Manage money. Manage time
It’s hard to reduce expenses if you don’t manage money well. And it’s hard to manage money if you don’t manage your time.
Here are tips for managing money according to a time schedule ...
- Get a calendar or diary – a year planner – and develop the habit of referring to it every day.
- Whenever a credit card statement, a power bill, phone account or any other payment advice arrives, note the payment due date on the calendar right away. This needs to become a habit. Whichever way you choose to pay, ensure that the payment is made on time. Late fees and interest charges hurt your expense-reduction program. Once due dates are committed to paper, you are set free from nagging concerns. The mind is too creative an instrument to allow it to be clogged with trying to remember dozens of “Things to Do”.
- Develop a cash flow statement – something simple that can be updated easily – a week by week projection of money in and money out. Start with cash on hand and in the bank, add your expected income, when it is expected, and deduct your known and anticipated expenses, when they are due. This also serves as a budget. At a glance you can see how much will be left over to invest, reduce debt or enjoy. Update the projections week by week.
- Watch those credit cards. They can get away from you. Record the debits daily and tick them off against the bank’s statement. Set spending limits in line with your budget/cash flow projections.
- Set goals. Write down objectives for improving your asset/liability position.
Life is more than money and possessions. Getting finances under control frees you up for the things that are truly important.