(ThyBlackMan.com) Money makes the world go around, but if you’re not managing yours properly, then you’re going to have a problem! You need to have your finances together if you want to be ahead of the game and you need to be able to manage your money properly if you want them to stay stable. Your finances are going to dictate the way that you live much of your life. They can either cripple you or make life easy, and it’s all in the management.
You need to look into the right online checking accounts with no fee, the right credit cards and even the right mortgage to be able to manage your finances correctly. You get to be in charge of your finances, and with the seven tips below, you can ensure you are managing your money the best way that you know how.
- Anticipate A Crisis
You should never wait around for a crash or crisis to happen. If you wait to be fired or get sick to manage your finances, it’s going to be a problem. Not only will you not know how to manage, you’ll be in the middle of an emergency while you learn and that’s not fair to you. Start managing your money now and you won’t have to worry about a crisis when it hits – your money will be safe and sound. It helps you to act before it’s too late, and you can do better for yourself. You can also teach your kids how to manage their finances because you’ll know how to do it, too.
- Think Before You Buy
You do not need to buy everything you see. Believe it or not, you do not need the obscure items on the shelves near the cash registers of the store. Those items are designed to make you impulse buy when you get there. It’s always better to second guess yourself before you buy anything new for your house. You want to add value to your home and to your life, so be aware of how you spend your money in the first place. On paper you could have tons of cash but in reality, that money is never there because of all the impulse buying!
- Don’t Spend Angry
When you’ve had a fight with your partner or you’re having a stressful day at work, it’s tempting to go and splurge. Shopping makes us feel better and so we spend more money than we think because we are emotionally-led. You need to shop when you are calm and able to think rationally. If you don’t, you’re going to let your anger run away with you. Wait until you are calm and then go shopping. You won’t be unreasonable when you shop that way!
- Avoid Splashing On Credit Cards
Credit cards can be easier to manage if you are smart about your money, but if you find it hard to make payments on time, a credit card is not a good idea. Credit cards are excellent in an emergency, but they need to be used wisely! Overspending is not a good idea, so credit card management is a must.
- Stay Below Your Means
If you know you have a penchant for spending, work out what you earn, what you have to pay for and sit below that line. Earning below your means is going to allow you to keep your money spending low, while also having change left over every month.
- Get The Right Advice
Whether you need to get a current account or a loan, always use your bank or a legitimate source for your information. The last thing that you want to do is get given scam advice from someone who doesn’t have your financial interests at heart. Believing in bogus advice is how people lose their money, and you don’t want to be one of those people who lose everything because of poor advice.
- Talk About Your Finance
It’s important that money isn’t taboo. You need to think about keeping your money talks open with people and in your relationships. Your marriage is going to depend on equality and money is often a contentious issue between couples. Money should be a team sport, and what you earn should always be considered together before you split it apart. That way, you all know where the money is going and where you want it to end up. This will ensure that you make the best possible decisions at all times.
Staff Writer; Steve Harris
