How to Gain Control of Your Finances

by Tom Sharp 6 months ago in advice

How You Can Become Financially Stable With These Simple Steps

How to Gain Control of Your Finances

In this day and age, more and more people seem to be slipping into debt without any real idea of how they can take control of their money and take steps towards financial freedom. Taking the time to manage your money is an essential skill to have, it can help you to stay on top of your debts and bills and you can start saving money for your future. The first step in gaining control of your finances is to take ownership of your money and to put practices in place, which will help you to monitor and save your money. Although it sounds rather simple, the basic concept in gaining control of your money is to earn more than you spend, and there are several ways in which you can achieve this.

Look At Your Outgoings

This is one of the best places to start; and in order to understand your finances, you need to sit down and look at all of the bills and outgoings that you have each month. In these, you are going to have your essential outgoings, such as rent and bills that you need to pay each, but many people are paying for subscription services that they could go without. If you add up the total value of how much you pay for your subscription services each month, you might be in for a shock. If you are paying for services that you rarely use, then consider canceling them and saving yourself that money each month. Equally, if you have any housemates, then maybe consider sharing these subscriptions between you. Many of these services, such as Netflix, offer multiple screens within the same house so you can save money here by sharing an account.

Earn More

This is a very obvious option, but have you considered working more? If you have the time to do so, then try and work some extra hours during the week to earn some more money. Another way to earn more money is to pursue a skill that you have. If you feel like you are very good at something, then try and use that skill to earn yourself money. This could be through a career or even offering a service to someone else. For example, if you are a creative, then check out Etsy. Here you can sell all of your creative work and earn some extra money for something you that you enjoy doing. If you are looking for some motivation to earn more money, then take a look at Corrin Regginello’s post here. She explains how she went from being broke to becoming financially stable.

Save Money Whilst Shopping

A great way to save more money each month is to monitor how much you are spending on your shopping. If you find you are buying food each and every day, then consider setting up an online shopping account with a supermarket and have your food delivered to you weekly. This will save you a huge amount of money, as you can plan in advance what you are going to eat and only buy the food that you actually need. Whilst shopping for other items, it is a good idea to look out for sales and offers in shops and online. A great platform to use is Discount Promo Codes, here you can find all of the latest deals and offers for hundreds of different retailers ensuring that you don't spend more than you need to when you go shopping.

Pay Off Any Loans And Credit Cards

If you have any credit cards or loans that are charging you interest, it is a good idea to try and pay off these first as they will keep incurring interest until you pay them off. Store cards are one of the worst offenders here, as they can charge some of the highest interest rates; and it is a good idea to stay away from anything that incurs interest if you are able to, as it will end up costing you more in the long run. This includes buying items on finance. If you can't afford a product, then try looking to see if there are any cheaper alternatives or if you really want it, then start saving some money so you can buy it outright.

Some Further Reading

If you are looking for some more in-depth knowledge in taking control of your finances, then I recommend Dave Ramsey’s Total Money Makeover. This book has sold over five million copies and he coaches you through the steps in taking control of your money. If reading is not really your thing, then check out Matt D’Avella on Youtube. He produces meaningful content with the aim to help you improve your life and become more positive. You can view his YouTube channel here and you can watch a video that he does on this topic below.

Tom Sharp
Tom Sharp
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Tom Sharp

Creative entrepreneur and freelance photographer

See all posts by Tom Sharp