Looking to be “Good” With Managing Money? Follow These 3 Tips

Advisor April 22, 2022

If one says he is good with money, it may imply a couple of things. It may refer to a decent amount of savings, being good with family ad household expenses, or earning a lot.

In either case, they are on the safe side of the aisle. On the other hand, if one has none of the above, the sense of insecurity and discomfort is obvious. Which part of the aisle are you in? Are you on the secure side or on the insecure one?

Pixabay / Pexels / It is never too late to be financially literate. You can be good with money at any part of your life – be it in your 60s.

Well, if your answer is the latter and you feel hopeless and disappointed, we have good news for you. There are some simple steps that you can take and take yourself out of the insecure aisle. Whether you are struggling with savings, household expenses, or you are drowned in debt, it is never too late to come out of it.

With that said, we have collected 3 simple and expert-backed tips that will make you “good” with money in no time. Let’s go through them step by step:

Consistently Check In With Your Money

One of the most influential ways to be good with your money is to check in to your account every now and then. More often than not, people feel embarrassed for checking in if they have less amount on the account.

You should have a pristinely clear idea about all the ins and outs of your money. Knowing every single cent, you should be in the position to know how is your money doing.

Kuncheek / Pexels / A weekly pondering over your expenses and income is crucial to be good with money.

In simple terms, you should have a proper track of your income, cash flow, and expenses. At least once a week, you must sit back and dedicate some time to your finances. “20 minutes is more than enough,” suggests top-class financial counselor, Kimbree Redburn.

She further asserts that “you must dedicate a specific time of the week in your calendar and follow that. Just like you deal with your other commitments, stick to this one as well.

Assign A Job to Every Single Cent You Earn

Another effective way to be good with money is to diversify your income portfolios. “Assign a job to every single cent you earn,” recommends Redburn. What she means is do not let your income – be it a monthly check or any other one – sit in your bank. Rather, let that money make more money for you.

Pixabay / Pexels / Those who understand money make it work for them. And those who don’t, work for it for their whole lives.

Nonetheless, it is crucial to be careful as you put your money into something – in order to make more money for yourself. For that, you will have to do your own proper research and choose an investment portfolio that best befits you and your objectives.

Think Twice Before Making A Purchase

It is obvious that the things that we purchase every day drain money from our wallets. But most of the time, purchases are unnecessary and need to stop – if you are looking to be good with money. Before making a purchase, ask yourself: Do I really need this right now? If the answer is no, wait for 24 hours and an answer will pop up by itself.