As business owners and professionals, we all know that it is important to manage our finances wisely and, for the most part, we understand that we need to spend less than we earn to remain financially stable.
What many of us don’t know however, is how to organise our finances and keep track of our money in such a way that is easy to take control of our finances.
In this blog we provide you with 3 of the most important financial tools which you can use to manage your money!
1. A Budget Tool
Having a budgeting tool is the number one way for families and business owners to manage their finances.
There are many different options to choose from when it comes to budgeting tools. If you prefer to write everything down, there are many free printable budget planners available online – our favourites are https://moneysavingcentral.co.uk/free-printable-monthly-budget-planner and https://www.moneysavingexpert.com/banking/budget-planning/.
If however, you would prefer to manage your budget in a spreadsheet, https://www.vertex42.com/ExcelTemplates/simple-budget-worksheet.html has a few different types of templates which are easy to use and cater for any budgeting need.
Lastly, for more tech savvy readers, we recommend the Money Dashboard or Cleo apps for your budgeting needs. Both are free and both can connect to your bank account, to provide you with real-time trackers and reports.
2. A Debt Payoff Calculator
The best way to motivate yourself to pay off your debt is to see exactly what you need to do to reach your payoff goals. By using a payoff calculator, you can determine how long it will take you to pay off your loans, as well as how much you can save if you pay them off at a higher amount each month.
We recommend https://www.thecalculatorsite.com/finance/calculators/loan-payoff-calculator.php to start calculating your payoff goals!
3. Automatic Savings Transfer
One of the easiest ways to save money is to automatically transfer amounts to your savings account on a regular basis. In most instances, you don’t even realise that you’ve actually saved any money until the end of the month when you look at your savings account balance! There are a number of apps available to help you get starting with automatic savings and we recommend Moneybox. This app allows you to save spare change by rounding up your card transactions to the nearest pound and saving the difference. You can choose to save your money in either a 45-day notice account or a 95-day notice account, both of which will earn you interest.