Never spend money before you have it – Thomas Jefferson
This is one of the most basic tenants of good financial management. It’s something that we probably have all heard before but yet we often ignore. It’s so easy to just grab your credit card and quickly pay for things or use your store card with all the “benefits”. In fact we sometimes even make excuses for this by saying things like “oh, it’s almost payday” and we rely on the money we don’t actually even have yet!
Now there’s nothing wrong with using your credit card; I use mine for over 90% of purchases. However, I know that I have the money that I am spending as I use a great app to track that. I use the YNAB app which works really well for me and if you can try it for free on the 34 day trial and this link will give you an additional free month if you sign up. However, there are many apps to choose from so obviously find one that works best for you!
Have a look at why cash flow matters and how you can change the cycle of your spending. Instead of spend first and earning later (hopefully), you should earn your money first, then spend it.