Ready to start managing your money? Great! This money tutorial is what you need.
How To Manage Your Finances
In it you’ll learn step by step how to manage your finances. The tutorial also provides helpful money management tips that you can use daily.
Let’s get started.
Tools You Need: Paper and Pe
Examine Your Financial Lifestyle
A lot of folks don’t consider examining their financial life. But if you want to learn how to keep more of your money, start evaluating your financial lifestyle today. You will be surprise at what you learn about yourself.
Examine the following things.
- Your net-worth (Click here for a sample networth worksheet).
- How much debt you have
- How much credit you are using a month
- Where all your money is being used and how much is being spent
- Insurance needs and the premiums (the cost of insurance)
- Things that affect your income
- How much you spend on entertainment?
- Transportation cost
Then Do This. Get a notebook or a blank sheet of paper and jot down the above things. Then fill in the information.
Doing this will let you know where you stand when it comes to your personal finances.
Read Examine Your Financial Life to learn more about Examining your financial lifeystyle
Create A Financial Office Inside Your Home
- Use a vacant room or a corner in a room
- Buy a calculator or use a free online financial calculator
- Buy office supplies
- Use a desk and chair or a table and chair
- Setup a simple record keeping system
- Organize and store all your financial papers
Get Your Credit Straight
- Reduce your usage of credit
- Use credit wisely
- Get a good credit report
- Get a good credit score
- Deal with your creditor
Deal With Your Debts
- Get a good debt education.
- Create a debt management plan to reduce your debt. (Click here to get a sample Debt Reduction_Worksheet).
- Start paying down your debt
- Keep your debt to income ratio low. (click here to learn your Debt to Income Ratio Worksheet).
Avoid Banking Fees and Charges
- Ask the bank how you can reduce or stop paying bank fees
- Stop using or reduce using your bank cards
- Get a prepaid debit card, load it with money and use it
Live by a budget
- create your own financial plan
- create a budget worksheet
Examine Your Insurance Needs
- Do you have enough insurance coverage?
- Do you need all the coverages listed in your policies?
- Are you paying unnecessary fees and charges?
- Find out from your insurance agent how you can reduce your premium.
Control Your Spending
- Start a limited spending journey
- Leave credit cards, debit cards and prepaid cards at home
- Carry a small amount of cash
- Buy only essential things
- Do money challenges
- Live frugal
Track Your Spending
- Get a journal
- Create a budget
- Write down where you spend every penny
- Write down how much you are spending
Start a savings plan
- Build an emergency fund
- Reduce some of your expenses
- Use the money to open some kind of savings plan
- Continue to make regular deposits to your emergency fund
- Set a goal to save at lease 6 months worth of living expenses
- Setup a retire plan
- Buy life insurance
Money Articles that can contribute to your money journey.
Psychology of Money
How to Adjust Your Money Behavior