Good morning everyone, today’s post is about some personal advice on finance. Now after this festive period I am sure most of our purses are feeling a little lighter. So with that in mind I thought I would put a few tips on how to manage money. When it comes to managing our money, most of us might find it difficult, like most modern women these days. Women in their early 20s especially struggle to take care of their money, it is either spent on clothes, nice cars, and beauty treatments. I am sure most of us at some point in our lives have fallen into that, and there is nothing wrong with spending one’s money however you choose to do it! 

But we should also be thinking about how we can have something put away for that rainy day! So here I am going to give a little personal finance advice that never gets old – especially if you’d consider yourself a modern woman. Take a look and see what changes you can make:

1. Set Up An Automatic Savings Transfer 

If you want to save money but you just can’t seem to put anything into an account at the end of the month, set up an automatic payment and count it with the rest of your bills. This way, you won’t even have to think about saving! At the end of the year, you’ll be happy to see just how much you’ve saved without really thinking about it.

2. Live Below Your Means

Living below your means is the key to building wealth, no matter how slowly you do it. Make sure you’re spending less than you earn and doing so on a consistent basis. It can be tempting to spend more than you earn, so here are a few ways to stop the temptation:

• Unfollow social media accounts that tempt you to buy
• Don’t browse unless you’re looking for something specific 
• Unsubscribe to emails 
• Don’t browse the web aimlessly 
• Never go shopping without a list 
• Keep a close eye on your numbers so that you’re not tempted to spend if you can’t afford it – many financial experts say that if you can’t afford to buy the item three or four times, then you shouldn’t buy it at all 

3. Don’t Compare What You Have To What Someone Else Has 

Stop comparing what you have to what somebody else has. Instagram can be particularly dangerous in this regard. It’s so easy to compare your life to the highlights of somebody else’s life. You’re not seeing the big picture when you look at somebody else’s feed. You never know what’s going on behind the scenes – that car could belong to a parent, friend, or partner. It might even be one they saw on the street! That coat may have been tried on especially for the picture. They may be in mountains of debt. Bearing all of this in mind is the best thing you can do when using the internet to peek into other people’s lives. 

4. Remember, It’s What You Do Long Term That Counts 

What you do long term counts more so than what you’re doing occasionally. While short term actions can definitely impact the long term, treating yourself to a latte every so often is not going to break the bank – just try not to purchase one every day. Be smart about treating yourself. Don’t get sucked in by marketing and impulse purchases, but don’t deny yourself a little of what you feel you deserve, either. 

5. Pay Off Loans And Credit Cards ASAP

If you have loans and credit cards, the faster you can pay them off, the better. While sites like Buddy loans can be really useful if you’re in a pinch, getting into too much debt and having to pay interest won’t be any good for your financial affairs. The faster you can pay these off so you don’t have to pay a mountain of interest, the better. Make this your priority over saving if you can, and you’ll save money over time. 

6. Read As Many Books And Resources As Possible

Continue to educate yourself on the subject of personal finance – it is something that should really be taught in schools! It isn’t, though, which is why so many people struggle to keep their affairs in order. There are so many books and other resources out there that can help you – even podcasts and Twitter accounts. Find them and use them to your advantage. 

7. Invest A Little 

Investing might sound scary, but don’t let that stop you. Making investments is another great way to build your wealth and protect your future. It can be confusing at first though, so try using an app to get started. You can even just make small investments until you have built up your confidence. If you keep investing in the long term and don’t touch them, then you could end up with money for your retirement fund, or money to fall back on should you need it. 

8. Get A Friend To Help You 

Many successful people don’t manage their money alone. Find a friend who is financially minded or hire somebody to take care of your accounts. Getting help will teach you a lot and take a lot of the pressure off your shoulders.

9. Track Everything You Spend

Track everything you spend – whether you’re buying a bag, a car, or a packet of gum. It all makes a big difference and will give you a huge insight into where your money is going. This can deter you when you don’t need to spend money on something, and can even help you to see where you should put more of a focus. 

10. Cancel Subscriptions You Don’t Use Enough

If you’ve got subscriptions to magazines, gym memberships, and beauty boxes that you could give up, then do so. Consider how much value you get from each subscription and whether you should keep it. This could help you to save a substantial amount of money. 

11. Create An Emergency Fund

Everybody should have an emergency fund. Ideally this will be anywhere from 3-6 months of your living expenses. You’ll have peace of mind should you take a pay cut or even lose your job! 

12. Don’t Rely On Anybody Else To Take Care Of You Financially 

If you meet somebody who is financially independent, it can be easy to assume that you’re set for life. However, learning to take care of yourself is still a good idea. Depending on somebody else is never a good idea, as you don’t know what’s around the corner. Be a financially independent woman and you’ll be much happier!