It’s 2016, and you’re staring at your finances like “how did we get here?” Don’t worry, things will get better; you just need to plan. Remember this blog post? To start, you need real plans, real goals and real accountability when managing your finances this year. Here are some tips:
– Create a budget: Sometimes using a pen and paper is just fine, but to make things easier, download Spendee (find out more about it here and download here for Android and here for iOS). You have goals and dreams, share them with your family and loved ones so that you can plan exactly how you will spend money each month.
– Pay off your debt: After you have created your budget, put a number you know you can pay off your debt. If debt isn’t paid, it piles up, and puts you down. Debt has been associated with depression and suicide, so paying a certain amount each month alleviates this.
– Spend less: This may be hard but here are some helpful tips:
1. Use your debit card. If there isn’t money in the account, you can’t spend. This is good discipline.
2. Look for sales. Trust us, it will make a difference. (SME MarketHub has awesome sales. Check them out.)
3. If you get a bonus, put some of it towards your debt, some of it to your savings, some towards investments, and some of it on yourself (you made it to 2016, you deserve it).
– Share your financial goals: Your family and loved ones are there for accountability. Share your financial goals with them and how you’re hoping to get there.
What other financial management tips can you think of?
Are you interested in opening an account with us? You can open your account online using social banking.