How To: Money Management & Organization After Bankruptcy Loans
Money Management & OrganizationManaging your finances is a difficult task that many Canadians struggle with. Having great money management skills will improve your financial comfort. The stress involved with unorganized banking can feel consuming. Take back your freedom and focus on the things that matter by gaining control over your money matters. To avoid needing another bankruptcy loan, it’s important to organize your finances. There are a variety of ways you can manage your money for optimal success. If you’re not sure where to start, that’s okay. Transcan Leasing has compiled a list of strategies to improve the organization of your accounting. On this page, you will find an overview of how to manage your money correctly.
Budgeting to avoid bankruptcy loans
Budgeting is the best way to start getting a hold of your finances. Making a successful budget might be tricky at first, but once you get the ball rolling it’s super easy! A great budget will include expenses, source(s) of income, monthly net profit, monthly and yearly averages for each item in the budget, and savings/emergency funds. Taking into account your expenses, income, and how they work together is the best way to form a realistic budget. Within this spreadsheet, you should also plan for large expenses and allocate a small amount of money for an emergency fund. Check out our blog for a more in-depth explanation of how to create a budget.
Use An App
As a human in our digital society, apps and media are our bread and butter. If you spend a lot of time on your phone, installing an app to help you organize your finances could be a good idea. The simplicity and accessibility an app provides may provoke you to stay on top of your accounting. There are a variety of free apps available for download on Itunes or Google Play. If you’d like to learn more about the best apps for financial planning click here.
Work towards paying your debts
Paying your dues might seem never-ending. However, making an effort to pay off your debt will give you the financial freedom you want. The money you owe will only prolong your goals and bog down your savings. From setting aside money each month to lessening your monthly spending, there are many strategies people can use to get out of debt. For more information on how to get and stay out of debt click here.
Compare Prices – Even for your Bankruptcy Loans
Becoming an expert shopper will save you tons of money. Sometimes getting on track with your money management is as simple as shopping around. Taking the first price you’re given isn’t the most economic route. Comparing prices to find the best cost for whatever your expense maybe can save you exponential amounts of money. Next time you’re presented with an insurance or repair quote, source other options to determine the most cost-effective solution. To learn more about smart shopping click here.
Invest your money wisely
Part of avoiding bankruptcy loans comes with investing your money wisely. A strong investment portfolio can provide you with some comfort and security. By funneling a small amount of time and money into investing, you can grow your wealth. These investments will act as additional income in future years and further support your ideal lifestyle. Investing smartly takes practice and research. If you’re interested in learning about how to invest intelligently click here.
Just like you learned in grade school, creating S.M.A.R.T goals (specific, measurable, attainable, realistic, timely) is a great way to control your finances. Especially where Money Management & Organization is concerned. Writing down your goals for the near and far future is a great way to hold yourself accountable. This way, you stay motivated and don’t lose sight of your priorities. Every time you achieve a goal you’ll be excited to continue working hard! To learn more about creating S.M.A.R.T financial goals, click here.
Hold Yourself Accountable
However you decide to go about taking control of your Money Management & Organization situation is up to you. Although, you must remember to stay accountable. Keeping yourself on the hook will ensure you don’t lose progress and remain on track with your goals. If you think this is an area you need support in, reach out to a friend, family member, accountant, or other for additional help. Checking in with someone on your progress or speaking about your finances could be exactly what you need to stay on the right path 🙂
Learn about money to reduce your chances of needing bankruptcy loans
Learning about money management is one of the best ways to reduce your chances of needing a bankruptcy loan. Contact us at Transcan Leasing today if you need additional help or if you have any questions. Feel free to reach out to us as we are more than happy to help you during this difficult time. Be sure to check out our other resources in the Transcan Leasing credit education center.