It can be difficult and tedious to track your personal finances. Using a lot of planning and records for your finances can make it easier later. Newer tools and technologies like online banking make streamlining matters very simple, but there is no substitute for mental vigilance.
Keeping track of all of your expenses is important towards developing a solid plan for the future. However, if you put this into a notebook that you can just shut and put away until you deal with it later, you may find it just gets ignored. A good idea is to get a large whiteboard for use in your office or home as a reminder to keep listing your expenditures. This serves a more visible reminder and will help you to stay on track.
Carry an envelope with you at all times. Use an envelope to put all of your cards and receipts in. Keep this information available as a record that you might need at a later date. They might come in handy in case you wanted to compare them with the credit card statements just to be sure you weren’t double charged.
Acquiring bulk packages of lean protein can save both money and time. Bulk buying is always less expensive since you will use all of what you purchased. It is a time saver to spend time in one day to use this meat and set aside some for a meal each day.
A sale at the grocery store is not a good deal if you buy more than you can use. Buying in bulk can be great, so long as you actually use everything you bought. Don’t go overboard purchasing something just because it’s on sale, only get what you truly need.
A credit card is a good choice over a debit card. Credit cards can be used for things such as groceries and gas. Often times, these purchases provide great cash back rewards.
Avoid incurring large debt through student loans, unless you are sure you can handle it in the not too distant future. Choosing a costly private college without having declared a major is a good way to land yourself in perpetual debt.
Many spend significant sums on a weekly basis thinking they will win the lottery, but it makes more sense to put that amount into savings instead. When you invest your money in a savings account, you will be guaranteed a return on your investment. If you buy lottery tickets instead, however, your “investment” is likely to yield no returns at all.
By keeping track of where your money is going, you have a better chance at avoiding overdraft charges from your bank or money troubles when something comes up. You will feel more positive about your personal financial situation simply by monitoring your income and spending, instead of using the bank’s computers to manage it for you.