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How to Become an Expert at Managing Your Finances

Finance

It isn't always easy to stay on top of your finances, especially when you have developed unhealthy spending habits over the years. However, as you begin to realize the many benefits of having healthy finances, it can become something you want to make a conscious effort to improve. When your finances are in a good place, you often have access to better opportunities whether it be a mortgage loan, greater credit line or business loan. On that note, here is how you can become an expert at managing your finances in case you need a few tips.


Learn to Use Technology

The good thing about managing finances in the technological age is that you don't have to do it alone. There are so many apps available that will help you pay bills on time and track your expenses. For instance, some apps force you to live within your actual income and tell you what to do when you need to balance your budget.

If you need an app that will help you get better at saving, then some will set aside your spare change for you. Also, don't be afraid to use more simple tools such as your smartphone calendar to set reminders about payments if you don't automate them.

Seek Legal Advice

Sometimes, being an expert at something means understanding that you can't possibly know it all. This is why you have professionals around you that can help fill in the gaps where you're lacking. Consider hiring a legal firm to help with any challenges that are beyond you. Lexington Law is a good firm as they could help remove negative items from your credit report. Read this Lexington Law Review (Our #1 Credit Repair Service of 2019) to find out more about how they could help improve your finances.

Prioritize Learning

You can't do better than what you know when it comes to managing finances. You should, therefore, invest your time in learning more about finances and how to manage them. Think about what your goals for your finances are and what knowledge gaps you need to fill.

For example, if you want to invest in the stock market so that you can improve your net worth, then you may need to learn more about investing to do so successfully. To boost your knowledge, try reading articles on credible blogs that share finance information from professionals. Also, be weary of content from finance-driven companies as it could be biased.

Work on Growing Your Income

As a self-proclaimed finance guru, you know that the more sources of income that you have, the better. Work on increasing your streams of income so that you have more money to meet your targets whether it's to save for a property or put larger sums towards retirement. One way to do so would be by getting extra income by doing social media marketing for businesses or creating tutorials on YouTube. If you own a property, renting out rooms is a great way to make passive income.

Live Within Your Means

It can be difficult to live within your means when you live in a society that is always presenting you with things to buy. However, being more conscious about the things that you purchase could help you realize that most are wants rather than needs. To live within your means, always take time to think about a purchase as opposed to impulse spending. You should always get good at bargain hunting as many times you can find items of similar quality at a cheaper price.

Learn How to Manage Debt

Debt doesn't have to be a bad thing if you understand how it works and how to manage it. It can be a tool for credit building when you understand the fundamentals. For instance, if you take out a loan or credit card, always be mindful of your interest rates.

By paying the amount of money you borrowed back in full before the due date, you won't have to pay interest on what you borrowed. If you can't pay back in full, paying more than the minimum payment will ensure you incur less interest. For the most part, the secret to good debt management is never spending more than you can afford to pay back.

Managing finances is a life skill that can help improve your quality of life. By following the mentioned tips and taking your finances more seriously, you're more likely to master the art of healthy finances.

3 min read
Lifestyle

Help! I’m Sick of Seasonal Weight Gain!

Email armchairpsychologist@swaaymedia.com to get the advice you need!

Help! I'm Sick of Seasonal Weight Gain!

Dear Armchair Psychologist,
How would you deal with the seasonal weight gain that most women experience? I've put on literally 5–7 lbs around my waist/butt/lower thighs and it's the bane of my existence. Getting dressed hasn't even been fun lately:( I know it's "normal," but how do I battle the psychology behind this?
- McFattie in Brooklyn

Dear McFattie in Brooklyn,

I'm sorry to hear that the winter blues is making your zipper hard to close. Personally, I roll with the rolls during the dark and frigid winter season, while chalking the glutton up to a basic survival mechanism. The feelings that accompany being out of shape and not wanting to dress cute (because your clothes don't fit well) can be both demoralizing and a blow to your self esteem. In this fantastic post, the author suggests great techniques that include keeping things in perspective and to "Ignore the panic," "Get curious" about your weight gain, and to keep it moving by "getting out of your room." Best of all is the advice to "Remember all things that are more important than this." If these head games don't serve you over time, and you still feel low, there may be deeper underlying reasons to your weight gain. In this case, I suggest you speak to a qualified therapist.

- The Armchair Psychologist

Need more armchair psychologist in your life? Check out the last installment or emailarmchairpsychologist@swaaymedia.com to get some advice of your own!