5 Tips for Better Money Management
School’s supposed to be the place that prepares you for life, so it’s surprising that few of us leave without a rudimentary understanding of personal finance and how to manage it. For example, once you’re 18 you can apply for a credit card, but do you really know the ins and outs of using one? There is also a huge range of bank accounts to choose from, but knowing how to pick the best one is complicated. With schools not offering money-management advice, it falls to parents to do this, not always easy!
But you’re also never too old to pick up a few tips on money management and here are our top five.
1. Set a budget
It sounds simple, but it’s surprising how many people fail to work out their monthly income and their monthly expenditure to make sure that the two balance, or preferably, have some cash left over. In fact, it’s never been easier thanks to the many apps that are now available which will do a lot of the hard work for you. From the simplest apps that just track your spending, there are even some that link directly to a bank account to make sure the money’s always in the right place at the right time.
2. Practice makes perfect
You could be thinking about trying your hand at online trading, but before you start investing your own money, whether in shares, currencies, commodities, or any other of the many opportunities available, it’s important to practice using a demo account. This will give you the chance to learn how to carry out all the transactions required as well as teach you the jargon used. Then, when you’re fully versed in the ins and outs, you’ll be in the best position to start for real.
3. Find a bank account for your lifestyle
If you think that all bank accounts are the same, then think again. Choosing the right one can make quite a difference. For example, some banks give you a monthly reward, while others come with a range of extra benefits, usually for a monthly fee. These can include services like travel or mobile phone insurance to discounts at selected retailers. Other accounts also pay interest on your balance even if it’s the one you use for your day-to-day banking — so it’s well worth checking out all the options available.
4. Follow the financial experts
There’s never been so much advice available through so many channels, so using social media to pick up expert tips is a good idea. The sort of advice you’ll get will be wide ranging from investment opportunities to money-saving ideas. The fast-moving world of social media means that they’ll also all be up-to-date.
5. Read all about it
If you’re looking for more in-depth advice or have a more specific topic that you want to learn more about, then there’s a whole library just waiting for you out there. Many of these tips are about how to increase your wealth, even if you don’t turn into an overnight millionaire.
So, it all goes to show that even though money management can be complicated, it doesn’t have to be if you look for sound advice and information in the right places and use all the tools available. And not only will it make you better off, you’ll also feel more in control of your life – and that’s something you can’t really put a price on.
We hope you found the promoted post as informative and entertaining as we did!