7 Must Have Money Management Tips

If you’re like most of America, you work hard for 40 hours a week.
It’s a struggle to make sure you pay all your bills and still have something left over to enjoy yourself.
And it might not be enough to just track your spending and pay your bills on time.

If you want to succeed financially you’ll need to know these 7 must have money management tips.

Use Your Debit Card
Try using your debit card for everyday purchases instead of your credit card.

You won’t have to pay any interest on your purchases like you do with a credit card.
And you won’t have to wait for your monthly statement to be ready to know what you owe.
Using your debit card is an easy way to keep your spending at a manageable level and hold yourself accountable.

Create A Budget
You won’t get anywhere with money management if you don’t know have a budget.
You need to figure out exactly how much you take home every month.
Then, determine your fixed and variable expenses.
Once those are taken care of, figure out how much you’ll be able to spend on luxuries, and what you can save.

A good rule of thumb is the 50/20/30 budgeting rule.

This method breaks down your budget like this:
50% towards essentials
20% towards savings
30% towards variable and personal expenses

By utilizing this method, you’ll be able to save a decent amount of money for emergencies or retirement.

Review Your Account
It’s easy to keep track of your spending when you’re able to easily look at it online.
Check your account at least once a week.
This way you can see how you are spending your money.
You’ll also be able to stay on top of any fraudulent account activity.

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