Have you ever tried to be more efficient with money? If so, you’ll know how difficult it can be. Life is constantly trying to distract you and throw you off course. So, what do you do? There are many ways to dominate your finances but today we’ll tell you five.
It’s simple mathematics. Anything that lets you calculate your expenses is a good thing. If it doesn’t, just leave it alone. Ensure your family is in the loop and has at the least, a rough idea of the budget so you can tackle money together. Any good money planner should let you see the surplus constantly adjusting in accordance to your spending decisions. This is important because you don’t want to find out you have no money until you have no money. Especially if your little ones’ pastime is to see how fast they can get through a pack of pampers.
Pay Yourself First
If you’re not going to follow this step close this article now. If you’ve got a partner to write it in stone that this is what you will commit to. Financial emergencies crop up when life knows you can’t deal with them. Going forward, you’re in charge and you call the shots. This step is hard because with it comes delayed gratification, it’s easier to do this with a partner as you can hold each other accountable. If you’re going it alone, we suggest setting up an account you can’t easily access. We’re sorry but we know exactly what goes on when nobody’s watching!
After working through your monthly expenses, most banks allow you to set up a standing order. (A standing order is an instruction to a bank by an account holder to make regular fixed payments to yourself, another or an organization) This is paramount because it alleviates the stress, temptation and hassle of money management. You can also automate your bills by setting up a direct debit. Schedule payments for just after you get paid to ensure you never miss a bill.
Dominate your time
You’ve heard it before bro, time is money. If you don’t dominate your time, you’ll often make decisions that are most of the time irrational and based on lack of preparation. The alarm goes off, you hit that sexy snooze button, get up half an hour later than you should’ve, miss breakfast, rush to catch your train and miss it, get an Uber, buy breakfast at one of those swanky insanely priced cafes’ and then role into work. You’ve already spent £15 because you simply lack discipline. We talk about controlling your money but that won’t help if you can’t control your time.
“Don’t play yourself, reward yourself” – DJ Khaled. We absolutely agree. It’s about ‘money-management’ not ‘money-no-more-fun-for-anybody’ When you reach goals or have surplus money AFTER you’ve paid yourself and monthly expenses go and celebrate your success.! The key to life is balance. You know, work hard and play hard.
We know it can be tough, but you’ve got this Dad.