I’m not sure about you, but managing money is one of the most important tasks on my list at the moment. With many people struggling in the wake of the pandemic and lockdowns, it has never been more important to get on top of your finances. In this guide, I’ll share some tips to help make money management easier.
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Online banking
Online banking has revolutionised the way we bank. Gone are the days when you paid cash into your account, took it out again to pay bills, and printed statements out at the ATM. If you’re anything like me, it may have taken a little while to adjust to doing everything online, but once you get used to online banking, it can make life a lot simpler. Once you’ve downloaded your app and mastered the login process, you can do everything from transferring money to your savings to paying a bill at the touch of a button. It’s also really useful for me to be able to track spending and see where my money goes every month. If you don’t already have an online banking app, I highly recommend getting one.
Seeking advice
I don’t know about you, but I find financial jargon and leaflets and emails packed with rates and figures confusing at times. Managing accounts can be time-consuming at the best of times, but if you throw in tax, you have investments and assets you are monitoring, or you’re planning your estate, keeping a firm grip on your finances becomes increasingly challenging. I would recommend seeking expert advice and reaching out if you need help with submitting tax returns, you’d like to invest money, or you’re on the hunt for a reputable, reliable property tax accountant. There’s no harm in weighing up your options and gathering information before you make decisions and having an expert in your corner can offer reassurance and help you spend, save and invest wisely.
Budgeting
I’m a fan of the ‘carpe diem’ mindset but if you’re eager to make the most of your retirement, it’s always wise to keep an eye on your finances. Budgeting is an easy way to monitor spending and try to save more. I use my monthly budget to figure out how much I can afford to spend and save. It’s really useful to analyse accounts and transactions to cut out unnecessary expenses and to set limits if you do want to boost your retirement or rainy day fund. There are lots of techniques you can use. Fans of traditional, old-school accounting may prefer to create a budget using a pen and paper but for those with a desire to speed up the process, you can design spreadsheets and there are also apps you can use.
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Accounting may not be the most exciting task on my to-do list, but it is important. It’s been a tough year for most of us and looking to the future, it’s wise to try and make sure you have a firm grip on your finances. Take these tips on board to take the stress out of managing money and make life easier.
