5 Money Management Tips to Live Better on Less Money

If there’s one thing the Covid-19 pandemic has shown us, it’s that we need to put money managing tips to use, because no matter how stable you think your job is – tomorrow it may not be stable at all.

Has your income shrunk recently? Or maybe you just want to put a more sizeable chunk of your paycheck into your savings account or retirement investments, so that if, anything like the current pandemic comes around again, you have a safety cushion to fall back on.

Then this article is definitely for you. Here are our tried and tested money management tips that will help you live a comfortable life while spending less money.

Tried and Tested Money Management Tips

1. Start Budgeting

First things first – any money management tips must come with a budget you can stick to. This means you need to look at your bank statements, have a careful look at your expenses, and figure out where you’re overspending, so that you can implement such money management tips.

Are you perhaps eating too much takeout? Coffee? Cigarettes? Or maybe you don’t smoke and cook at home, but you’re spending too much on groceries.

Use the budget to put yourself in a reasonable frame for month-to-month expenses – even cutting a $10 here and there can make a surprisingly large sum of money at the end of the month.

SEE RELATED: Ways to Have More Financial Stability

2. Set Up an Emergency Fund

For anyone who’s trying to get their spending under control and utilize money management tips, setting up an emergency fund should be the number 1 priority.

Not only because a financial emergency could bust your budget like nothing else (most common emergency services like a plumber, locksmith, or car mechanic, can easily cost you up to several hundred dollars), but because if you try to postpone dealing with those emergencies, it will only exacerbate the problem and cost you even more down the line.

A sufficiently funded emergency fund should be able to cover 3 to 6 months’ worth of your expenses comfortably, so that even in the worst-case scenario – like a job loss – won’t be able to set you back financially.

3. Find What You Can Cut

When you’re taking a look at bank statements pay attention to not only to how much you’re spending on each category – but how much you need what you’re spending money on as well.

Did you know, for example, that cable costs an average American family around $200, while it’s used increasingly less over time? If you’re watching more of Netflix than cable these days, the cable should go.

Same with your subscriptions, memberships, etc. If you’re not using it actively, it should go.

4. Don't Be In A Rush With Your Purchases

Every time you want to purchase something (remember those money management tips) – no matter how small – sit on the decision for a while to decide how much you need to make the purchase. This is especially important during sales – because nothing can incentivize us to spend money we don’t actually have, like a bright sticker screaming with a percent off. And if you do need to make a large purchase – say the laptop you need to work is lagging increasingly more often – set up a fund: set aside money each month until you have enough to buy a new one without hurting your budget. This will also give you enough time to do your research about which laptop would be the most optimal to buy. You can save your time and money by not rushing and making big financial mistakes.

5. Yes, Fun Money is a Must

Remember, budget isn’t a punishment, a budget is a tool used when people try and use money management tips. It’s not supposed to make you miserable; it’s supposed to help you take control of your money. If your budget is too rigid and doesn’t allow you to spend money on things you enjoy at all – lunch dates with friends, beer with the guys, movie tickets, etc. – you will fail to stick to it, and then you’ll likely drop budgeting altogether.

Include spending money in your budget – just make sure you don’t budget it in at the expense of necessary spending like rent, savings, and, of course, the emergency fund.

How Do I Save My Budget if I Don’t Have An Emergency Fund?

If you’re hit with a financial emergency when your emergency fund isn’t set up yet – you should try getting the cash together from other avenues of income, like freelance or – if you need it fast – a short-term loan, like a title loan.

Why a Title Loan?

Title loans are one of the fastest and easiest loans you could acquire. As it’s a secured loan – your car will be acting as collateral – the lenders are relatively lenient during the approval process and will accommodate all types of income They also won’t be as harsh with credit restrictions as a traditional bank, so you can qualify for the loan, even if your credit score is bad or outright non-existent.

How Do I Find Title Loans Near Me?

You can easily apply for title loans online by going to MissouriTitleLoansInc.com, selecting the optimal store from the location webpage, and filling out the online form. You’ll be contacted by the store representative who’ll set up a meeting with you. At the meeting, you’ll need to provide them with your car for inspection, as well as your government-issued ID (you should be at least 18), and the car’s lien-free title in your name.

The store representative will assess everything and determine if you qualify for the loan. If you’re approved – you’ll get cash the same day.

Learning good money management tips is just the half of it, we need to actually put those tips into play, to live on less. If you need a hand at one point or another, you may need short-term title loans to ease the financial burden you are dealing with. Remember, at Missouri Title Loans Inc., we here to help just when you need it the most.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.