Do you find managing your money a tedious task? It doesn’t have to be that way. There are actually a number of tools at your disposal that can make taking care of your finances a lot easier.
Online banking
If you’re not already managing your bank account(s) online, you’re missing out on what many people see as one of the most effective tools for keeping your finances in check.
Online banking enables you to see, at a glance, how much money is in your bank account. If your current account and savings accounts are all with the same bank, you’ll have a very useful overview of where all your money is. You should also be able to switch money between accounts easily this way.
Online budgeting services
Online budgeting tools such as Money Dashboard allow you to see where all your money is, even if it’s with several different account providers. Money Dashboard synchronises with your online bank accounts to give you an up-to-date snapshot of your finances.
What’s more, these services tend to provide useful tools such as budget plans and savings goals that can help you make more of your money.
Budgeting apps
The rise of smartphones means it’s now easy to do things on the go that you would have needed a computer for only a few years ago – and that includes budgeting.
If you’re using an iPhone or Android phone, try searching your phone’s app market for the word ‘budget’. This should bring up a list of apps with reviews to help you decide which one is best.
Click to view the iPhone and Android money management apps sections:
- http://www.apple.com/iphone/apps-for-everything/managing-money.html
- https://market.android.com/apps/FINANCE
Debt consolidation loan
These days, it’s not unusual for someone to have several different debts on things like credit cards, overdrafts and personal loans. But dealing with all these different payments can be confusing.
A debt consolidation loan could make things easier. By repaying your existing debts with a new loan, you’ll be left with just one combined debt to pay – and one monthly payment – which can make budgeting a lot simpler.
You may also decide to repay the loan over a longer period of time than the original debts, which can make each payment smaller. But keep in mind that this will mean you pay more interest than you would over a shorter period.
Also remember that this is only suitable for people with manageable finances. If you have any financial problems, you should steer clear of taking out a new loan.
This debt consolidation calculator can show you how debt consolidation could help you.
The humble piggy bank
A piggy bank might be thought of as somewhere for kids to keep their pocket money, but it could actually be a lot more useful than you think.
For example, what do you do with the change that builds up in your wallet / purse every time you buy something with cash? It often ends up lost or falling down the side of the sofa. But collecting it in a piggy bank and using the money whenever you need small change could help your money stretch that little bit further.
That may sound silly, but think about it: a lot of the time when you only need to spend a pound or two, you’ll end up withdrawing £10 from a cashpoint. It can then be very tempting to spend the rest of that money on things you don’t need. So by having a supply of small change available, you could cut out many of those trips to the cash machine.
