With the busy day to day of our working and social lives, it can be very difficult to keep on top of your finances. Staying on budget and making smart financial decisions can be overwhelming when bills rise, jobs change and our circumstances alter as we go through life.
But if you are considering making a big financial decision like buying a home in the near future, being on top of your finances has never been more important. As a woman, being financially independent is crucial to our wellbeing!
why are your personal finances so important?
The obvious answer is that in order to live the life you want, you need to be financially stable. Having outstanding debts, unpaid bills, tax liabilities, or other financial issues can hinder your progress. Having your finances organized is more than just an administrative chore; it is a building block to a secure future.
how to keep your finances in order
Here are three key ways to keep on top of your finances:
- consider a professional
Accountants aren’t just for businesses, they can help individuals, too. If you feel like your finances are a bit of a mess and you are struggling to know where to start, a bookkeeper can help. An outsourced bookkeeper will help balance your books, notice any issues with your finances, and offer advice on how to help.
- keep track more easily
One way to keep track more easily of your expenses is to use apps. Many banking apps now provide you with the ability to track your balances, spending, and some even let you set up alerts. This is helpful when your actions aren’t matching your goals.
There are also Neobanks. These accounts are just like regular bank accounts, but they help you spend money while you are traveling and have easy to use apps too. You can create pots, like segments, within a neo-banking account. For example, if you are saving for a house deposit, you could call one-pot “House!” and each week transfer a percentage of your paycheck into that pot.
- prioritize debt payment
If you have outstanding debts weighing on you, it’s time to face it head-on. Not only does debt add stress to your life, but it can also lower your credit score and make it harder for you to obtain financing for things you’ll need in the future.