Friday, December 14, 2018

4 Innovative Ways to Manage Your Finances in 2017

by copygeek (writer), Nairobi, February 25, 2017

Looking out for new ways to better manage your finances in 2017.Look no further than these 4 innovative ways which will help you manage your personal finances prudently

If you’re looking to better manage your finances in 2017 and beyond, you’ll want to try new tactics this year. In order to help, we’ve got some advice that should help you get ahead and continue to build for the future.

Use Online Banking Notifications

The immediacy of online banking helps let you check and manage your funds quickly at any time and from anywhere. By enabling notifications and alerts through email or text message, you will get direct and immediate updates about your banking. This will greatly help with managing your bills and other finances, because you can set alerts to prompt you when your bill comes in.

By using these online banking notifications, you make sure that you never miss a bill and therefore never miss a payment. This will help you if you can be forgetful and will ideally ensure that you never miss payments and have to pay interest on missed payments.

Save Money Using Automatic Transfers

While saving money is not always easy, it’s something we should all (always) be doing. It ensures that you prepare for the future and will help you in an emergency. The best way to do this is by setting up automatic transfers for your bank account. Open a savings account and set up an automatic money transfer for the day you get paid. This way, money will move directly into your savings account without you ever having access to it in your spending account.

Without ever seeing the money, you’ll be able to live without spending that money. You’ll get used to budgeting what is available in your spending account and, over time, you’ll grow a substantial savings amount.

A bit of a side note here, this is exactly what I did throughout University. By putting away only $50 a pay, I barely noticed it and got used to living with what I had available, never dipping into the savings account. While off each pay, this amount is not substantial, by the end of a year, I had $1,300 and by the end of four years I had $5,200. By getting into the proper habit and sticking to it, I was able to save a substantial amount without having to alter my regular life. Managing this also gets you into good habits and makes sure that you can save properly when you have a more substantial income to do so with.

Be Cautious With Credit

There are definitely times when buying on credit makes sense. In fact, in many cases it does make sense because it helps you build credit with the bank. However, if you can’t pay it back, then you run into problems, lose your credibility, and will have difficulty drawing credit later on.

Instead, use credit only when you know when and how you’ll be able to pay it back. This isn’t to say that you can’t ever buy on credit without already having the money, but you need to have an idea of when and how you will make the repayment before using credit. This way, you’ll never be stuck in a position where you can’t pay your credit card bills.

Use Dial 2 Donate

If you’re looking for help from income support, you should consider calling the income support number using Dial 2 Donate. This will ensure that a portion of your call is donated towards a cause you care about!

About the Writer

Cynthia has been a freelance writer for four years and has a proven track record of offering clients with high quality articles, web copy, product descriptions and blog posts.
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