money-in-jar

 

Being able to manage your personal life, in general, is hard in itself. But, management takes on another level when it involves money.

 

Many people are out of jobs, living on ends meet, and are caretakers of others which causes them to have to kids or grandparents dependent on them. When you are living with constraints due to lack of funds, there are many things that become part of your “can’t do” or “wish” list. Things like having the luxury of dining out at a fancy restaurant or hitting Macy’s to buy the new Michael Kors boots soon become items you can’t afford. If this is you, it may be time to assess your monthly income and evaluate your spending habits.

 

To help you learn how to financially manage your life, below are a five key things that could implement now to assist you.

 

5. Pay Utility Bills and Credit Card Monthly Fees…On Time! – The most important thing is to keep a roof over your head and the lights on. Before you use your money to do any frivolous spending, first make sure you’re up-to-date on your utility bills. Most household bills are due by the 15th. Don’t wait until the 16th to pay it. Why put yourself behind on bills and be subject to late fees?  You will find yourself spending way more than what you have to, thus instantly taking away from your extra stash needed for entertainment or shopping. As for credit cards, you should already know the importance of paying the minimum balance or more. If not, lateness causes your credit score to drop. No one wants to be known for having bad credit. 

 

4. Set A Monthly Budget – Learning how to manage your monthly income, save, and spend any extra on fun things takes some skill. To make it easy on you, however, just pay your bills first. Then, put away a certain percentage in a savings account. If you’re job offers a 401K plan, allow them to take 6% or more from your paycheck and deposit into that account. After that, ration out the money you tend to spend on entertainment-related activities, shopping, grocery shopping, and any other miscellaneous items. You do not have to club hop every time you get paid. No nightlife experience is that important. 

 

3. Reduce Your Shopping Trips – We all love clothes, shoes, bags, hats, jewelry, etc. But, do we have to go to the mall every week? NO.  Reduce your shopping trips to once a month (at least) and then take heed to step #2.

 

2. Find Deals, Discounts, One-Day Sales – Take advantage of coupons or store discounts. Call up your favorite stores and ask when items go on sale. Most stores have a calendar plan of when they will offer sales. So, this information shouldn’t be that hard to find out. Do the same for grocery stores too.  2-for-1 (buy one, get one free) deals happen each week. Also, there are some grocery stores that have $1 days. If you are an elder, always ask store clerks if there any special offerings for senior citizens. Don’t be ashamed of bringing your grandmother along just to get that special offer. 🙂

 

1. Take A Chill Pill, Relax At Home – Stop thinking you have to be everywhere and do everything.  Believe us, you’re are not missing anything. It’s ok to chill at home, watch a movie, play with your kids, etc.  The easiest way to save money is to not put yourself in environments which will seduce you to spend money. If you know that rent is due, don’t act immature and go hang out with friends and spend your rent money. Act like an adult and act responsibly. 

 

Managing your life from a financial standpoint can be intimidating . Don’t let the thought of doing it hinder you from getting started. To live your best life, overall, being financially fit reduces unecessary stress and headache. One aspect of STACKS Magazine’s purpose is to equip readers with simple ways to handle their finances. Hopefully, these 5 Ways To Financially Manage Life can help jump start your journey.

 

If you have any other useful ways to add to this list, feel free to share your thoughts in the comments!