savings goals. You might only need a couple of meetings before you feel confident enough to go off and implement changes on your own. If you don’t want to go straight for a financial advisor, speak to your bank about any recommendations they have for you.
Track Your Spending
Lots of people feel like their spending is out of control or struggle to identify where all their cash is going during the month. Make sure you understand how you’re spending your income by keeping a record of every transaction you make. If you want to save more money, this will help you to identify where you can cut back. You’ll probably be surprised at how much eating out and buying coffees can amount to. Sometimes this reality check is enough to kickstart you into better financial habits.
Avoid Using Credit Cards
If you have a history of debt or are prone to reckless spending, avoid using your credit card on a regular basis. Depending on the limit you have, this can quickly lead to you spiraling out of control. Try to save up an emergency fund that you can dip into when you have an unexpected expense rather than relying on credit from the bank. While it’s smart to use a credit card occasionally to boost your credit score, make sure you pay it off straight away.
Taking control of your finances doesn’t happen overnight, but you can get started by clicking here and learning more about what Chime has to offer.
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