Managing your personal finance

Stay one step ahead of the finance game

Knowing how to manage your money in every aspect of your life promotes confidence and security. Here are a few tips to help you build a foundation on which to springboard your personal finances into a stable space.

Tracking

Budgeting your monthly income is obvious, however, keeping track of your income and expenses is what will keep you in check. Many people stray from their budgets and find themselves asking where a chunk of their money went. Find a system that allows you to conveniently record your spending, premiums, insurance, medical and more. This will also give you a good idea of where your money is going and where you can cut back.

Keep an eye on the market

If you’re investing in something like a new home or car, make a point of educating yourself on the finer points of interest rates, as these play a big role in refinancing opportunities. If you know what you are in for every month; what your options are for negotiating; whether interest is fixed or flexible and how it can work for you. You could save yourself thousands of dollars when you know the ins and outs of the interest rate.

Exit strategy

While investment is great, it’s essential to know that you have an exit clause that will keep you from losing more money than you should.

Finance

Insurance and finance is a part of our lives and with the right service provider, you can rest easy knowing your money is safe.

Forced savings

Setting up a monthly debit order that transfers a set amount straight into an account that is out of your reach is a great way to save. Stay on top of it and keep an eye on the interest rate, and if your money is invested, find out about the stocks and how they are working to your advantage.

Pay bills on time

When bills arrive, put their details into your budget system, with a payment date, and stick to that schedule. Paying bills by the due date is what goes a long way to making you a worthy credit candidate. It also prevents any compounded interest that could eat into your finances.

Don’t spend money you don’t have

Using your credit card on something you could actually save for, is throwing money away. You could end up paying more than your purchase when you pay back your credit card. Managing personal finance means having patience too. It’s a skill to develop, but it’s one that will stand you in good stead.

Very often there comes a time when we need to access a personal loan, and that can be quite daunting if you’re uncertain of where to go or how to manage it. The first step is finding a provider who takes your personal finance as seriously as you do and works with you.

Contact Yes Loans for transparent loan packages that don’t impact your plans for the future.