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Top 8 Budgeting Tips for 2018

Top 8 Budgeting Tips for 2018

The 2018 year has just started. What better time to get your personal finances organised?

Here are our top eight budgeting tip for 2018:

Tip #1 Reassess your budget

Your personal financial situation may have changed. You may have a new job with a higher salary, a new baby, a new car or house, or maybe you just got married. Whatever changes have occurred in your life, reassess your budget and tailor it to your new income and new expenses. 

Tip #2 Start using money management apps

We are in the digital age now. Your budget should also be digitised. There are plenty of budgeting tools out there. The majority of them are free and they can provide you with a graph or a pie chart about your budget and financial goals. It will be easier to keep an eye on your expenses and stay on track to reach your short-term and long-term financial goals.

Tip #3 Update your investment goals

It can be a good idea to take on another source of income so you are not solely dependent on your day job. Have you been saving up? Maybe it’s time to consider investing, so your money can start working for you. There’s plenty of investment opportunities out there, but before you invest your hard-earned money make sure that you do your research first.

Tip #4 Manage your debts

Your debts might include a credit card debt, car loan, home loan or other personal loans. Stay on track of all your debts by knowing your total debt amount, monthly payment, and the due date. A consolidation loan may be a good option for you so you can combine all of your loans and you won’t miss any repayments.

Tip #5 Remember to pay yourself first

If you didn’t pay yourself first consistently in 2017, the New Year is a good time to put this practice in place. Pay yourself as soon as you get your salary. This way you are able to save first before spending, rather than saving what’s left. An automatic transfer can help you automatically put a portion of your money into your savings account.

Tip #6 Be S.M.A.R.T with your goals

The S.M.A.R.T acronym is the best practice framework when setting goals. Be Specific with your financial goals. Make sure that it’s Measurable and Achievable. Set goals that are Realistic, and specify the Time when you can achieve the goals.

Tip #7 Check your credit report

A healthy credit report is important when applying for a loan. Pay attention to it in 2018 and check if there is any disputed or incorrect information. Get on top of your credit score by paying bills on time and reducing new debts.

Tip #8 Improve your financial knowledge

It’s essential to continue improving your financial knowledge. This can help you better manage your personal finances, reduce debt, grow your savings, save for retirement, and learn new investment strategies that will help you become financially independent in the future.

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