EDMONTON, ALBERTA--(Marketwire - Sept. 18, 2012) - Do you know where your money is going each and every day? Do you know what portion of your take-home income should be going to savings? Probably not. Managing your daily finances is never a task that should fall to the wayside. The experts at The Cash Store are here to help with the following tips for taking control of your finances.
Tip #1: Have a savings plan: By setting up an automatic transfer into your savings account at the end of each month, you'll always have money on hand in the event of an emergency or to take that dream trip you've always planned on. If possible, set 15% of your take home pay aside every month and when your savings start to grow, speak to your financial institution about alternative investment opportunities for your funds (i.e. tax free savings accounts, GICS, term deposits, etc.).
Tip #2: Create a budget: By knowing exactly how much money is coming in and going out each month, you'll be more aware of what funds you actually have available to spend at the end of the day and where you need to be more cost conscious in the long run. Be sure to not only calculate large expenses like groceries, rent and utilities; also take into account items that may seem trivial (i.e. bus fare) as they are the expenses that can add up quite quickly and be the difference between breaking even or being in the red.
Tip #3: Set your financial goals: By setting short-term goals (i.e. paying off bad credit loans and payday loans) and long-term goals (i.e. buying a car) you can determine exactly where your savings will be going. Be sure to keep your goals realistic and achievable so that when you reach your goal you actually have the funds to follow through with it.
Tip #4: Keep your financial paperwork organized: By investing in a filing system for all of your bills, statements, and the like you will be able to easily retrieve any information needed when applying for loans, opening up new accounts, filing your taxes, etc. Save yourself valuable time and effort in the long run by getting organized earlier rather than later.
Tip #5: Reduce banking fees: By giving yourself a cash allowance at the start of every month, you'll avoid paying the high interest banking fee charged by most ATMs and Interac machines, saving yourself money in the long run. Or alternatively try to use machines that are owned and operated by your financial institution or its exchange network.
Tip #6: Create a monthly bill summary: By organizing your bills in order of outstanding payment date, you will prevent yourself from missing a payment and incurring late fees. Alternatively set up automatic bill payments from your bank account. Be sure to reconcile your bills at the end of the month as well.
Tip #7: Talk about your money! Don't be afraid to talk to your financial advisor, business partner, investment manager, or anyone else that handles your money. It's your money and you should know what's happening with it.
However, if you do happen to end up struggling to manage your financial situation, The Cash Store is always here to help. From payday loans to line of credit products, we provide our clients with a wide range of options to help them start managing their finances effectively. With an open and honest policy and loans in as little as 15 minutes, The Cash Store provides you with what you need to get your finances under control.