How to uncover your ‘hidden’ money

» By MichaelMoneyMaker | the 01-25-2010 at 13:27 | 24 views (15 unique) | 1 comment | Report post!

The first step towards successful money management is to know exactly what’s happening, and when, and what everything is costing you. You need to start by writing out your income and budget for your likely expenditure. You should also know when money is coming in and going out so that you always have enough in the kitty at any time. It’s wise then to prioritise. Items such as the mortgage, rates and utility bills need to be paid first to keep a roof over your head. Items such as credit card bills with high interest rates need to be attended to. Ideally, these should be moved to interest-free and lower-rate deals where possible. Focus on clearing these asap. It’s also helpful to have a spending plan and a list of what you spend on ‘bits and pieces’. This is often where you will find you are overspending and can turn your finances around. You’ll often find that it’s these ‘bits and pieces’ that leave you short at the end of the month. Carry a notebook and record you’re spending in it. At the same time each week, sort all of your purchases into categories; groceries, clothes, going out, etc. Add up how much you have spent in each. Look through your week’s spending and see if anything surprises you. Make a list of your ‘weak spots’ and set yourself targets for reducing your spending in each of them.

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maddona
the 01-25-2010 at 13:34

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that's a great idea, however hard to follow when you've got so many things to look after.

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