5 Ways to Get Smarter With Your Money

Wednesday, April 20, 2016, 6:00 AM | Leave Comment

You can’t afford to run out of money or have less than you need to live. Therefore, you need to know how to manage the money you do have to make it last for as long as you need it.

What are some good ways to get smarter about managing your money?

  1. Review Your Income and Expenses

    The first step is to look at your overall income and expenses to figure out how much you have coming in and how much you need for bills.

    Understanding what you make and what you spend it on, it becomes easier to make adjustments or cuts to balance your budget and keep yourself financially solvent.

  2. Create a Budget

    Once you know your income and expenses, you need to create a budget that you can stick to. In addition to paying your bills, you need to figure out how much to allocate for an emergency fund, retirement savings and discretionary spending.

  3. Smartphone Apps Can Help You Manage Your Money

    The use of smartphone apps can help you keep track of how much you have at any given time. Alerts from the application can notify you when your balance falls under a certain level or when you have a bill due.

  4. Take Financial Classes Online or Off

    There are a variety of educational resources that can help you get better with your finances. If you like to spend time online, you can read blogs or subscribe to online mentoring sessions that can help you set a budget.

    You may also want to look at courses offered by a community center or local college.

  5. Talk to a Financial Planner About Your Long-Term Needs

    If you are really lost as to what you should be doing with your money, it may be worthwhile to talk to a financial planner. This will help you determine how much you should be saving and how you should be saving it.

    They might suggest a financial move you haven’t considered before, like refinancing your home.

    According to a specialist with Assurance Financial Group, refinancing can shorten your loan term or lower your monthly payment amount. Smart financial moves like these can improve your long-term outlook.

It is never too late to get smarter with your finances. Learning how to save can make it easier to pay your bills no matter how much make.

Furthermore, knowing what you need compared to what you want can make it easier to spend money unnecessarily unless you know you have the cash to do so.

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