Are the last days of the month scarce? Can’t you keep track of where your pay is gone? Then it’s time to learn some basic tricks to keep your finances under control in difficult situations.
In order to get better financially, you have to try basically three things:
increase your earnings
invest your money!
With this, we probably did not say a new one, but the important question is how to solve it, even with low earnings. The good news is that you can achieve significant results in as little as one or two years if you pay attention to the following.
Always write what you spent on!
Transparency is the first and most important step in conscious financial planning. It is best to write down your fixed expenses at the beginning of the month (overhead, credit repayments, transport, meals, etc.), and you relate your additional costs to this. That way, you have a much smaller chance of being overexploited and stuck at the end of the month.
Regularity is the key to administration: so you will definitely see what you spend more than you should, since all the data is in front of you. In order to see these things, free apps are also here: Koin, Money Lover or Money Manager. You can also create personalized statistics about your current financial situation. If this is not an option, there is still a good old checkered booklet, the point is to manage your income and expenses.
Be your emergency reserve!
The right emergency reserve starts when you can’t earn money for 3-6 months for whatever reason you need to cover your basic expenses. It is not worthwhile to commit emergency reserves for a long time, because the point is to be able to touch it whenever necessary.
Suppose you need 300,000 forints per month for your livelihood: this means that if you do not have income for three months, you need at least 900,000 for overcoming the period. This amount may seem daunting for the first time, even though it is not impossible to accumulate such an emergency reserve, even if you do not have a high income.
If you are starting to collect now, it is important that you regularly increase your savings by a fixed amount, for example monthly, with up to $ 5,000 or $ 10,000 per month. The easiest way to do this is to set up automatic referrals for a day when there is definitely enough money on your account.
Calculate how much your harmful habits cost!
If we start to run our publications, it will surely show how much we have spent on eg. a cigarette, snack, or a twenty-third sweater that we won’t be picking up. Otherwise, if you want to get rid of one of your costly habits, then you have to do other than spend the money you spend on it, and put it in a savings account at the end of the month.
For example, pension savings cannot be started early enough. You can do this at any stage of your life, regardless of which pension you choose to save.
Give away what you no longer need!
Enough of a lifestyle, and it’s time to get rid of everything that your only reaction to any cleaning is, “it’s going to be good.” These are the long-lasting clothes, the baby toys, or the fourth tableware on the bottom of the cupboard. You can find buyers in social networking sites in no time. If you have a larger sum, add it to your savings.
Although consumer culture encourages you to buy more things, it is not worth losing any marketing catch. Before you go shopping, think more about what is needed in the household and write it on a piece of paper. This may not only be important for weekly shopping, but also for clothing or home improvement. If you stick to the list, you can anticipate your spending, and the purchase will be much faster and more targeted.
Don’t fall into any action!
The more productive the product, the easier it is to persuade us to buy, because we feel we are doing a good fair. Despite the appearances, this is not necessarily the case. For a larger deal, the shops bring greater discounts to the original price before the discount. So it’s not a good deal to buy, right?
Whatever good action you see, the first question you need to answer is whether you really need the product. This will prevent you from stacking up products that no one uses, and later you will be destined to throw it out. If you decide to buy it, compare prices with an independent search engine before buying, so you will definitely know where to find the best deal.
You can also do the same with credits: with a personal loan calculator you can see which offers are the most favorable on the market with a few clicks.