Probably, many times you find it difficult to reach certain financial goals or stay afloat at the end of the fortnight. No, not only that! Sometimes you even end up without a peso and, even worse, in debt.
These kinds of situations, which shake your economy, happen without you even realizing it and by the time you’re aware of it you’re up to your neck.
Why does it happen? You see…this is because many times you don’t know how to manage your personal finances. Don’t panic! It’s just a matter of getting your act together and starting to take control, so that your economy isn’t so scuffed.
Having a healthy pocket can help you in times of crisis or to achieve some goal, we give you 6 tips to learn how to manage your finances.
Leave the bad habits
The first thing you need to know to take control of your finances is that you probably have bad financial habits; that is, those bad practices with your expenses that instead of making you win, leave you the same as always.
To begin taking control of your personal finances, you must first identify those bad habits that you have and that, without realizing it, affect you financially. Some of them are:
- Don’t save: I know! How can you not enjoy the money that it costs you so much to earn? It is not a question of depriving yourself of everything, rather, of controlling expenses a little and devoting a percentage of your salary to saving.
Something that usually happens with this bad practice is that you postpone, because it seems more appropriate to buy that nice cell phone now and save the next fortnight, until you realize that you fell into a vicious circle.
- Using very large credits: This is another reason why you can drown your personal finances. This happens when you let yourself be carried away by emotion regardless of your ability to pay.
Before you jump at the chance to ask for credit, it’s best to consider how much you’re willing to pay off your debts before you buy one, but above all, what your ability to pay is.
This will help you not to get carried away by your stomach. In the end, your pocket will thank you for it. You’ll see!
- Don’t invest: Making money grow by investing a little of your income is something you’re probably not used to putting into practice because you don’t know what or how. However, investing some of your money can be very beneficial.
A great form of investment can be to pay for some training or learn a new language.
Think that this way, instead of just letting the money fade away, you can have rewards, such as: getting a better job or a better job.
- Not having a budget: This can even affect the family economy. When we buy more than our wallet can cover a month, it seems easy to buy now and pay later, you borrow or trust and end up with ant debts.
It is important to take into account your budget, this way it will be easier to control your expenses and not fall into temptation.
Making financial decisions is a great responsibility, as well as the right of everyone.
Asesórate yourself if you are going to ask for a credit
In Mexico we have the idea that talking about money is bad or little education, but asking for help will never be the wrong idea.
Having the point of view of someone who knows about personal finances will help you get a bigger picture about managing your money.
Managing credit well is part of having good financial control. Knowing which one is right for you, when to use it, and how to use it is best. This will help you avoid getting into debt.
Use the credits in your favor and apply for them only when it is really necessary. Control your expenses and generate a good credit history.
Credits can be like Superman when we’re in real trouble, so don’t miss your call for help with something you don’t need.
Make your mattress
Even if it sounds repetitive, that must be one of your goals. Having a guardian helps you take advantage of situations that you can’t control, such as illness, dismissal, or even if your cousin chose you as her best man. Think anything can happen!
There is nothing more important than to be calm when we talk about money, having a mattress will help you not to be under a cloud of stress when you lack resources. Better be prepared!
Open a savings account
Get into technology and find out online which financial institution best suits your needs and what each one has to offer. Compare them and open a savings account.
Having a savings account will allow you to have more control over your expenses and … you know what, you will almost automatically avoid spending your spare coins on a candy or your cigarette in the afternoon, the pennies will be added without you noticing.
Pays the debts
Surely you have accumulated debts, which without realizing it are growing like a snowball.
You start with the lady who sells candy outside the building where you work, then with the catalog of the office partner and department stores.
It’s not that having debts is the worst thing in the world, sometimes they’re necessary, the bad thing is not taking care of them, so you have to pay them.
Think that every time you go into debt people put their trust in you and if you fail with the payments, then you will generate mistrust.
It is also important that you value when it is important to get into debt and how much you can pay off your debts. You will also learn to be more responsible with your credits.
Learn how to manage your money
Starting to take control of your personal finances may seem as difficult as learning Mandarin Chinese, but it’s easier than cooking rice well. The first step is to inform yourself.
You don’t need an economist’s degree to learn how to manage your money well, just approach those who know the subject and they will advise you.
Whether online or in person, there are institutions that offer personal finance courses, where you can learn to take control of your money, some of them are:
The most important thing is to stay informed so you can make better decisions before you get carried away by emotions when you’re in front of a sideboard.
It’s not about taking it to the extreme and depriving yourself of everything, it’s about having a balance between what goes into your pocket and what comes out of it, as well as being aware of difficult situations that arise.
Put aside stress and hopelessness and better start taking control of your personal finances, start with small changes and share information.