With several people struggling with their personal finances in 2019, the use of payday loans to help someone out of a financial emergency is increasing. However, it is important to have your affairs in order to ensure you have the money you need when doing the weekly shop. In this article, we are going to give you an insight into 5 secrets to help you with your personal finances in 2019.
Set A Budget
One of the best possible things you can do when looking to monitor your personal finances is to set a budget. By setting yourself a budget at the beginning of every month you can then ensure that you have a clear goal to reach for your finances. This will ensure that you set money aside for fuel, food budget and then you can calculate the amount of disposable income you have every month. This, therefore, ensures that you have the money you need to make ends meet.
The 30 Day Rule
The 30-day rule is something that every person should follow when managing their personal finances. This involves you spending a period of 30 days contemplating the purchase before buying. This then allows you to ensure this is a purchase that you need and can then decide about the overall purchase. This is key as this allows you to place the money aside and helps to reduce impulse purchases. This is important to maintaining budgets as this will allow you to budget accordingly after being paid.
Pay Yourself Before Paying Others
Before spending money on your debts or other expenses it is important to pay yourself. By placing a certain amount into a saving account or paying off outstanding debt first, you can then ensure you have the funds needed to pay for necessities such as fuel and the weekly food shop without stretching the budget too far.
Pay by Cash When Shopping
If you are going out with family and friends, then paying by cash is the ideal way to maintain a budget with ease. By getting £20 out of a cash machine this allows you to track the amount you are spending much easier than if you were paying with a contactless card. This is because you are seeing the money leave your hand rather than overspending by accident. Though this can be a challenge if there is no cash machine nearby, this is the ideal way to monitor spending with ease when on a night out.
Cut Down On Smoking And Other Expenses
If you are a smoker or are partial to a night out on the town, it may be beneficial to your finances to cut down on the amount that you are spending. By cutting out bad habits such as smoking, you are much more likely to have disposable income for nights out or even an additional treat in the weekly food shop.
With all this in mind, there are several ways that you can combat the excess spending and take back control of your budget without having to worry during your everyday busy life. If you need additional professional help, check out martins money expert for some benefical financial advise