Manage Your Money Like A Boss With These 6 Tips 50

manage your money like a boss

This is a guest post by Joseph Green – a professional internet marketing analyst at Strategic Capital. He believes in providing the best and suitable financial advice, has vast experience in various financial sectors and specializes in structured settlements. He keeps writing about helpful and practical financial solutions.

They say that money is the root of all evil and that money cannot buy you happiness.

These things may or may not be true, but for most people in the modern world certainly NOT having money brings with it a lot of difficult times and sadness. And, for people on a limited income (which means 98% of the country), making the most of what limited funds one has is paramount.

If money is a concern in your world then it is important that you take control of your finances instead of letting a lack of money control you. Empower yourself with the following money management steps:

How to Manage Your Money Wisely

1. Smooth out your personal income.

As you work to better manage your money, you need to identify issues in your money management and take steps to fix the problems.

First, record your daily spending every day for two weeks.

Take notes, save your receipts, and look at where your money goes. You may find some surprises. Perhaps you didn’t realize how much money you were really spending by eating out so often. Or maybe your car is costing more in repairs than you realized. Record expenses for a while and you will have a better idea of what is really happening.

Second, create a budget.

money management

You can use a pad of paper and a pen, or spreadsheet software such as Microsoft Excel, but the important thing is that you do it. Write down all of your fixed expenses (such as rent or mortgage, insurance, transportation, etc.) and then variable expenses (like groceries, eating out, entertainment, gifts). Decide, based on your income and needs, how much money to alot to each area every paycheck.

Third, make use of software or a careful system to track expenses and keep you on budget.

Mint.com has an app that some people really like. You can also check out Good Budget and Mvelopes, both excellent budget tracking apps for your iPhone or Android phone to manage your money.

2. Figure out the timing of your bills.

If money is really tight then figure out the timing of every one of your bills. Then, create a chart where you list out how much you get each paycheck and what bills you will pay with that check.

Pay all of your bills before you spend anything extra (like to eat out or for entertainment). Remember that many companies will tack on late fees of $25 or more if you are late, so it is important to pay these on time.

3. Use credit wisely.

Avoid building up a balance on your credit cards; strive to always pay cash or use your debit card to manage your money better.

If you do use a credit card, use it only for large purchases; resist the urge to charge gas, food, and vacations – you don’t want to be paying these things off for years, at high interest rates.

Related: Credit Repair Reviews

4. Build a buffer for lean times.

It is important to always have a savings built up. Some financial managers recommend that you save at least six to nine months’ worth of pay.

At the very least think about the most expensive thing that could happen in your world (A new roof? A broken down car?) and ensure that you always have enough cash on hand to deal with that problem.

5. Turn your talent into money to bolster your income.

what is a life coach and why become a life coach

The online world has opened up many avenues for making money online. If you like writing check out sites like UpWork, PeoplePerHour, Guru and Freelancer. Or, during the summer or holidays get a seasonal job to earn some extra cash.

Related: Top Earning Side Jobs

6. Start by saving a little bit at time.

The most important thing is that you save something. If this is difficult, then at least develop a habit of saving, saving just a bit at a time.

Set up direct transfers where just $5 a paycheck is directly moved into your savings or an IRA account. After a few months when you aren’t missing the $5, up it to $10. Keep on increasing it. Eventually, you should be putting 15-30% of your money away for savings and retirement.

Benjamin Franklin once famously said that a penny saved is a penny earned. He meant that carefully spending your money and being deliberate in your financial choices is just as important as earning more money.

With careful planning and remembering the tips above, you can follow Ben’s advice and make the most of your money, managing it like a boss!

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Becoming Your Own Boss: Tips on Getting a Business Off The Ground 7

How Writing a Blog Can Help You Live the Life You Dream About

Becoming your own boss is a complicated process, and not everyone does it the same way.

I got lucky. I was still working when I got my business off the ground, so I had a source of income while I was working the kinks out of my business. I did most of my work for the new business when I got home or on the weekends. I asked for a change in job responsibilities at the office so that I didn’t have as much on my plate.

This all gave me a chance to start earning money without going into debt. When it was feasible, I stopped working my regular job and transitioned into working for myself full time. It took about a year and a half.

Establish clear boundaries.

 

Sometimes people don’t take you seriously when you tell them that you work for yourself. They think you are always available to chat or have lunch.

I had a number of friends that would call me at all hours, assuming I was available because they wanted to talk. Granted, it was nice to have that freedom at first. But, I soon realized that if I was going to be successful, I couldn’t let those kinds of distractions interrupt my workday.

Save before you start working for yourself full time.

I was in pretty good shape when I made the transition, but looking back, a few more months with a paycheck would have been wonderful.

When you start your own business, money can be very tight. You never know what you are going to make month to month.

I had one customer that initially made up most of my revenue. That customer only paid on a quarterly basis, which meant that times were tough in between payments.

I had to spend money to build the business, which meant there wasn’t a lot left over. If I didn’t get a payment right on time, it was very difficult to deal with.

There were times when I had to ask for a loan from family members simply to pay my bills.

Reach out and build a support network.

4 Tips to Track Your Remote Employees' Progress Without Demoralizing Them

It can be really difficult to adjust at first. You have great days and you have terrible days. You meet goals some months, while other months you are left wondering where you went wrong.

If you make a mistake, you alone are responsible for it and your business and reputation can suffer. It is easy to feel depressed at times. You may even start to feel like you can’t handle running a business and that you made a big mistake when you left your office job.

Remember that you are not alone. All entrepreneurs have these moments, which is why it is so important to connect with others in the field.

Take time for yourself.

I had a honeymoon period of about half a year. It was really exciting to see the business get bigger. Each milestone that I met was a reason to celebrate.

However, heading into the second year, it was more difficult. I was tired. Things weren’t as exciting because they weren’t new anymore. And then, year three came along. I was done with working such long hours.

I was done with having no time off. Burnout is certainly an issue in this business, so you have to figure out how to balance your personal and your professional needs.

It took me a long time to get where I am today. I had to do a lot of research. I had to educate myself on business. I had to find an SEO expert. I had to figure out who my main competitors were and keep an eye on them. I also had to stay current with what was happening in the field so that I didn’t fall behind.

No matter how hard I worked, it seemed like I could never get caught up. Running a business is a big responsibility.

If you are interested in starting your own business, you want to set yourself up for success. Try to cut back on your living expenses. Make sure you have substantial savings. Set up an area in your home where you can work, free from distractions.

If you are married, get your spouse on board. He or she can help pay bills while you are getting your business off the ground.

Your business is only as good as you are.

Make sure you have a support system of other business professionals. These people can help you acknowledge your weaknesses, encourage you to keep moving forward and advise you on common mistakes.

You can try and go it alone, but it will be very difficult for you. As with anything else in life, your support network has a lot to do with your success. You are probably strongly invested in your business; after all, it is something that you created. Make sure you have people that you trust to help you along the way.

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Grace Lee has been practicing in the field of digital marketing for several years now. She has already brought numerous sites in search engines’ first pages in search results. In her spare time, she loves listening to podcasts about Google algorithm updates and other matters related to SEO.