Learn How to Manage Your Money Better: Safeguard Your Future in 10 Steps

how to manage your money

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Money has always been a problem, but you’ve been getting by for quite a long time now. Trust us when we say that it has nothing to do with knowing how to manage your money better.

You are your own judge, but the way we see it, we all have spent quite a few decades in this world. It has been a thrilling ride full of ups and downs, highs and lows and lots of memories.

You have a roof on your head; you hardly go to sleep with an empty stomach (unless you pass out) and you probably have some money in your pocket at this very moment.

An optimist would probably tell you that your financial situation is better than the rest, but the reality is something else. If you are living in the US of A, you are going through at least some of these money jitters, or you have faced them in the past:

  • Living paycheck to paycheck
  • Carrying student loan debt on your shoulders
  • Credit cards burning a hole in your pocket
  • Car installments
  • House mortgages
  • Ever increasing cost of utilities, and of course,
  • Capitalism, the root cause of it all

Every task is doable if you are persistent enough to grasp it in your fist. Same goes for earning money but the problem begins when you have to spend it. Yep, that black hole between our paycheck and savings known as expenses suck all our money away.

If you think about it, the problem isn’t really with how much you earn. Even if it is, you have to either manage or move out of your comfort zone and upgrade your pay grade. But we are talking about managing your money better—and that means managing the money you earn right now.

You may also like: The Ten Commandments to Manage your Personal Finances!

If you are wondering where your money is going, you have to take a chill pill for it’s not that hard to find out (unless you’re a victim of Identity Theft). The question that you’ve got to ask is plain and simple—how to manage your money better so that you can save more than what you do now?

It sounds pretty simple to figure out, but the hard part is figuring out how to manage money better with existing resources. Down below are 10 steps you can take right away to manage your money better. Get ready to witness instant results!

10 Ways to Manage Your Money Better

1. Introspect Your Finances

Whenever it comes to learning how to manage your money better, we look into stuff like our bank accounts and skim through all the tough jargons. In the end, we can’t do anything but read the digits in the end with the dollar sign on the left.

Scanning through your finances is a tedious task for the brain. Listening to all the technical terms makes us feel like we’ve landed in a rather unstoppable hell-storm and we have no idea what’s going on with our money.

Don’t run away from your own finances—you can’t manage your money better if that very thought leaves you petrified. In fact, face your fears and hold those reports in your hands and look at the numbers. Let them be red, green, and yellow or in caps, but read them to get a reality check.

2. Live the Budget Life

Yep, budgeting is boring (there, we said it). There is nothing more morbid than writing down your income in one column and then restraining your spending through the other column.

But if you really want to learn how to manage your money better (which you do, irrespective of how your finances look like), you don’t have an excuse for not making a budget. Don’t just build a budget, but think about how that budget adds quality to your life in times to come.

This budgeting technique is all about unleashing your inner Zen and making the most of it. Plus, it is very easy to follow. Do give it a read.

3. Use the Surplus Wisely

You would get better with budgets with the afflux of time, but even if this is your first draft, you’d get a brisk idea of what’ll be left in your pocket. The surplus money (we hope it exists) you’ll be left with after calculating your income and expenses is what you have to build upon.

Don’t go gaga when you look at the surplus, for surplus is not for you to splash on stuff that you don’t need. We advise that you save at least thirty to forty percent of your surplus money every month. This can be used to pay off debt or to make a big splurge after a couple of months.

4. Examine the Money-Leaks

Now that you have a tangible budget in your hand, make sure that you update it once a week with your spending schedules. Budgeting apps can be of great help as you can record purchases from your phone.

But once you have all those expenses in front of you, you’d get a stern jolt (which is a mere reality check) telling you how much money you’ve spent at different places. Examine your expenses and stop your money from leaking out of there.

5. Don’t Enroll for New Recurring Bills

Until and unless you’ve learned how to manage your money better (like, real better), don’t commit to any new recurring bills. Stall that expensive purchase for a while and don’t even think of getting a new NetFlix account. Stick to your existing recurring expenses.

Speaking of recurring bills, get rid of all those extra expenses too. Download an app like Trim and you’d get a thorough idea of your recurring bills. You can cancel anything that isn’t of use with just a touch. Get in touch with Trim today, it’s free!

Manage Your Money with Trim>>

6. Find ways to Save every time You Shop

The numero uno expense of any household is shopping. Be it groceries, necessities or a wardrobe upgrade, shopping for stuff is costly. With the rise of internet shopping, however, you don’t really have to pay the MRP. You have to save better if you have to learn how to manage your money better.

There are tonnes of websites which give out coupons, gift cards and PayPal money for absolutely zero cost. Cash them in and get instant discounts, cash backs and freebies! Some of the best websites where you can hunt down easy coupons are:

  • Ebates: Free $10 Walmart gift card on signup; alluring cashback deals
  • Coupons.com: Download the App and you are eligible for up to $100 in savings
  • Groupon: Get 70% off on travel, beauty, restaurants and everything else when you sign up

7. Hold off the big Splurges for a while

If you were planning to buy something that costs an awful lot but is on your bucket list, try to dodge that purchase as much as possible. If you feel that you know how to manage your money better, then you’ve got to sacrifice a few of your wishes for a while.

One thing that many people do is that they put it on the credit card tab. Not only is that extremely costly, but one missed payment can tarnish your credit report for times to come. Also, read point #5 again—you promised not to enroll for recurring bills!

8. Stop Swiping the Credit Card

Credit cards sound enchanting, but he thought of spending money that doesn’t belong to you isn’t. If you want to manage your money better, try to refrain from your credit card usage as much as possible. Stick to cash at most times.

9. Build on Your Savings

A good money manager is who builds on his/her savings. Try to keep a fixed amount of your monthly income and put it into savings. Your emergency fund should have enough money to keep your head out of the water for at least six months in case something goes wrong.

10. Treat Your Money Well

This might sound vague, but if you really want to learn how to manage money better, learn to respect it. Your money reaches you thanks to all the blood and sweat that you put into work. Don’t let it go to waste.

If you are successful in managing your money better, you can easily gather whatever you need and do whatever you want to—pay off debt, buy your dream car, get your kids through college, and die in peace. But it all starts when you follow this lesson. Now you know how to manage your money better!

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