Taking Control of Your Finances

Henry Richards By Henry Richards, 4th Oct 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/_wyq6b4h/
Posted in Wikinut>Money>Money Saving Tips

Sometimes in life you can feel your finances running away from you. At times like these it's important to knuckle down and take control of your finances.

There are many thing you can do get yourself back in control, but two of the most important factors are self-discipline and sacrifice. Sometimes, whether you like it or not, you just have to do without. Bearing that in mind here are some ideas that could potentially help you get a hold on your finances.

Mortgages

Mortgage payments can often be a person's biggest monthly cost. Therefor it's important to make sure you are on the mortgage best suited to your circumstances. To figure out if it makes sense for you to switch mortgages it might be an idea to start by having a play around with a mortgage repayment calculator; it could help to give you an idea of what is realistic in terms of payments.

Track Your Spending

It's also a very good idea to keep track of your spending. Knowing how much cash you spend on different things can help you too find ways to save money. Keeping a note of all your spending or keeping all of your receipts are the most accurate ways to track your spending. However, if you're not that diligent it might be an idea to try and use a debit card for as much of your spending as possible. That way you can go back and check your bank statements to see where you're spending all your cash.

Budgeting

Tracking your spending is extremely useful when it comes to budgeting. And budgeting is the key to getting your finances under control, as long as you actually stick to the budget you come up with. Therefore, it's important to make sure your budget is realistic; if you think you've found an opportunity to cut down your spending make sure it's actually feasible for you to make those cuts.

When budgeting it's also important to be willing to make sacrifices. If you find you're spending a significant amount of cash going out at the weekends then it might be time to start staying in a lot more: it can be boring and frustrating, but it could have a big impact on your finances. Also, if you tend to buy a lot of products from major brands you could make significant savings by switching to cheaper brands or generic products.

Conclusion

One of the main things to remember when trying to get your finances under control is that everything adds up. Finding an opportunity for a large saving is great, but if you add in a lot of regular small savings too the difference can be dramatic.

Do you have any tips for getting control of your finances? If so, please leave a comment and share them.

Tags

Budgeting, Debt, Finances, Managing Finances, Managing Money, Mortgages, Personal Finances, Spending, Taking Control, Tracking Your Spending

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This blog is run by a bunch of people working for a digital agency.

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Comments

author avatar Sivaramakrishnan A
4th Oct 2012 (#)

My personal experience as I approach retirement (forced?) is best to limit mortgages. I find here in Asia, couples are going for bigger units than they really need. When both are working they hardly spend much time at home - just to sleep! I was able to save whatever I could by paying limited interest. Some end up paying through their nose credit card overdue penal rates. The others are tough to limit except maybe holidays taken often. Thanks for a useful share, Henry - siva

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author avatar Henry Richards
5th Oct 2012 (#)

Thanks for the comment Siva. It really shows how thinking about what you actually need and going smaller can really help you manage your finances well.

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author avatar Maureen
17th Nov 2012 (#)

Thank you very much for your advice i will start saving immediately. Keep up the good work.

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author avatar Maureen
17th Nov 2012 (#)

Thank you very much for your advice i will start saving immediately. Keep up the good work.

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author avatar Maureen
17th Nov 2012 (#)

Thank you very much for your advice i will start saving immediately. Keep up the good work.

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