Keeping on top of your personal finances can be a tough job if you don’t make a point to be organized right from the start. Once you stop paying attention to the numbers flying around, things can get messy – fast. If you’re looking for some advice on how to manage your personal finances day to day, here are a few tips and tricks to help you out:
1. Weekly check-in
When money is coming and going it’s important to track it frequently to make sure you know exactly where you stand. Healthy financial habits will get you on the right track early and less likely to lose sight of your funds and/or over spend. a weekly money date to update your budget. Tracking your income and expenses weekly instead of monthly creates a healthy habit of knowing where you stand with your money. This bite-sized process makes it easier to stick with long-term.
2. Face Your Debt
Debt is big and scary, we all know that. But the sooner we see the exact numbers in front of us the sooner it becomes much less daunting. Having a checklist of all debt amounts, interest rates, minimum payments, etc will allow you to begin the process of managing your reduction strategy.
3. Check Your Credit Score
When was the last time you checked your credit score? If you plan on making large purchases such as a car or new house at any point, you’re going to want to make sure your credit history is up to par so that you appeal to companies as a reliable borrower, deserving of low interest rates. If you don’t have credit yet, you can start by opening up a credit card in your name. Make a note of only buying items you can afford to pay off later Check your credit score annually to be up to date and accurate at all times.