#MoneyMonday with Take Charge of Your Money
Short to-the-point money thought every Monday to give you motivation, perspective or action for the week. Get these straight in your inbox.
Spring-clean your finances!
Spring has sprung and what a great time to relook at your finances and do a bit of a spring clean! Why not take this first week of September to look at the following 7 aspects of your personal finances and overall financial wellbeing.
One thought and action for each day of the week.
Monday – Track what you spend this week
Today is the day to start tracking your expenses. You only have to do it for 7 days so it really can’t be that hard! Start off by guessing what your expenses will be (think of everything you may possibly spend money on), and then track each and every expenses and compare the results at the end.
See how what you think you spend differs from your true expenses.
Tuesday – Clean up your budget (or start one)
If you already have a budget then this should be a quick exercise. You simply need to check that everything is still correct and tweak things where necessary.
If you don’t have a budget though then it’s the perfect time to start one! It really doesn’t need to be complicated, just follow these simple 5 steps to starting a budget.
Be in control of your finances with a budget.
Wednesday – Do you have an Emergency Fund?
It’s really important to have an Emergency Fund but its unfortunately not so easy to build up. You can’t expect to sort this out in a day but you certainly can plan for it.
Think about what you may need emergency funds for and look at unexpected expenses you may have had over the past few months. Decide on a fair (and attainable) amount to save up and have available as an emergency fund and then look at your budget and decide how to start saving.
Protect your cash flow by setting up an emergency fund.
Thursday – Are you paying too much for your insurance?
Take a listen to Tebogo’s chat on how he saved money by negotiating better premiums with his insurers. It’s not a hard task to do and you should take some time today to chat to your insurers and even possibly contact others for quotes. You may not always get a better premium but it’s definitely worth a try!
Check what you’re paying and see if there are better options.
Friday – Check your debit orders
By now all your debit orders should have gone off from your bank account. Have a look at all your transactions over the past week and write down what you’re paying to who. Double-check that you need all the subscriptions and services and see if you can cancel anything.
Make sure that you need everything you’re paying for.
Saturday – Going out for breakfast?
Weekends are a great time to go out for breakfast, have a nice lunch and socialise with your fiends over drinks and dinner. How much money do you spend on entertainment each weekend and is it sustainable?
Perhaps you want to reconsider what you do this weekend and put aside some extra money to either pay off debt, save for Christmas or buy something for the home that you’ve been putting off.
Be conscious of your eating out expenses!
Sunday – Is your Last Will & Testament up to date?
It may seem a little depressing to think about your Last Will & Testament, but this is a vitally important aspect of your financial wellbeing! Not so much yours but rather your family that you leave behind. Take the time to ensure that you have considered all you need to and have planned accordingly.
Look after your family by keeping your last will & testament up to date.