Bankroll Management Tips

What to Know

money roll
  • Your goal. Managing your money happens to be a means for an end, but you have to make sure your goal is practical and that the end can actually be seen clearly. Even though your goal of money management might be to retire comfortably, begin small by having a goal to pay off credit card debts within X months, for example. After all, success will keep you satisfied and on track when it comes to money management.
  • What you currently have. Before living within the means that you have, you have to find out what those means are. Begin managing your money by keeping track of it. You will be pleasantly surprised at the amount that you actually have!
  • Aside from the money in your purse or pocket, include available credit in your credit cards, bank balances, and piggy bank money.
  • Go searching for lost money. Search through trouser and coat pockets, through greeting cards, dresser drawers, jewelry boxes, under cushions, mattresses and furniture, and in the freezer!
  • Even though money is considered as an asset, every asset is a kind of money. In general, we see assets in the form of property.

But even though every possession that we have can be turned into cash, there are usually certain kinds of money that have to be protected from creditors. You probably won't want to give up your car to pay bills, for example. However, the chance to turn property into money can be a good thing to remember when identifying and managing money effectively.

Several assets, such as appliances and vehicles, may depreciate over time, though. Still, even though their spending power doesn't increase, they can be turned into money.

Conversely, long-term assets, such as personal property and investments appreciate over time, enabling us to get richer and save money.

What to Track

  • Your income. If you have collected check stubs from the last month, get the sum and see how your income, on average, stands. Even better, add up a quarter of a year to be more accurate in looking at your power of earning. If you do not save check stubs, start doing so for a month. Do not just put your weekly wages in there, though. There are also flat-tire days and sick days - remember that.
  • Your spending. Where does your money go? Track how much you spend in a month and write it all into a small notepad in your pocket or purse. After a few weeks, you will definitely start reconsidering some things.

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