How to better manage your money

How to better manage your money

In life, it is not always easy to manage your budget and finances, regardless of your income. Whether you are a student or a young worker, it is something necessary especially when the end of the month is difficult. But that doesn't mean it has to become a real headache. So, how to manage better his money ?

Pocket money is a way to gain a little independence: it is no longer worth to automatically ask your parents to buy certain things you want or need. But you still need to know how to manage it… Here are our tips!

Before you can start saving money every month, you need to have a clear overview of your financial flows. In this article, you will know everything about managing your money. But first, know that it is possible to'invest with little money.

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Let's go !!

???? What is money actually?

The first thing to say about money is that it is a medium of exchange. We give money in return for something. This is also called buying. The second thing to say about money is that it is the way we pay for everything we buy: food from the supermarket, clothes from the store or a haircut from the hairdresser.

To find out how much something costs, there is a price. This indicates how much money something costs. The price of a loaf of bread, for example, is much lower than that of a bicycle. The bicycle therefore costs more than bread. If we don't have enough money to pay the price, we have to save.

The most important type of money is cash. It is the money that we can hold in our hands in the form of coins and bills.

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In some cases we also pay with credit or debit cards, even with our mobile phones. With these we can pay directly with the money we store in the bank. So how do you effectively manage this money?

🌿 Money management tips

When it comes to money management, we are all very different. What matters to one is unimportant to another. That's why some of the tips listed here will speak to you and others won't. It is also useful and motivating to discuss tips and tricks for better money management with friends.

In this module we give you a list of 10 practical tips for your personal finances.

✔️ #1. Plan your expenses for the month

A cinema scheduled for the 14th, his best friend's birthday on the 23rd... It is possible to plan certain expenses from the beginning of the month! The calculations allow you to know how much money is left, so you can have fun with the rest, without any stress!

In the same way, your monthly budget will allow you to keep your accounts well and achieve your goals, even if it concerns your daily personal life! I will explain to you more simply what are the advantages of establishing your monthly budget each month:

  • The assurance of paying all your bills each month ;
  • The opportunity to say goodbye to bank overdraft, whom you know only too well;
  • The pleasure of become more organized and to observe your progress regularly;
  • The freedom of no longer scrutinize your bank account on your mobile application to check where you are;
  • Possibility of you give small pleasures or to put some money aside warmly in your savings;

The chance to be able carry out your investment projects (buy the house or car of your dreams, repay your loans, go on vacation to the other side of the world, ensure the future of your children, etc.)

There's no bad time to start planning your monthly budget. In general, we find it useful to do our calculations at pivotal times of the year such as September with the start of the school year or January to prepare well for the new year.

♥️ #2. Don't take all your money on yourself

Although it's always nice to see your wallet full, it's better to leave your savings at home and only take what you need! In all honesty, this is what I myself usually do. This will help you avoid losing them or having them stolen. Furthermore, this way of doing things saves you unnecessary expenses.

We advise you to always have your money in two different places. The first with small denominations, to pay for drinks, restaurants and taxis, and the other for the most important expenses.

This avoids taking out a large wad of notes at any time, and thus attracting the attention of pickpockets. Likewise, we advise you to take one of your credit cards with you and leave the other at the hotel or office for example.

You can also get before leaving a money-hiding belt or perhaps more effective, a belly pocket that you can put under your shirt (but also around the thigh or in the back).

Another solution is to have a small invisible pocket sewn inside your pants, sweater, etc. Generally speaking, don't put all your money in one place, but distribute it among your affairs as you see fit.

✔️ #3. Set yourself reasonable financial goals

It is easy to indulge in spending your money as you wish, at the time: sweets at the bakery on a Monday, a new application on your smartphone on Wednesday...

Defining your dreams for the future is the best way to take control of your financial life. Having clear goals will give you a long-term view of your finances while allowing you to measure your progress and achieve (finally!) the financial success you so deserve.

To successfully save money sustainably, you need to know exactly why you want to save money. Your savings objective may be related to the purchase of a future home, the launch of an activity on your account, preparing a trip around the world, financing your emergency funds, etc.

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No matter why you want to save money, it is essential to have identified them in order to be effective. Then, once these goals are defined, you will need to determine how much money you will need to achieve each objective.

You should be as precise as possible to avoid unpleasant surprises. So do some research on your purchase in order to know how much you should set aside for be able to get started.

✔️ #5. Record your expenses and keep proof of payments!

Keeping track of your expenses allows you to see how you use your money. Yes, at the end of the month, it's sometimes a surprise: we don't understand why we have nothing left. Even small expenses, when they add up, can become a large sum...

This elementary rule is frequently forgotten. However, by keeping your receipts and bank card receipts and carefully filling out your check stubs, you can always verify that no amount has been wrongly billed to you.

If you have any doubts or can't remember an expense listed on your account statement, you should find it among these documents. Otherwise, you can contest this expense by being sure of yourself.

Finally, by keeping these documents, you are more easily aware expenses that you have already made, which will allow you to know a priori whether you can afford a purchase or not.

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✔️ #6. Set a spending limit per week

You want a good method to save money quickly. Setting a limit per week ensures that you don't find yourself having spent all your pocket money in the middle of the month!

manage your money

Set a spending limit on your credit or debit cards. This will prevent you from overspending and encourage you to assess your daily purchases in advance. Many banks offer this service.

For example, you can set daily spending limits and choose whether or not to allow ATM withdrawals in seconds from your app.

✔️ #7. Open a bank account

By having a bank account, you can easily track your expenses from a computer or a phone! As soon as we need, we take a look to find out where we are. And what's more, opening an account is super simple.

In order to save money quickly, you will need to separate the money you use for your daily needs from the money you intend to save. To do this, it is necessary to open a dedicated savings account.

Thus, you minimize the risk of dipping into your savings funds to cover your daily expenses. This will encourage you to follow your daily budget while keeping your savings safe.

✔️ #8. Set aside an amount at the start of each month

This technique may seem simple, and yet it is rarely applied, while it can really bear fruit! The principle ? Set an amount not to spend each month: we shelter her, and some time later we have a large sum of which we are proud and with which we can have fun! The hardest part is not finding false excuses at the start of each month for not doing it…

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Putting money aside every month is the solution that ensures you build up savings and be able to deal with the unexpected when the time comes. It is possible to place these amounts saved in a passbook or savings accounts.

While remaining available at any time, the money paid into this medium earns interest which gradually adds to the initial capital. The ideal is to put Savings every beginning of the month.

Even if he doesn't it's only small amounts, put together, this can allow, after a few years, to benefit from capital and assets that are very useful for starting out in life. You have to set goals to achieve, step by step, to see concrete and rapid results.

♠️ #9. Save on your rent

Saving on rent is one of the fastest ways to save some money each month. If you live alone, one of the easiest ways to do this is to share.

This will immediately cut your rent in half, and if you choose to live with two roommates, you'll pay about a third of your current rent. So, if you are currently paying €1300 per month for a three-room apartment and you find a roommate, you will save 650 € per month.

If you already live in a shared apartment, you can move into a smaller room. Rents are generally calculated based on the room that is to be rented. This means you can make significant savings every month. In addition, it would encourage you to resell some of your furniture, and allow you to earn some money.

Of course, the ways to reduce your rent depend on your household configuration, your needs and where you live…

✔️#10. To please yourself

And finally with the money well deserved and saved, have fun! Having good control of your budget also means allowing yourself a few deviations from time to time.

We cannot spend our time tightening our belts, without leaving room for relaxation and leisure. The objective is to plan and control these expenses by devoting a small part of your monthly budget to them. This allows you to have fun without feeling guilty or bitterly regretting it only a few minutes after having made this expense.

But before you leave, here is how to get out of debt?

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