4 Pre Money Moves to Make Now

It is never too early in the year to assess your money situation and make plans. Plans like where you will get more of it, how much of it you will save and what to do with the rest.

This planning doesn’t have to be difficult or overly complicated but, you do need to do this before you decide what your money moves are going to be. The 4 pre money moves to make are

Count

Count how much money you really have, how much will come in or go out to debts. The first and easiest is to look at your salary if you are employed or your average monthly intake if you have a business.

Counting the amounts that come in and go out monthly will help you clearly understand your financial situation and help you make informed decisions that can help you in the future and for a long time to come.

Once you have found out how much you have or how much you do not have, sitting down to make plans for this money will be less difficult.

Record

Record what you do with the money when it comes in. This can easily be done by writing down all your usual monthly expenditures. Record and make a detailed and realistic list of what your monthly spending looks like by using the receipts you have gotten. Or the amounts that appear on your statements.

If you do not have receipts, make a note to start keeping them from now on as keeping records of the money you spend will make it easy for you to check where the money has gone.

Assign

Waiting for the money to come in and spending on whim is the fasted way to running out of money before the month ends. Give or assign the money that comes in a destination. This will ensure that the money goes to the important things first, like rent, school fees, hospital bills, transport, food and paying off debts.

Assigning the money before it comes in will alert you early on and stop you from spending money that you need to keep for other things. Also, it will give you an idea on what you should cut down or stop altogether.

Change

Have you gone astray and are not following your budget and the goals you set for yourself? Change now, and get back on track. Update your budget and try to make up for where there are holes. Think about what changes you can make and what procedures you are going to follow to get back on track.

You can for instance, set aside time each mid-month to gauge your performance. Take out that budget you wrote and refer to it mid-monthly. This is a quick way to keep track of your spending. Compare your budget to what you have actually spent. If there are discrepancies, change.

When the day comes, and it will come, to make your saving or investing money moves, the above behaviour can help you make those moves easier and more likely to succeed

Kwachalelo

Sharing quick read articles around work, money and adulting life with selective interviews and quotes.