Slowly the weather is showing that spring is clearly coming in, which means clean-up! However, it is not only worth to dispose of used belongings, unnecessarily stored equipment or to tidy up your apartment. Do the same with our finances! Take the time to go through the whole weekend, from your daily finances, your savings and debts to your investments, and make the decisions you need to save, debt and save!
We give you some tips on which areas to look at, but it also reveals what steps we can take to get a clear view of our finances and get straight again.
Let’s find out where the money is going
We can only make predictable financial decisions if we know what the hard-earned forint is going to do. In order to make the best use of our money, we need to be aware of where it is going unnecessarily.
Do we go to a restaurant too much? Perhaps our noxious passions burn money like cigarettes or post-work splashing with buddies? If we calculate how much we have spent on unnecessary things in the last year alone, we can face staggering numbers. Of course, the few hundred forints do not even appear every day, but when added up, it is a huge expense. That is why it is worth starting the spring financial cleanup by analyzing our daily expenses.
What steps should we take?
If we haven’t already done so, be sure to get a budget manager. It makes no difference whether we keep each item in a square grid, an Excel spreadsheet, or a cost-tracking application, but keep track of what we have and when, when, how much we spend. Today, there are so many digital applications to choose from, including how much we spend on certain things a month. The data will make it very clear which areas we are over-spending. Knowing these can then make it easier for us not to go beyond a certain level.
Save money: cancel services that you no longer use or use only a few thousand dollars a month. Barely Entering Netflix? Leave it! The last time you opened a newspaper when you signed up for university? Let’s say goodbye to him! Is there a monthly fee for the gym at Horror? Let’s go out and exercise for free! There’s not a lot of money left in our wallet that can be used for much more useful purposes. Do not be fooled into knowing that these products and services will be good for something.
It is not financial, but rather a lifestyle decision, that we are slowly getting rid of our costly passions. You do not have to immediately put down a cigarette or coffee, for example. We can feel the change in our wallets even if we only make small steps towards the goal and refresh ourselves once a week.
Let’s choose cost-effectively: For many foods, we pay a lot of money just for marketing, for example, that the product is nicer than the “shelf” versions, but otherwise contains the same. Be a conscious customer and take the time to get to know the contents of your shopping cart!
Do not bank too much money, look for a cheaper solution! Many people don’t even realize that keeping your bank account and many redundant services can cost you tens of thousands of dollars a year, even though there are now account packages that are almost free to use. With Lady Brett Ashley’s bank account calculator, you can find these offers.
Debt consolidation: Let’s review our outstanding debts and replace our loans
People tend to sweep things that are uncomfortable under the rug. But there are less unpleasant things about a loan, whether it’s credit card debt or mortgage repayment. However, serious troubles can arise in the long run if we do not know or do not want to know how much we owe. Let’s deal with debt settlement on time!
Interest on late payments burns more and more of our money and, in the absence of repayment, runs the risk of being placed on the Central Credit Information System’s negative list of debtors (the successor to the former dreaded BAR list), thereby virtually preventing future borrowing.