5 Tips for Smart Financial Management

Want to be savvier with your savings or simply want to help your funds stretch until your next payday? If so, here are some great tips to help you manage your money.

Keep Track of Your Income & Expenditure

This may seem obvious, but keeping tabs on the amount of money coming in and the amount being used on a weekly or monthly basis is a really good way to stay conscious of your spending. A lot of people aren’t honest with themselves about how much is leaving their bank account in the form of minor purchases such as snacks, toiletries, taxis and public transport or socializing. Try to log everything week on week using a spreadsheet, down to the penny. You should include a column for your net income over the same time period and compare the two regularly. After a while, you’ll begin to get a clear idea of your financial activities, and this will help you to make smart changes to your lifestyle, whether that means quitting the gym and taking up running, making your own lunches for work or simply limiting your time spent out on the town.

Bank Smart

Is your current account really the best place to keep all of your funds? After doing a little research, you may find that your money could be working much more effectively for you. Ask your bank about the available ISAs and savings accounts that they have available. You should also look around at other banks and building societies to find the best option for your needs. This way, your money can gain a little more interest.

Make Some Good Investments

This is a slightly more adventurous option that should only be explored if you have a little cash to spare. From stocks and shares to assets, bonds, cryptocurrencies and plenty of other options besides, investing can open the door to brand new means of attaining capital. You have to be smart and sure of what you’re doing before you go down this route, but there is plenty of guidance available to help you get started.


This isn’t a decision to be taken lightly, but if you’re struggling to reach the end of the month financially, there are certain payday loan options available that will help to tide you over. You can review the top payday loan lenders and always remember to read the small print and don’t sign up if you’re not absolutely confident that you’ll be able to pay back the borrowed amount plus interest, but these resources can be a lifesaver if you find yourself in the midst of a financial emergency. Keep in mind payday loans are illegal in Maryland and several other states. Check with your state before entering into these risky loans.

Side Hustles

If you find yourself with a little time to spare or if you’ve got a unique skill or hobby that could be monetized taking on a side hustle may help you to make a little extra cash. Whether you’re a craftsperson, an IT whiz or a linguist, why not make yourself available on an ad-hoc basis and start moonlighting? If you’re going to be working for yourself, it’s likely that you’ll need to register as self-employed but you’ll be able to reap some significant benefits.


Feature Image by Gerd Altmann from Pixabay