How to manage your monthly money? 5 tips to start now

Even though it is something extremely important for everyone, it is rare for us to have adequate financial education.

Therefore, it is common to find ourselves in a snowball of debt, so in this article we will give tips on how to manage money.

We know that saving money is becoming increasingly difficult. It’s not an easy task and requires discipline, but it’s not impossible! By following our tips, it will be even easier to achieve your financial goals.

Want to know how to breathe easier at the end of the month? Then read this article until the end!

Here, you will check out:

• How to manage your money wisely
• 5 tips for managing money
• Advantages of using apps for financial management

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How to manage your money wisely

As mentioned above, financial education is very important, but still scarce in Brazil. Despite the scary name, the basic principle of this practice is knowing how to manage resources and expenses intelligently. 

There are simple things that help you save, such as spending less than you earn, making a shopping list before going to the supermarket, creating a savings account, among other things that you can check out in the topics below.

5 tips for managing money

With the tips on how to manage money that you will see below, it is possible to achieve your goals. You just need to be careful with your income and expenses, know how to save and not stray from your focus.

The tips also help with planning and organizing your finances. Check it out!

Create a monthly budget

The first step to managing your money well is creating a monthly budget. To do this, you need to start by entering your net salary. Then, you need to record all your fixed bills, that is, the bills that arrive every month, such as water, electricity, internet, rent, among others.

Controlling your “inflow and outflow” means that you won’t find yourself in a situation where you’ve spent a month’s worth of money in one week, and you won’t end up in the red and in debt at the end of the month.

Avoid impulse purchases

Without a doubt, this is one of the most treacherous actions for those who want to control their spending. For those who have a habit of buying on impulse, there is no other escape than self-control.

Some ways to control these purchases are through lists. This way, by following what was previously planned, it becomes harder to deviate from the plan and spend more.

It's also a good idea to take some time to think before actually making the purchase.

Create an emergency fund

Unforeseen events can happen, and sometimes unpleasantly. Therefore, it is essential to have an emergency fund for when these unpleasant surprises occur.

Ideally, you should have the equivalent of 6 months of expenses in savings. If this doesn't fit your situation, aim for the equivalent of 2 months. 

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Make use of the sharing economy

The sharing economy is a new development that has come with technology. While this action helps you save money, it can also serve as an extra source of income.

In short, the sharing economy is based on the exchange and sharing of access to products, services and knowledge.

Bla Bla Car, AirBnB and Waze are good examples of sharing economy apps and platforms.

Money management apps

Leaving all financial organization to be done the old-fashioned way, with paper and pen, can complicate the process a bit. And we don't want complications, right?

Therefore, there are applications, some free, that can be great helpers at this time! 

We have selected some options for you, some of which have features to create weekly, monthly and annual budgets and show your expenses in spreadsheets and graphs so you can better visualize where your money is going. 

Check out the best apps

• Organize: presents a type of panel with the user's main expenses and their respective percentages on the total outgoings, in addition to classifying expenses into categories and subcategories. The application has a free version, with basic features, and a paid version, with more features. It is available for Android and iOS;
• My Savings: It has control tools, a dream manager, graphs and reports so you can keep an eye on your money. When you create an account in the app, your financial planning is synchronized across all your devices. Also available for iOS and Android;
• My Money: Great for those who need to track personal, family or even small business cash flow. The user can view income and expenses by category as well as control credit card spending, in addition to being able to attach payment receipts and import bank SMS;
• GuiaBolso: in partnership with the banks Santander, Itaú, Banco do Brasil, Bradesco and HSBC, simply enter your account and electronic password for GuiaBolso to start helping you plan your monthly expenses safely;
• MoneyWise: helps users create budgets to achieve goals and avoid going into the red. Data can be exported to a computer and imported into a spreadsheet app, allowing users to create a weekly, biweekly or monthly budget. Available for Android only.

Advantages of using apps for financial management

Money management apps offer numerous advantages, such as the ease of registering information and calculating expenses.

This way, it is easier to avoid errors in calculations and forgetting to pay a bill, as some applications also have alerts on due dates.

Additionally, graphs and reports provide an interactive view of data, contributing to a more reliable analysis of finances.

Apps are always in the palm of our hand, since we take our cell phones with us everywhere we go. This alone makes our financial life much easier.

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