Thursday, April 1, 2021

What To Do When You Feel Like You Can't Manage Your Money

 Being able to manage your money ‘well’ is something we all wish we could do! However, some of us get incredibly frustrated with the way our bank accounts behave, and how much we have to fork out every month for the bills and utilities we seem to have to live with. 

However, it can be much easier to manage your money than you think. Sure, the financial world can be an incredibly confusing place, but once you sort through the jargon, there are some very basic yet effective principles that you can take to heart. Let’s go through these below. 

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Commit to a Budget, No Matter What

Committing to a budget takes a lot, and there’s no doubt about that. When you work out what you can afford, based on what’s regularly coming and regularly going out, you have a much better chance of working out what’s disposable and where your financial freedom lies. 

But if you’re going to commit to a budget, you need to have some kind of goal in mind. What do you want to achieve? Pay off some debt? Stop living paycheck to paycheck? Do you want to save a certain amount? Think it through, work out what you need to do, and then draw up a budget with milestones that’ll help you achieve your goal. 

Take Your Time

One of the main reasons it seems like you can’t manage your money is because you’re not giving yourself enough time! It takes months to really build up that bank account, and those ‘success stories you hear a lot about are often fake or incredibly embellished. 

Don’t get drawn in, as you’ll just end up feeling much, much worse, and that isn’t helpful. You, personally, need to take your time, and get used to the new budget you’re using or the bills you’re having to pay, as things tend to balance themselves out over time when you actually commit to them. 

Work with a Professional 

Working with a professional doesn't mean you’re putting responsibility for your money on someone else - you’re still the one in charge! It simply means getting a knowing, experienced eye to cast their gaze over your bank account and the way you spend, and then have access to some personalized, constructive advice that could really help you. 

A company like Veracity Capital could step in to help here, if you think this kind of service would be of use to you. All in all, make sure you reach out when you need help, and don’t be afraid of being judged - we all have money worries and management troubles, and the longer they go unaddressed, the worse things can get! 

If you feel like you can’t manage your money, stop and think about why. Is it because you’re not confident? Or is it because you feel you don’t have the brain for it? No matter the reasoning behind it, make sure you can take your finances into your own hands. 

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