1 year, 8 months ago
via credit-qna.com
How to manage personal finances?
My husband and I are planning to renovate our house. We are focusing on renovating the bathroom and kitchen. We have saved for the education of our two daughters as well as our pension but we feel that we need to be more in control of our finances. Do you have some guide on how to manage personal finances?
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Hi Annelisle. Well it sounds like you are already doing a good job if you have managed to save for your children’s education and toward your retirement. Here are a couple of things that I have recently read about in terms of saving and money management
1) Set aside at least ten to fifteen percent of your check to put into your savings account each pay period and do this prior to paying out any of your bills. This is especially simple if you have direct deposit because you can have your employer allocate which amount you want to go in to each of your accounts.
2) Another way to manage your money would be keep track of how and where you spend your money. If you have a checking account, I would advise to track each of your transactions so that you always know how much you have in your account. By keeping track of your spending habits, you may be able to see where money is spent unnecessarily and minimize if not eliminate those expenses. I would also recommend tracking if you have any credit card accounts as well.
1) Set aside at least ten to fifteen percent of your check to put into your savings account each pay period and do this prior to paying out any of your bills. This is especially simple if you have direct deposit because you can have your employer allocate which amount you want to go in to each of your accounts.
2) Another way to manage your money would be keep track of how and where you spend your money. If you have a checking account, I would advise to track each of your transactions so that you always know how much you have in your account. By keeping track of your spending habits, you may be able to see where money is spent unnecessarily and minimize if not eliminate those expenses. I would also recommend tracking if you have any credit card accounts as well.
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