6 Tips To Gain A Better Control Of Your Finances
Struggling with your finances? Finding it difficult to accommodate all your expenses within your pay check? If yes, then here are a couple of tips that you will help you plan your finances better:
1. Start planning your finances at the beginning of the month: Make a note of all your monthly expenses. Arrange them in the order of priority. While you can delay making some payments, be sure to clear your credit card dues on time. Remember delay in the payment of your credit cards can compel you to pay high interest.
2. Add up all the expenses to reach the total expense figure. Subtract the total amount from your monthly pay. Remember you will have to plan your monthly budget sheet from the left over money.
3. Make a list of the general monthly expenses such as grocery. Set aside a specific amount for these expenses.
4. Set aside a separate amount for miscellaneous expenses. The expenses to fall under 'miscellaneous' can vary from person to person. Consider your list of miscellaneous expenses and accordingly set aside an amount.
Note: according to the experts, setting aside an amount for miscellaneous expenses prevent people from overspending. With a fixed amount to spend on sundry expenses (that often includes entertainment, eating out etc), the chances of exceeding the budget is minimal.
Tip: Collect the loose change in a separate box. Remember these loose change can add up to a significant amount in few days. Saving few pennies everyday can help you in minor emergencies (when you do not want to use money from your savings).
5. Check on your grocery expense. Yes you read it right. According to many financial experts, grocery expense forms one of the major monthly expenses. To gain a control over monthly expenses, grocery expense needs to be controlled.
Try and make a chart of your daily meals. Calculate the cost of buying all the ingredients. In case, the cost is more than the alloted amount, try and make some changes in the meal plans. To avoid your grocery becoming the largest bill, your aim should be to cut down on all the extras you spend for buying groceries.
Tip: carry a piece of paper when you go for grocery shopping. Note down the list of things you want to buy but cannot afford now. In the next month, you can always cut down on few grocery items to buy the ones you had written on the list.
6. Do not forget to have a savings account. This is certainly the most important part of gaining control over finances. Remember the monthly savings can be your savior in emergencies when you require cash within a short span.
At present, you can find many books on financial planning. Esteemed business professionals and entrepreneurs such as Ravinder Tulsiani ( a certified training and development professional) have written books on finance planning. You can read these famous books to get a deeper insight on the right way to plan finances. These books will provide you easy tips to gain better control over your expenses and savings.
1. Start planning your finances at the beginning of the month: Make a note of all your monthly expenses. Arrange them in the order of priority. While you can delay making some payments, be sure to clear your credit card dues on time. Remember delay in the payment of your credit cards can compel you to pay high interest.
2. Add up all the expenses to reach the total expense figure. Subtract the total amount from your monthly pay. Remember you will have to plan your monthly budget sheet from the left over money.
3. Make a list of the general monthly expenses such as grocery. Set aside a specific amount for these expenses.
4. Set aside a separate amount for miscellaneous expenses. The expenses to fall under 'miscellaneous' can vary from person to person. Consider your list of miscellaneous expenses and accordingly set aside an amount.
Note: according to the experts, setting aside an amount for miscellaneous expenses prevent people from overspending. With a fixed amount to spend on sundry expenses (that often includes entertainment, eating out etc), the chances of exceeding the budget is minimal.
Tip: Collect the loose change in a separate box. Remember these loose change can add up to a significant amount in few days. Saving few pennies everyday can help you in minor emergencies (when you do not want to use money from your savings).
5. Check on your grocery expense. Yes you read it right. According to many financial experts, grocery expense forms one of the major monthly expenses. To gain a control over monthly expenses, grocery expense needs to be controlled.
Try and make a chart of your daily meals. Calculate the cost of buying all the ingredients. In case, the cost is more than the alloted amount, try and make some changes in the meal plans. To avoid your grocery becoming the largest bill, your aim should be to cut down on all the extras you spend for buying groceries.
Tip: carry a piece of paper when you go for grocery shopping. Note down the list of things you want to buy but cannot afford now. In the next month, you can always cut down on few grocery items to buy the ones you had written on the list.
6. Do not forget to have a savings account. This is certainly the most important part of gaining control over finances. Remember the monthly savings can be your savior in emergencies when you require cash within a short span.
At present, you can find many books on financial planning. Esteemed business professionals and entrepreneurs such as Ravinder Tulsiani ( a certified training and development professional) have written books on finance planning. You can read these famous books to get a deeper insight on the right way to plan finances. These books will provide you easy tips to gain better control over your expenses and savings.