For some people, the thought of actually having to create a plan for spending their money is enough to bring on feelings of panic and stress. Even if you consider yourself to be a relatively well-organized person, there’s a good chance that you don’t spend your days looking forward to a chance to sit down and count every penny in your bank account.

However, although managing your cash can feel like quite a challenge to begin with, it’s a lot simpler than it seems. If you’re willing to dedicate some time and effort to figuring out your cash strategy, then you could end up with more savings in your pocket by the end of the month.

Here are some quick ways that you can make your budgeting life a little easier.

1. Come to Terms with Loans

One of the biggest mistakes that people make when it comes to handling their finances, is assuming that they need to avoid loans at all costs. However, loans aren’t a dirty word. They’re actually a very valuable way to spread the cost of various expenses over a longer and more manageable period of time. If you need to invest in a new car or a new kitchen so that you can continue looking after your family, then a loan could be a great tool.

The key to success is figuring out how to choose the right lending options for your needs. Before you rush into anything, check out what kind of lending opportunities are available, and do your research. You might be surprised by the deal you get.

2. Always Have Goals

Budgeting isn’t always easy. Although it doesn’t always mean that you have to give up everything that you enjoy, there’s a good chance that you’re going to cut down on at least some things. That can mean that you occasionally hit rough patches that make it difficult to stick to your budget.

One way to stop yourself from lashing out and over-spending, is to make sure that you have goals in mind to keep yourself motivated. A long-term goal that you can constantly work towards, and a few short-term goals will remind you why you’re making the effort to cut your spending in the first place.

3. Find a Budgeting Strategy

For some people, budgeting is as simple as watching how much cash they have coming in each month and being careful about the amount of money that goes out of their account. For other people, it’s important to have a strict strategy in place. For instance, one common option is to try the 50-30-20 budget. This means that you put fifty percent of your income towards the expenses that you have to pay for, like bills and groceries.

The other thirty and twenty percent can be put into your savings and your discretionary spending. It’s up to you to decide whether you’re going to put more money into your savings, or more into your pocket. Don’t be afraid to try it both ways.

4. Leave Room for Unexpected Surprises

No matter how well you budget, there’s always a chance that something unexpected will come along and ruin your plans. Because of this, it’s important to have a strategy in place for what you’re going to do if you end up with more bills or more expenses than you expected. Putting a small amount of your cash away into a separate emergency fund each month is a good way to get started.

Eventually, the aim should be to put a decent amount of cash into your emergency fund – perhaps enough for up to three months of income. That way, if you’re ever struck with a sudden emergency, like a car breakdown or an illness, you’re covered.

5. Revisit your Strategy

Finally, just as it’s difficult to prepare for all of the possible expenses that might come your way with a budget, it’s also difficult to know for certain what’s going to happen next in your life. You might have more or less money next month than you did this month, which means that you need to come back and revisit your strategy again later.

Making time to sit down with your budget and decide whether it’s actually still working for you is a good way to ensure that you’re always putting the right amount of cash away for your bills, your savings, and your emergency expenses. You might even find that you encounter ways to save one month that you didn’t think of before.

With the rising costs of food, housing, fuel, medicines, and household bills, it’s not surprising that many people find themselves struggling to make ends meet. Never mind buying a top of the range car, spending on a lavish holiday or having your dream kitchen fitted, for some people, just kitting the kids out with school uniform or paying the gas and electric bills can be a real cause for worry.

Low Income?

Not easy if your money going out is more than you have coming in, is it? And it is frustrating if you are not being frivolous with your spending, rather, you are just paying for the necessities and getting by. Getting to the end or even the middle of the month with no money left is hard, and especially when it happens regularly. Even more stressful and upsetting is when you have children to consider. We all want to see them well fed, clothed, warm and comfortable. And when birthdays and Christmas come around, finding the money for those extra treats can be almost impossible, with the pressure to provide and keep up with everyone else tremendous. This is where you need a plan to help you to budget and ensure that every month is not a financial worry and struggle.

Read Also: How to Use Your Assets to Create Cash

Make a Plan

Sitting down and making a plan of how you are going to manage your money each month is a good start. Write it down so that you can really visualise what you are going to do. It doesn’t matter if you put it on a screen or paper. Write down exactly what you spend and exactly what you have coming in. Keeping receipts from shops and cafes will help you to keep track more easily. It also helps to get it clearer in your mind, so that you can then actually act on it.

Debt

If you have any debt, such as loans, try and get rid of those as quickly as possible so that you and free up money. Aim to set aside a set amount every month and make a target goal for when you hope to pay it off. Not easy when money is short but it really does help. Try and visualise what that extra money each month will help to pay for and this will give you the incentive needed. Once you’ve got rid of your debt, don’t get into anymore. If you can’t afford it, and it’s not vital, then do without or you’ll end up back where you were.

Related:

• Choosing the Best Broker for Your Financial Investments
• 3 Ways to Get on Top of Your Finances as a Young Adult

Keep a Track of Your spending

Keeping a strict and precise track of your spending will really help you to know exactly where your money is going. You make think that you don’t spend a lot on non-vital things but those take out coffees or branded food products all add up. Do the children, especially teenagers, really need to wear designer labels and can you shop around in the sales to get the best bargains? Also, rethink where you shop. Some of the cheaper supermarket products are equally as good as the more expensive competitors. You may also want to think of not always buying new items. Second-hand items are always cheaper and will save you lots. Look online on the popular selling sites and don’t be shy of browsing around charity shops: You get a good deal and so does a good cause. Don’t forget to look at what you already have. Are there unwanted toys, outgrown or unloved items of clothing that you can sell on? Maybe a car boot or advertising on free sites can generate you a bit of extra cash.

Emergency Bills

People on a low income often have bad credit. This makes it impossible to obtain things like credit cards. If you have a bill to pay and no money, try a short-term loan to cover the cost or ask the family to help out. As long as you pay back a short-term loan, it won’t get you into debt.

What Help Can You Get?

Are you sure that you are getting any benefits that you are entitled to? Are your children eligible to free school meals or help with funding school visits and uniforms? Can you get help with prescription costs, dental or optician care? Go in and ask at school or your doctors, dentist, and optician for some guidance.

Remember to stay positive, have clear goals and aims. Being in control of your spending will give you more confidence. And don’t forget to allow a small treat each week or month, even if it’s only a bar of chocolate or a bunch of flowers. It will keep you going and help you to stay focused and on track.

It’s never too early to start thinking seriously about your future. To make sure you have happy and relatively worry-free adulthood, it’s crucial to get on top of your personal finances. The kind of stress caused by financial trouble is something no one should have to go through. Getting into the habit of self-discipline and frugality will serve you for the rest of your life and will mean you’re less likely to get into debts that have the potential to spiral out of control. Here are some of the things you can do now to ensure you get on top and stay on top of your finances.

1. Get a savings account

Even if you have no extra money, even if you already have some debt to pay off, always, always put some aside for your future self before anyone else. If you start putting a small monthly sum into a savings account and treating this as a necessary expense, you’ll be surprised by how much you build up in a few years. Lots of young people today think of savings as an impossible luxury, but it doesn’t have to be this way.

Read Also: Money Management Tips When You are Injured and Out of Work

2. Don’t bury your head in the sand when debts pile up

Entering the real world as a self-sufficient adult can be a genuinely terrifying experience. When debts start to build up, and your paychecks just aren’t covering your expenses, it can seem easier to let the bills pile up unopened and to avoid actually dealing with it. But then, the best thing to do is to set aside an afternoon, sit down, and go through everything. Remember, there are always options for dealing with debt. Don’t be afraid to speak to someone at your bank. They will be more than willing to speak to you about options you may not have thought of. Or, you may consider refinancing a current loan. If you have a student loan that’s causing you stress, several companies will give you a new loan at a much lower interest rate. At this website Elfi, you’ll find an example of a refinancer that offers some of the lowest rates in the country.

3. Think of the small things that add up

Start to think carefully about each purchase. There’s almost always a cheaper option, which, while sometimes less convenient, will save you a significant amount in the long run. If you’re the type of person that buys coffee every day, make the extra time in the morning to make one at home and take it in a reusable cup. If you have the option to take a cheaper mode of public transport and you aren’t in a rush, opt for that. If you need to purchase a new outfit for an event, don’t turn your nose up at second-hand stores or websites. Start using sites like Groupon for other deals. There’s an almost infinite number of things you can do to cut down on small daily expenses.

Read Also: How to Use Your Assets to Create Cash

Investing a portion of the profits is a practice that many businesses now follow. It not only helps to diversify the income stream but also offers a better return than merely placing money in a bank savings account. With this in mind, it is clear to see financial investment is a route to stimulating business growth and helping to maximize profits. The good news for any business owner is the sheer range of financial markets available to invest in. From Bitcoin to shares, FX and beyond, there are many ways you can put your spare profits to good work.

Before you do though, it is important to find the best financial broker to invest with. Most businesses now use online brokers for the convenience and ease of use they offer. But what should you look for before signing up with one?

Read Online Reviews

Whatever you decide to invest in, you need to find a broker that is honest and reliable. After all, it is your own money that is at stake. One way to find a broker you can trust is to use the internet and read online reviews. This will help you to see what services brokers offer and what real-life traders who use them think of the service provided. Online reviews are also helpful for picking up on any brokers who have a history of issues or problems. This top-notch etoro review shows why, and is an illustration of what online reviews can offer.

Check Out the Customer Service

This is a useful tip as you will want excellent customer service from the broker you choose to use. Efficient customer service ensures you will always get a prompt answer to any future problems and have any issues resolved quickly. Checking out how a broker treats its customers will also enable you to find out how welcoming their support staff are and how professionally they deal with you. This is simple to check as all you have to do is phone, email or use Live Chat on the broker site to make contact. If you find you can never get an answer or the staff who do so are rude, it is best to move on.

Make Sure They Are Licensed and Safe

Although making money is the main goal of financial investments for business, staying safe online is also essential. This is the major reason that choosing your broker carefully is so important. Have a look at any you are interested in to see if they hold the licenses and regulatory authority required to allow them to operate. Having such protection and a means of getting any ongoing issues resolved if needs be is vital. You should also make sure that the website is secure and uses the latest security SSL technology to protect your data.

Do Your Research

The main takeaway is to carefully research any broker you might choose to invest with before signing up with them. Doing so will help to protect your money and also your sensitive personal data.