Lack of financial planning can detonate your accounts and achieve your goals. If you are disorganized at that level you barely know if the account is in the red, know that it is more than time to put it in order.
We are going through a period of crisis, unemployment and inflation. Only the latter makes your money lose more and more buying power, that is, that same shopping cart that you made a few months ago is not so full today with the same value that you spent.
So put procrastination aside and take some tips, according to your need or level of disorganization, and start doing the financial planning correctly.
1. Put all accounts in one place
It's no use telling us you need to figure out your spending and come out doing spreadsheets. The first step is to define a place, be it a drawer, a letter holder near where you leave your keys, anyway. Start putting all charges like water, electricity, telephone, pay TV in one place. In the next few tips you will understand why.
2. Open your accounts as soon as you receive them
It is common to take the invoice from the card and leave it aside as the payment will only be made after receiving your salary. This is a classic mistake. If you do not have an organization, you probably will not remember that area ticket paid in 12 times that accumulated with that cell divided by 10. When you open the invoice as soon as you arrive, you will see how much you should in the period and will have notion of the impact on your budget.
3. Get receipt and invoice for everything
Separate a special place in your wallet or purse for all debit and credit card receipts and always require the invoice.
4. Put your bills on paper
To not forget or skip this important activity, program on your cell phone a day and time that you are free to organize what we said above. Take the bills from the week you received and the paperwork you spent and note what each spend is and the amount on a paper, spreadsheet or something.
Add up, see how much you spent and repeat the process the following week. You will begin to notice where you are spending more and what you spent on impulse. Once you create the habit of doing this control, you will see that you can do this every fortnight or even once a month.
5. Remember the due date of the card as if it were your mother's birthday.
This subtitle may sound like a joke, but if you can not or do not want to give up your credit card, take this very seriously. That's because if you do not remember that date, all your spending will be thrown for the next due date and there are great chances of starting the month with a massive debt you never imagined you would have.
6. The sky is not the limit
Always check your credit limit for the card statement. It is common for the bank to offer a limit that is much higher than the customer's income, which affects the emotional feelings of many people, because it gives the false impression that it is possible to have almost everything one wants.
This strategy adopted by the banks is like Snow White's apple: tempting, but dangerous. To give you an idea, today the revolving credit card interest rate is 431% a year - interest is charged when the invoice is not paid in full. So never splice an invoice!
7. Set financial goals
With the above tips you will have a great sense of how you handle the money and the adjustments you need to make. The next step will be to set your goals such as traveling, buying a home, doing an MBA and so on. Having this mind helps to change the behavior, as it is necessary to adopt new habits to realize a dream in the desired term.
It is the goals that will motivate you to better handle your finances. Knowing what you want and how much it costs will be easier and more motivating to separate 10% of what you earn early in the month to create a fund dedicated to your dream.
We hope these tips help you get your finances on track. And if you want to know how to take the next step, which is to start investing.
Posted on June 27, 2018 at 06:43 PM