5 Helpful Tips for Better Money Management

April 16, 2019
better money management

Are you digging through the couch cushions searching for loose change? Maybe your wallet’s just been feeling a little light.

You’re not alone. According to this Old Mutual Savings report, most South Africans aren’t confident about making financial decisions. 

Don’t fall behind with the rest! Take control of your finances and start putting money back in the bank.

Here are five helpful tips for better money management!

1. Make a Budget

Start by making a monthly budget. Include how much you want to spend and save each month.

That way, you have a goal to aim for. Goals keep us focused and moving forward.

As you set your budget, take a look at how much money is going into your account. Then, determine how much is going out — and where it’s going. 

It’s easier to decide how much to spend, and what to spend your money on, when you already have data to work with.

Don’t forget; budgeting is a habit. Recognize that this is how to gain financial freedom and check your budget every month. That way, you can recognize where you’re overspending and underspending to make changes.

2. Track Your Spending

Once you set a broader budget, it helps to break that information down into categories for each expense.

Designate a budget to food, transportation, housing expenses, and entertainment. Then, determine your priorities. 

It’s easier to recognize how much you’re spending each week when you can see it. Set a weekly allowance for yourself. Then, only use cash.

That way, you can see how much is left in your wallet at the end of the week. Be sure to keep your receipts to track where, when, and how much you’re spending. 

3. Start an Emergency Fund

According to SA government statistics, South Africans borrow more than they save. How much do you have saved in the case of an emergency?

You can start saving and beat this statistic by dedicating a percentage of each paycheck to a rainy day fund. Even if it’s a small percentage, that nest egg will grow over time.

That way you can prepare for any emergency.

Need that emergency fund a little sooner? Here’s everything you need to know to apply for a payday loan.

4. Cut Back Costs

Once you recognize where you’re spending, start cutting back.

Take a look at your subscriptions and decide what you can cut. You can also focus on paying off your debts to remove those monthly costs sooner.

With better money management, you can keep frivolous costs from eating away at your bank account. 

5. Find Ways to Save

Find ways to save what’s in your wallet each week. Try:

  • Cutting coupons
  • Shopping at a savings store
  • Putting timers on your lights
  • Buying groceries at BOGO or sales prices

Shopping smart is one of the easiest ways to better your life and save.

Get Money in the Bank with Better Money Management

With these five financial life tips, you can finally take control of your finances. Cash in on these better money management tips and discover new ways to better your life!

We’re here to help you out. Get a payday loan with us today!