It can be really stressful when we do not feel in control of our money. It is difficult at times to be able to imagine that we will be able to feel in control but there are things that we can do which will be really helpful.
Keep Household Spreadsheets
IT can be really useful to know exactly what is going on with your money and accounts and keeping a household account can be really useful with this. So you can use a spreadsheet or pen and paper to write out the things that are taking place in your account. For example, it can be a good idea to make a note of the money you have coming in and what you spend, perhaps in two separate columns and then you will be able to work out whether you normally have enough money to manage or if you will need to do something to address this. Once you have been keeping track for a while it will enable you to see patterns. Things like which months are more expensive and that you will need to prepare for and other things like this.
Identify Essential and Non-Essential Spending
It I can be really worthwhile to also identify within your spending, what items are essential and which ones are not. This is because you may need to cut back on some items if you find that you do not have enough money to manage. You will not be able to cut back on the essential items but you will on the non-essential ones. You will also be able to look at the prices that you are paying for all of the items that you are buying and this should help you to be able to see what is expensive and what is not. You might be able to try to find cheaper versions of some of the more expensive things which could help you to save money. It is not always good to go cheap, but making sure that you get good value for money is really important and that is something which you might be able to take a close look at.
Increase Earning Potential
It might be that even when you examine your spending closely and think about what you need to buy compared with what you earn, you may still feel you are not in control as there is not enough money to buy everything you need. In this situation you will need to have a think about what you are earning and whether you can increase it. There might be things that you can do in addition to the job that you are doing so that you can earn more money. Perhaps you can do some freelance work, temping or online work or you may want to see if you can get a better paid job. It may not be as hard as you think.
By doing these things, you should start to feel more in control of your money. By keeping records you will start to see where your money goes which means that you can keep track and have a better understanding of it. You may also be able to see where you might be able to change your spending behaviour so that you always have enough money to buy the things that you really need. You will be able to then think about whether you should look at ways to earn more as well. This will help you to feel more like you are in control of what is going on and be able to manage more easily.Read More