Do you find managing your personal finances stressful? If the answer is yes, you’re not alone. 

Whether you’re stuck in a cycle of debt, not earning enough for your standard of living, or just want to start saving for the future, it’s important to get your finances in check. 

Getting organized can save you loads of time and stress. It can also boost your disposable income and improve your quality of life. To help you get started, here are 9 strategies that can help you take control of your finances: 

 

1. Create a financial plan 

Firstly, it’s vital to have both a short-term and long-term financial plan. Think of it as a timeline. You need to set milestones for the future so you can prioritize your goals. 

Start by thinking about the things you want and when you want them. Maybe you want to buy a house or pay for retirement. Whatever it is, make sure your goals are realistic and you allow enough time to achieve them. 

Then, create your plan and monitor your goals over time to see how much you’ve accomplished. This way, you will be able to see if you’re on track to achieve the things you want! 

 

2. Make a monthly budget  

Once you know what your long-term goals are, you need to make a monthly budget – and stick to it! A clear monthly budget is one of the best tools available for money management. 

A budget can help you see how much money you have coming in and how much you spend. It can also help you to see how to improve your situation. 

Begin by writing down your income and expenses. After doing this, you can see where there are changes needed. If you’re spending more than you earn, you need to cut your spending starting with non-essentials or find ways to earn more. 

 

3. Reduce your regular bills 

One way to cut your expenses is to save money on your weekly or monthly bills. There are some payments that will be fixed, like rent or car payments. But, others, like electricity, insurance, or phone bills,  can be reduced by searching for better deals. 

Additionally, there might be some non-essential bills you can cancel altogether. For example, if you have cable TV, you could consider canceling your contract and replacing it with a lower-cost streaming service. 

 

4. Eat at home 

Eating out can end up costing a fortune, especially if it’s something you do regularly. Although it’s nice to splurge on restaurants and takeouts, if you find yourself overspending in this area, you could save a lot of money by eating at home. 

If this is something you struggle with, search for new, interesting recipes, and plan out your meals in advance. This way, you’ll always have ideas for amazing meals! 

 

5. Pay off your debts

Being stuck in a debt cycle can be tough financially. But, with careful planning, you can start paying off your debts. Not only does this save money, but it can also relieve a lot of stress!

Start by listing your debts, including car loans, student loans, credit cards, store cards, personal loans, and anything else. Then, work out what you can afford to pay off each month. 

Always start by paying off the highest interest debts first. This will help you reduce your payments as quickly as possible.  

If you have multiple debts, you should also consider other options, like consolidating them into a low-interest loan or balance transfer card. Also, you can try speaking to the creditors to see if they can offer you a lower rate or discounted settlement. 

After making a debt repayment plan, stop using your credit cards for non-essential spending ASAP. If you’re relying on credit to survive each month, it’s important to take a look at your budget and make some adjustments. 

 

6. Start a regular savings plan 

You can start to gradually build wealth for the future by saving an affordable amount. This is something that will give your finances a boost and help you create healthy financial habits. 

To start with, try and build up an emergency fund for any unexpected costs so you won’t need to rely on borrowing money in the future. 

After you’ve done this, set a target of how much you can afford to put away in a savings account. You should aim to save regular amounts and set up automatic payments to do this. Make sure you include it in your budget plan! 

Additionally, if you ever receive unexpected money, like a bonus or tax rebate, use this money to give your savings a boost rather than spending it! 

 

7. Find additional income sources 

As well as cutting your costs, another way to improve your financial situation is to find additional income sources. Some examples of this might be getting a second job, starting a business, or investing in property or the stock market. 

If you’re opting to become an investor, we recommend enrolling in a class or meeting with a financial advisor so you can reduce the risks and make smart choices! 

 

8. Ask for a pay rise

If you have a job with a regular paycheck, another way to boost your income is to ask your boss for a pay rise. Speak to your managers and make your case by explaining why your skills and experience are worth the extra money. 

If necessary, try working on your professional skills by taking courses or gaining qualifications. This can help you make more money, as you can become more competitive in the job market. 

 

9. Use your employee benefits

Some employers offer additional financial benefits to their employees. Make sure you check these out and make the most of them if they are available to you! 

Your employer might offer benefits like health or dental insurance, free eye tests, or childcare vouchers. So, check your contract and see if you’re entitled to anything. Make sure you carefully evaluate these options to see if they are financially beneficial.