Tips For Keeping Up With Personal Finances
Keeping up with your personal finances can be really easy if you get organised. Here are some tips to help you get organised and keep up, maybe even get ahead!
Tip 1 – Budget!
No one could possibly expect to keep up with their personal finances without a budget. The best way I find to budget is budget to your pay cycle, so if you’re paid weekly and you have monthly bills divide the total by 4 to work out what you should be paying each week.
Tip 2 – Pay Your Bills on Pay Day
Contact your billers and ask if they can debit your account when your pay comes in so that you are removing the temptation of spending. If you pay your bills on the internet you should be able to roughly work out what the weekly bill would be before it even comes in and the pay it on pay day or better yet schedule transfers & bill payments to come out on pay day. If you’ve overestimated when you receive your bill you will just be ahead for next month!
Tip 3 – Bills Account
For all bills and payment that for someone reason you can’t arrange to pay on pay day, set up a separate bank account. Most banks offer fee free accounts with no card access so this shouldn’t put you behind. Work out from your budget how much money to save each pay day to ensure all your bills get paid. Make sure this account doesn’t have card access, that way it makes it harder for you to touch.
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