Personal Finance: Our Love/Hate Relationship With Money
Many of us have a love-hate relationship with money. You love it in the sense that you need it to pay your bills and fund your lifestyle. You hate it, however, in the sense that you need it at all. We’d all much rather live in a world without the need for money. Bills, debts, and other fees that seem unavoidable and inescapable have given all of us headaches at one point or another. If you’re struggling to fix your rocky romance with personal finance then here are some pointers that might just help you out.
The first step towards having a happier relationship with your personal funds is to manage your money better. Start by making a budget so that you can see where your money is going every month. You might know how much you earn but do you really keep track of how you spend those earnings? Make a note of your necessities and see how much disposable income you have left once you’ve paid off all those things.
If you have debt and other things which need to be paid then all your income needs to go towards that before you can even think about buying non-essential luxuries. You might even want to look into options such as hiring Fesenmyer Cousino Weinzimmer attorneys to help you file for personal bankruptcy if you’re really struggling to make ends meet. When you start to feel that your debt is becoming too difficult to manage then you need to take serious action. Making the repayments is crucial but if you need to take steps such as legal help to give you enough time to achieve that then you should take all the help you can get.
Saving money is probably one of the easiest ways in which you can manage your finances. There are certain costs in life that we can’t control; you need to pay your rent, and you need to buy food. However, you can control the amount of money you spend on certain necessities and non-necessities. When it comes to utility bills, you can reduce the amount of energy you use by insulating your house better to trap heat and turning devices off at the power source.
When it comes to shopping, you can save money on food by using vouchers and searching for other good deals. On a more basic level, you can start to build up an emergency fund by creating a money jar at home. Put your loose change in there every day and watch it grow into your own mini savings account.
Respecting your money and possessions.
Don’t be so quick to throw things away or replace them. If we’re talking about a used sofa can then, by all means, throw it away. However, if we’re talking about replacing your cell phone every few months or using up an entire kitchen roll every few days then you need to start changing your relationship with the things you buy. The best way to improve your personal finances is to take better care of the things you already own so that you don’t have to keep wasting money by frequently buying new things.
Perishables such as food should be eaten quickly; that’s unavoidable. However, big purchases in our lives such as furnishings, electronic devices, and cars are all things that we should strive to keep in good condition for as long as possible. If you want to avoid spending money on new things all the time then do what you can to better preserve your existing possessions. Don’t be so quick to replace your phone when a new one comes out; keep your current one until it no longer works. It might last you another few years. Don’t put off those home repairs around your house; keep things maintained and you’ll avoid bigger issues developing that are much costlier to fix.
Use these tips to love your personal finances.