If you find it difficult to make ends meet, if your account runs out of funds very quickly, it will be good for you to learn a little economic organization so that you can spend the whole month with money and without worries. But being organized with money does not imply making a budget and sticking strictly to it, it goes further. Here, we are going to explain how to organize your finances.
How to organize your finances?
Every month you have to face some payments (electricity, water, telephone, the community of neighbors, car insurance, etc.) so that in order not to go crazy with all the bills, the first thing we must do is to domicile all the bills. in an account and automatically pay them the same day of each month. This will ensure we pay bills promptly and save us fines or penalties for delays.
Have organized bank accounts
If we have accounts in different banks we can try to group them all in the same entity, which for example will save us commissions when transferring money from one account to another. We will also save time when making arrangements. If you have accounts that you don’t use, close them. You have to pay maintenance costs, so you will save them and have your money much more organized.
If you want to save, record your day-to-day expenses. In the beginning, writing down all your expenses, from going for the bread to shopping for the week in the supermarket, can be a bit heavy, but little by little you will get used to it. You should also note if you pay in cash or by card.
After a few weeks of writing down expenses – one month is a good time – you can divide them into categories. One can be household expenses, other food, leisure, clothing, household bills, etc. Within each category, you can differentiate between payments made in cash and those made by credit card. Month by month you can compare your expenses in each category and find out what you spend the most on.
Once the expenses are analyzed, you can study if you are more interested in using cash or cards, know when the most important receipts will arrive and adjust other expenses, such as those in the leisure category, so as not to unbalance your accounts. Little by little you will discover where you spend the most, but if you start planning your expenses you will be able to balance them and start saving.
Periodically review your expenses
It keeps the receipts, the receipts of payment by card, etc., and every once in awhile checks that there have been no errors when collecting them. If you save the receipts you can always claim in the event of an error or a payment that should not have been made. It is very important to control the payments we make.
If you invest, you must learn to assess the risk of each investment. It is not the same to have a fixed term than a fund or a pension plan, at all times we must know where it is best for us to put our money. To better manage finances we can inform ourselves. This way we will avoid buying higher or selling lower.
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