Lack of organization can harm your finances much more than just being short on cash. Invoices and late payments can lead to high charges and overdrawn bank accounts can generate overdraft fees.
The following are some tips from MEXLend to help you organize your finances properly and, above all, incur less expenses:
• Have a monthly budget
For example, in some months due to weather you will see an increase in some household bills, like electricity. Have those changes built into your budget and trim other expenses to accommodate for them. Maybe you might exchange a dinner out for an evening stroll or take a packed lunch. The best part of having to cut costs is that it will break routines and have you try something different.
• Use financial software
Financial software is not just for investing. On the Internet you can find free financial software (although on a reduced scale) to help you keep track of your daily expenses. Using these programs, you’ll get detailed information to know where your money goes exactly.
• Pay your bills on the same day they arrive
If you have the money available in your bank account ideally you should pay your bills on the same day they arrive to not risk late fees.
• Make a list of your bills and debts
Create a checklist at the beginning of the month, with each payment you will make, to help avoid unwanted surprises.
• Use two bank accounts
Use one for expenses and another for savings or medical emergencies. You don’t want your mortgage bill to be unpaid for not having organized your money properly.
Remember that MEXLend is here to advise you properly and take care of your investment from the outset. Please leave us your comments on your tips for saving.
