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Saving and managing money can be a challenge. We often don’t even realize where all of our money is going each week/month. Today we would like to take some time to give you some tips on Managing Money. In order to better manage your money, it is best that you take a good look at your finances, how much money you are taking in, and also the amount of money going out. Once you have a better understanding of what is coming in and going out, you will be able to manage your finances better.

Tips on Managing Money:

• Budget
• Balance
• Save
• Start a Side Hustle
• Improve Your Credit
• Plan For Emergencies
• Avoid Impulse Purchases
• Sacrifice
• Payoff

1.) Start with a budget.  Look at what money you have coming in, and what needs to go out, and make a budget accordingly. You need to have this plan in writing so that you can keep track of spending and expenses. Often we are spending more than we realize and there are expenses that we could be cutting out.

2.) Set up a savings account. You don’t have to put huge amounts into your savings, but it all starts with taking the first step and getting started. Once you start putting money away into savings, you can have the satisfaction of being able to save and accomplish your goals. Start small and work your way up.

3.) Sacrifice unnecessary spending. You may want to cut out extra shopping, eating out, coffee shop trips, and any other excess spending that isn’t really necessary. Do this while you are trying to pay down debt, and starting to build up your savings account. Every little bit adds up.

4.) Take the initiative to pay off debts. Now that you know where your money is going and you are tracking all of your spending, you can start to pay down/off debts. Pick one debt to tackle first and add additional money to that debt each month until you have paid it off in full. Once that debt is paid off, choose another and continue to do this until all debts are paid in full. Don’t forget to pay on all of your other debts while you tackle paying off the main debt. You definitely do not want to get behind on payments. This will only set you back further.

5.) You can also take advantage of cashback sites such as Rakuten when making purchases online. While this won’t save you a lot of money, it will allow you to take advantage of cashback deals, essentially saving you more money in the end. You may also consider using Rewards programs and store programs, similar to Fetch Rewards, where you simply snap a quick photo of your receipt to earn rewards points that can be used to purchase things such as gift cards to be used at a later date. If you’re already shopping, you might as well take advantage of extra savings, right?

Do you have tips on Managing Money that you would like to share? Drop them in the comments below.