If you have spent the majority of 2018 chasing your tail when it comes to your finances, it’s time to take a proactive approach to money management. Rather than worrying about how you will pay a bill or save money for a rainy day, you must look for ways to improve your bank balance. Take a look at a comparison site like https://www.moneyexpert.com/gas-electricity/ to see how switching your energy supplier could help.
You’ll be glad to know there are many tactics you can try to say goodbye to debt and build a healthy nest egg. Simply find out how to take control of your finances in 2019.
Gain a Thorough Understanding of Your Outgoings
Many people manage to overspend because they fail to track their expenses every month. If you are scratching your head about why you can’t pay a bill at the end of a month, or find you’re regularly dipping into your savings, take it as a clear-cut sign that you’re living beyond your means.
To improve your finances, write a list of all essential payments that leave your bank each month (rent/mortgage, utilities, and groceries) and then narrow down where you are wasting your money, such as on takeout, store-bought lunches, or clothing, and adjust your lifestyle accordingly.
Start a Savings Fund
Are you one of the millions of Americans who have saved very little or nothing? A recent survey found that 65% of the population has next to no savings, which can leave them in financial jeopardy should they receive an unexpected bill.
There are numerous ways you can start a savings fund. For instance, you can reduce your outgoings and add excess money into your emergency fund. You also could start a side-hustle or sell your unwanted belongings, and the extra income could provide you with greater financial freedom.