If there’s one skill EVERY woman should be good at, it’s managing her own money. The ability to manage your money will allow you to live a life you love. It will also give you options for changing careers, relationship and locations! Unfortunately, budgeting and money management isn’t taught in school…and most of us didn’t learn from our parents!
Just because we didn’t learn how to properly manage money in the past doesn’t mean we can learn now! No matter what time of year it is, there’s never a bad time to put your finances at the forefront and whip them into shape! To help make it just a little easier, I’m sharing 5 easy ways to manage your money better next year…or any time of year!
5 Easy Ways to Manage Your Money Better Next Year
#1 Work with a money coach
In the article 7 Signs You Need a Finance Coach, one of the top benefits for working with a money coach is the guidance you get from someone who’s achieved what you want to achieve. “A finance coach helps guide you through tough financial decisions or times. If you are feeling lost, stuck, or confused in your finances or with a few financial decisions that are looming, your finance coach can guide you through making the best choices to come out on top.”
There’s no shame in asking for help, especially when it comes to something as important as managing your money. Although most money coaches come with a price tag, it’s so much more than an extra expense. It’s an investment in learning how to manage your money better for the future.
If working with a money coach is on your to-do list, schedule a complimentary financial focus call with me and let’s chat. Sometimes, a little guidance can go a long way!
#2 Get as many things automated as possible
I’m all about keeping things simple. How can I have the best output with the least input? When it comes to managing money, one of the best ways to make things easier is by automating as much as possible. There are so many financial activities that can be automated: savings transfers, income deposits, retirement contributions, investments, bill pay and the list goes on.
Before automating things like your bills and savings transfers, make sure you have a good handle on your budget. The last thing you want is to have automatic transfers and payments happening when you don’t have money to cover them. Start by automating what makes sense for your situation and then work your way up to automating more!
#3 Pulse check on your money once a day
One of the easiest ways to manage your money better is by simply looking at your money! I hear it so many times – people are scared to check their accounts. They’re ashamed with what they’ve been doing with their money. Or, they’re scared of what the account will show. Whatever the reason holding you back from looking at your money is, you are stronger!
Try to start each day by looking at your bank account. Check the balance and check your latest activity. Do this for all active spending accounts, including credit cards. You don’t have to do anything with the information you see, you just have to be aware of what’s going on. Eventually, anxiety will fade and control will set in.
Check out the article 5 Daily Habits for Financial Success for some additional things to do each day to manage your money better.
#4 Focus on intentional spending
One of the most underrated forms of money management is intentional spending. Intentional spending is being 100% aware of what you do with your money. You’re not spending on impulse. You know that you’re spending the money, whether you should or shouldn’t. The awareness is what’s most important. When you’re unaware of your behavior, you don’t know you have a problem to fix – let alone what the problem is.
When you are aware of your money patterns and behavior, you can start pinpointing areas of opportunity. Eventually, you’ll seek the help you need to fix those areas. Check out the CGS podcast episode: How To Be Intentional with Your Money to learn more!
#5 Be aware of the money content and conversations you consume
Have you heard the saying “you are the average of the five people you hang around”? It basically means that what you surround yourself with becomes your reality. If you’re constantly listening to your friends say they’re broke, you may find yourself feeling broke. Scrolling social media to see how people are spending their money? You may have feelings of envy or disappointment creep in.
The point is to consume content and have conversations that paint money and financial growth in a positive light. Once again, awareness is key. Recognize any negative content or discussions around money and politely change what you consume.
Related: 5 Ways to Manage Money Like a Pro
Obviously, I could’ve listed things like create a budget or limit non-necessary spending, but I want to focus on the areas that tend to be overlooked. Each of the tips above will help you manage your money better, as long as they’re implemented. Do you have money management as a goal for the near future? What ways do you plan on improving your situation? Post a comment below to share!