Spring isn’t too far away, so it’s likely you’re already thinking about how you can get your spring-cleaning done. Of course, the most important thing that you can consider is your finances. Cleaning up your finances should be your priority – personal finances have a tendency to run away from us from time to time, especially in those early months after we’ve celebrated Christmas.
The best way to clean up your finances starts here. Whether you are cleaning them up to start looking at buying an apartment off the plan or you are doing it to keep your finances on track at long last, you need to think about how you plan to get organized. With this in mind, we’ve put together some personal finance hacks that you need to get your bank account in the black.
1. Sort Your Debt. List your debt in order of priority and start thinking about how you can start paying them down. There are so many types of debt out there, and while you know that a mortgage is technically a debt, it’s not the bad kind of debt to have. If you have credit card and loan debt, however, you should look into paying those off as soon as possible. It makes sense that you should pay down and get rid of this type of debt as soon as you can.
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2. Get Rewarded. If you are looking to save your money, check out the ways that you can get rewarded for spending your money. You can still save your cash when you spend, as the rewards will build up via your credit card company. You can get everything from travel perks to spending points for cash back, gift cards and more. It’s perfect timing if you want to save up to go on vacation and this is a luxury that you may not have been able to save for usually.
3. Spend Less. Make a note of how much you have spent on random things in the last six months. Anything you don’t need, you can scale back on and stop spending – or at least spending less! When you spend less money, you’re able to start making savings. Those memberships that you haven’t used for months? It’s time to cancel them and stop spending on them! You don’t want to waste your money, and making those cancellations is so important.
4. Automate Where You Can. Automation is going to change everything with your finances. Stop worrying about late payment fees and a dropped credit score – automate your payments and ensure that the money is coming out of your account when it should. You can better manage your money when you automate your payments properly. When you put your finances on autopilot, you can bet they’re going places they should and when they should!
5. Budget. A budgeting app can help you to keep on top of your finances every single month. There are plenty of budgeting apps out there that will tell you all about your spending habits.
Image by Alexandra