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Best Way To Manage Personal Finances – If you’re anything like me, the past few years have taught you that a solid money management plan is just as important as brushing your teeth (and if your dentist asks, yes, you absolutely floss every day). Think about it: You can’t even go to the grocery store without seeing the impact of inflation on your favorite cereal. Not only that, but the bills are piling up and most of our paychecks are, well. . . remain the same.
If that stack of bills on the counter has kept you up more nights than you can count, it’s time to talk about money management: what it is, how to manage your money well and what to avoid. Let’s jump, people.
Best Way To Manage Personal Finances
Money management is the process of managing your money through budgeting, tracking your expenses, paying your bills, saving and investing for the future.
Keys To Successfully Managing Personal Finances
Maybe you’ve zoned out just like you did in Personal Finance 101. But now, it’s time to take it seriously. See, the key difference between living in your mom’s basement after college and owning your own place comes down to managing your money—successfully.
With 78% of Americans living paycheck to paycheck, it’s fair to say that we could all use some money management tips to help us get back on track.1 So, what do you think we can do to reduce financial stress? lose and trade it for financial peace?
Let’s break down each of these money management principles one by one so you can start managing your money like a pro.
If you want to get serious about managing your money, you need to know what you’re doing. It’s time to take inventory, folks! Get rid of every unpaid bill, every recurring monthly (or quarterly or yearly) bill, all your debts, credit cards, car loans. . . everything. Leave no bill unturned. You want to know exactly what you are paying for every single month
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Taking inventory will help you get a better handle on where your hard earned money is going. It will also show you how much debt you have, how much income you have coming in, and what expenses you have (including things like subscription plans you never use).
If you don’t make a budget, you’re basically just winging it every month, just hoping there’s enough money to keep the lights on and food on the table. Believe me, it doesn’t take long!
Listen: A budget puts you in the driver’s seat of your money. A budget lets you—not the government, the credit card companies, or even your mother-in-law—decide how to spend your hard-earned money.
It’s time to come up with a zero-based budget. What is a zero-based budget, you ask? It is where your income minus expenses equals zero. (That doesn’t mean you have zero in the bank. It just means you’ve given every dollar something to do…Whether that’s giving, saving, or spending!) And if you’re not on a budget, don’t be worries There’s an app for that – it’s called EveryDollar. Download it for free, plug in your numbers, and track your spending as you go. And speaking of tracking. . .
Top Tips On How To Manage Your Money Better
When it comes to the budget, sitting down and making the actual budget is only step one. Step two is called a little something
. Believe it or not, tracking your expenses is just as important as budgeting. If you just crunch some numbers but never track what you spend throughout the month, how do you know if you’re staying on track? You won’t. Don’t let your overdrawn bank account be the only reason you know you broke the budget.
If you’re the pen-and-paper type of budgeter, tracking looks more like going through all of your receipts one by one as you record what you’ve spent in each budget category. If that’s you, more power to you. But as a modern millennial man, I hardly own a pen – let alone paper. So, I stick to EveryDollar, which makes tracking even easier. Just add your expenses as you spend, or upgrade to the premium version for a seamless tracking experience that syncs with your bank account. Then you just have to drag and drop. Bomb. Tracking done.
To achieve your financial goals—whether it’s getting out of debt, saving for emergencies, investing for retirement, or all of the above—you need a plan with a clear path to success. Good news: I have just the money management plan for you – Dave Ramsey’s 7 Baby Steps.
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The Baby Steps have helped thousands of people get their way out of debt and onto a path to building wealth (myself included). No matter where you are on your financial journey, this plan
Progress. Plus, if you follow the baby steps in order, you won’t fall back into debt because you’ll have your priorities in order.
, you are right. Personal finance is 80% behavior and only 20% head knowledge. Some of the worst truths are easy to learn but hard to do. But if you have the right tools and the right plan, you’ll stay motivated to finish strong.
You may have heard of an emergency fund. Some people call it a rainy day fund, a disaster fund, or my personal favorite: an oopsie-daisy fund. But whatever you call it, it’s crazy important to have one.
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An emergency fund turns life’s big emergencies into minor inconveniences. If you are in debt, start with an emergency fund of $1,000 (Baby Step 1). Over time, you will increase your emergency fund to cover 3-6 months of expenses (Baby Step 3). But before you do that, you need to tackle the biggest threat to your money management toolbox: debt.
Guilt is stupid. There I said it. And I say it again and again as many times as I have to. Debt. Ass. Stupid. Decide now that you will never use debt to manage your money again. Then get it out of your life once and for all (and make sure it never comes back). you may wonder
But how do I kick guilt out of my life forever, George? You will always have some debt
Allow me to introduce you to my frosty friend, the debt snowball method. Here’s how it works: You list your debts from smallest to largest (don’t worry about interest). Then pay minimum payments on everything except the smallest. You will throw all your extra cash from side hustles and garage sales at that debt until it is paid off. Then you roll what you paid into the payment on your next smallest debt. Continue until you are completely debt free. Then come to Franklin, Tennessee for your guilt-free scream!
What Is Personal Finance? A Guide To Better Managing Your Money
Want to accelerate your debt snowball and fill your emergency fund even faster? You have three options: increase your income, reduce some expenses or do both for extra credit! Whichever one you do, it feels like you’re getting a raise.
There are a million ideas on how to increase your income and create margin with your money (to pay off debt faster): Have a garage sale. Deliver pizzas on nights and weekends. Cancel that gym membership you signed up for in January but never used. Deliver groceries with InstaCart or Shipt. Cancel subscriptions you don’t use. Start a side hustle. I could go on. . . There are many ways to lower your budget. All it takes is focus, hard work and the drive to up your money management game. I believe in you!
Did I really just say that? Safely done. Okay, I’m not telling you to stop paying your bills. I’m just telling you to stop at the extras. As I said earlier, one way to increase your income is to reduce expenses. But another way to reduce is to cut the extra expenses. You know, the nickel-and-diming that we all do on a daily basis.
Trade the fancy $6 latte for a homemade cup of coffee. Instead of grabbing these fun gadgets at the Target Dollar Spot, avoid that area of the store entirely (pretend part of the floor is lava, if it helps). And instead of eating at restaurants when you don’t feel like cooking, start preparing your meals. That’s an easy way to save $30 just like that!
How To Manage Personal Finances And Save Money
It will be hard at first, but once you train your brain to stop at the drop of a hat, your wallet and budget will see a big difference. And when you see the margin and progress, it becomes addictive, and you get more and more creative with other ways to sacrifice and save.
While most people say that investing for the future is one of their top financial goals, the truth is, we have some to do. A research study by Ramsey Solutions found that about 4 in 10 Americans (42%) are not currently saving for retirement, and over half (56%) of Americans feel behind on their retirement savings goals.2 Yikes. We have to do better, America!
No matter how much or how little you have
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