How to Manage Your Money

how to manage your moneyCreate a Budget
This is where it all starts.  To manage your money, create a budget.  Write everything down, from your income, to your monthly fixed expenses (rent, mortgage, utilities, credit card bills, car note, loans, etc), flexible expenses (aka where you really want to spend your money: food, clothes, bars, *cough* new hand bags *cough*), expenses you hate (aka: taxes, insurance, etc that may be due semi annually, quarterly, etc), and everything else.  As we all know but don't like to hear, needs come before wants and your expenses should be less than your income.  

Don't Use Credit Cards as a Cushion
It's tempting to purchase something on your credit card when you may not be able to afford it in cash at the moment and tell yourself you'll pay it off as soon as you get paid.  Here's the thing with that.  If you can't afford it now, you might not be able to later.  Unforeseen expenses always come up, like expensive car repairs, etc, and before you know it, that money you thought you would have in a few weeks is already gone and now your credit card still hasn't been paid.  A rule of thumb to follow is if you can't afford it now, do you really need it?  If it's an emergency situation, then maybe yes, but if you just want a new puffer vest and Bean boots, I'm sure the ones already sitting in your closet will do just fine. 

Cut Out Extra Expenses
Once you sit down and see how much money you are spending every month, it's easy to see if it's worth it.  One of the easiest ways to cut down is by starting with your cable bill.  Just getting rid of premium movie channels and DVR service can save a lot more than we think!  

Save on Entertainment
Groupon and other savings apps are a game changer in this category!  You can always find half off restaurant deals, vacations, and entertainment and by taking advantage of this, your entertainment expenses are cut in half while you still enjoy doing the same things you like to do.

Stop Spending Foolishly
It's impossible to stop spending money on our bills and mortgage unless we want harassing debt collectors blowing up our phones, but it is possible to stop spending compulsively.  This for me usually happens when I walk into a store without a mission.  If I go to the grocery without a list, I'll walk out with twice as much food than what I really need.  If I go with a list, I know exactly how much I'll spend and never go over.  Now if I go to Target?  Well.. about that..

Make Your Money Work For You
What is this you speak of, you ask!?  Well this has something to do with that little thing called financial strategy and it's not as complicated as it sounds.  In fact, anyone can easily learn hands on.  Author Robert Kiyosaki of the all time best selling personal finance book, Rich Dad Poor Dad, has created the CASHFLOW board game that will teach you how to get on the fast track to make money work for you.  It's an educational game that simulates real life financial strategies and situations into personal finance and investing without having to put your actual money at risk. A game night with CASHFLOW is a great way to learn accounting, financing, and investing all at he same time while having fun.  As a special treat to my readers, you can go here to get the game 10% off by using the code CASHFLOW.
CASHFLOW board game
Rich Dad Cash Flow board gameThe point to all of this is it's easier said than done, but by starting small and making little changes, over time it will add up and you will see a difference.  The key is to be conscious of where your money is going and always think twice before you spend it.  Do you really need it?  No, probably not,  unless it's something gold, polka dot, or Kate Spade, then yes, yes you do. 

Today’s post is sponsored by brand, by my love for their CASHFLOW board game is all my own.

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