Smart Money: Resolvly’s Top 5 Money Management Tips
Modern technology has made it easier than ever to do things like take out a loan or obtain a credit card. Even spending money has become simpler, which means that good fiscal management is more important than ever before. Making smart money moves can give you the financial freedom to enjoy your life and do the things you’ve always wanted to. That is why the team at Resolvly has compiled a list of our top 5 money management tips.
Create (and Stick to) a Budget
The very first step toward managing your money should always be to craft a detailed budget. Having a clear outlook on your incoming funds and outgoing expenses will help you save money and pay your debts on time. Figuring out what your necessary expenses are is critical to building up saving, and having an emergency fund for unexpected emergencies. Basic needs like food, shelter, transportation, and other essential responsibilities like purchasing proper foods to feed your dog should be budgeted for.
While creating a budget sounds pretty simple, you can use several different approaches, depending on your current goals. Some people like to put an allocated amount in savings first, then pay their bills. Others like to plan out their expenses for the entire year to know how much will be left after every check once their bills are paid.
Another great way to ensure that you have adequate funds is to limit “off-budget” spending. Small daily transactions can quickly add up. If you put a cap on your weekly or bi-weekly expenses, you can still go out and enjoy yourself without going overboard.
Go Easy on the Credit Cards
Having a credit card to reserve a hotel room on vacation or make an occasional purchase may not be a bad thing. On the other hand, bad spending habits paired with lots of credit can saddle you with overwhelming debt in a hurry. Remember, you will have to pay that debt one day (and with interest).
Save More Than You Spend
Having a healthy savings account is a vital part of financial security. When an unexpected expense arises — and it will — your emergency fund will be there. The alternative is to put it on a credit card or take out a loan, which will cost you far more in the long run.
You can build your savings contributions into your budget. For example, you could write out your financial plan as if you “owe” your savings account a predetermined amount every time you get paid. Even if you start with something small, this figure can add up over the year.
Shop for Deals
Impulse buys can leave you paying top dollar for unnecessary luxury items. Take your time and make sure you are getting the best bang for your buck. Putting off your purchase until that upcoming holiday sale hits can save you hundreds.
If you’re struggling to manage your money, especially due to the weight of unsecured debt, Resolvly can help. Their experienced advisors can help you to get out of debt (and stay out). Resolvly’s referral services can help with all forms of unsecured debt management, including credit cards, student loans, and personal loans.
When you run your own company
It’s obvious that your personal income from your company will help or hinder your ability to better manage your money. It might sound counterintuitive to spend money on resources that you currently aren’t taking advantage of if you are trying to cut down costs. However, outsourcing contract management will allow you to dial in your focus on other aspects of your business, which can help grow profits to cover the cost and exceed them to put more money in your pocket.
More About Resolvly
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. Founded in 2015, the Boca Raton-based company has become an industry leader by helping thousands of Americans find the right, legal-based solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, private student loans, business debt, medical bills, and vehicle repossessions.