Tag Archives: money habits

Discover Tips To Improve Your Finances In As Little As A Day

Yes, you can improve your finances in as little as a day when you apply the right strategies, but it all starts with YOU! If you take a little bit of time everyday to go over your finances and plan you’ll begin to make progress. It might involve removing debt a little bit at a time or it might involve making progress toward a future goal. In just 10 minutes a day you can transform your financial portfolio by developing ways to stay more accountable and pro-active with this essential part of life.

It’s not so much those big things as it is the little things that interrupt an individual’s ability meeting financial goals!

There are going to be times where some financial tasks are extremely nerve wracking and items that are often dreaded. However, you can’t run from your financial woes and approaching them in a positive manner can help you get control over your debt in a more constructive way. Just think, answering that collection call is better than avoiding it and not having peace of mind, don’t you think? Canadian consumers need to handle their dilemmas before they cost them far more in the long run.

Tips to Manage and Improve Financial Habits in One Day

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  1.  Purge recurring expenses before you forget about them and they just keep sucking your money away. Do away with any that you absolutely have no need for such as: magazine subscriptions, tanning membership; etc.
  2. Contest fees that you feel you didn’t deserve. Banks are bad for slapping on overdraft fees, even when you get your deposit in. Because many banking systems are automated you have to call in and tell them your deposit was made. Don’t sit back and pay fees like these for no good reason–this just costs you more money.
  3. Make an extra debt payment. Whether this is towards a car loan or a mortgage, it doesn’t matter. If you can pay extra on your debt every month then you’ll soon have it chipped away to a far more affordable amount and be that much closer to having it paid off.
  4. Place yourself on a spending fast. You can slowly build up a cash reserve and finally stay on top of your bills, while saving time and money.
  5. Set a money goal and start devising a plan. Choose something that you have been wanting to do, purchase or go to for some time and set that goal. When you have something to look forward to you’re more willing to save, it’s a fact!
  6. Go for refinancing. If you have been working hard to restore your credit and have earned a possible lower finance rate, go for it! You can really save and be rewarded with lower interest that can then help you pay off your debt faster.

Are You A Poor Money Manager?

We would all like to think we are good at managing money, but unfortunately–many of us are not! Good money management is a process, it’s not something you are just good at. Now, even if you want to become proactive and become a good money manager, you’re going to have to do more than just read a bunch of articles. You have to be willing to take accountability and take that responsibility.

You shouldn’t wait until your drowning in debt to begin to be a responsible money manager either. If you don’t begin to pay attention to your habits and especially, your spending habits–it’s easy to end up in a nightmare situation you can’t get out of fast enough! So, how do you know if you are a poor money manager? Well, there will certainly be signs.

Let’s examine some of the characteristics of a poor money manager right now and see if we can find solutions to correct these traits.

How You Can Avoid Becoming a Poor Money Manager

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  1. Not keeping or maintaining a budget is a sure sign you’re a poor money manager and this will always set you up for failure. Setting a budget and managing it well is the only real way you can begin to take control of your financial life. Also, don’t think because you have few bills you have more reason to spend. The wise thing to do is save your money and plan for the future. Here is a fact–if you don’t know how much money you have how can you properly establish and set up a budget? You can’t! So, get smart and start making a plan for your money today.
  2. You don’t have to buy everything new, but there are so many Canadians who fall into this trap. You also don’t have to buy name brand either. If you visit a second hand shop, you’ll see the quality is still there. You don’t want to go broke trying to keep up with every new gadget or clothing fad that materializes. So, don’t! New items do cost more, and staying in this bad habit is just no good!
  3. Stop spending more than you make! Too many Canadians use credit for personal expenses and other unnecessary spending. You don’t need to try to pretend you’re something you’re not and then end up financially blind-sided down the road. Be happy with what you have and start enjoying life without endless shopping! You’ll be far happier and live with minimal stress too.
  4. Are you saving for emergencies? This is also an area that many people don’t pay enough attention to. Emergencies arise at one point or another in life–the question is “Are you ready?” Being financially prepared for the unexpected really demonstrates proper money management!

If you follow just one of these tips you can improve your financial situation and become a better money manager as well. Don’t follow the crowd and end up with the same problems. Be independent and be ready to make a difference in your financial life! As you grow older you’ll be glad for making those smart choices now!