10 tips to help you get control of your money
Published by: LifeWorks,
If you feel like you might be overspending, you may need to have an honest check-in with yourself about your financial habits. Here are ten tips that can help you get control of your bank account:
Make a personal budget and stick to it. Track your spending for two weeks minimum to find out your true expenses. Use a notebook or a money-management app to track your daily and weekly spending, like food and transportation, as well as less frequent expenses, like taxes.
Think about your financial goals. Do you want to buy a home? Pay down debt? Save for a trip? Identify your top short- and long-term financial goals and create a realistic plan to reach them.
Look for ways to overcome bad financial habits. Do you buy yourself treats when you’re feeling bad or spend money to reward yourself? If you don’t know how to overcome these habits on your own, seek support groups or counselling for help.
Cut back to no more than three major credit cards. Cancel accounts that don’t offer competitive interest rates or that offer perks you don’t need. Better yet, operate on a cash-only basis. Buy only what you can pay for with a debit card.
Call your credit card companies and ask for a lower interest rate. Many companies will lower rates to keep your business.
Pay your credit card bills on time. Try to pay more than the minimum required to lower your debt faster.
Shop around for the best TV, internet, and phone rates. Call and ask if current providers can give you lower rates.
Cut back on how often you eat out. Bringing your lunch to work or brewing coffee at home rather than buying it on the go can quickly add up to big savings over a month.
Avoid impulse buys. For an item you “must have,” wait 24 hours before buying it. You may find that you don’t really have to have it after all. Find other activities that you enjoy, and avoid shopping as a form of entertainment.
Talk openly about finances with your family. Together you can come up with ideas together to reduce expenses and increase savings, helping you meet your financial goals.
If you’re a LifeWorks user, more money-saving tips are available to. Connect on the LifeWorks mobile app or use your username and password on login.lifeworks.com. There you can search for “budgeting” for articles, podcasts, and other resources.