Super Simple Personal Finance Tips Anyone Can Master

Super Simple Personal Finance Tips Anyone Can Master

Don't worry about all the figures. Simple tips makes personal finance easy for anyone.

Personal finance sounds like a scary topic for many people. There are a lot of technical words and calculations to do. However, it doesn't need to be as daunting as it seems. Budgeting and finance are relatively easy topics when you follow these super simple tips.

Assess and Set Your Goals

Everyone has a goal that they want to reach by the end of the year. You may want to save a certain amount for a holiday at the end or you may want to just get out of debt. Your finance goals are personal to you and only you can really set them. Think about where you want to be at the end of the year or even when you want to be in five or 10 years' time. You can then create a budget with those goals in mind. How do you know your budget is on track if you don't have any goals?

There are a few goals that you want to consider:

  • Your savings goals
  • Your retirement goals
  • Your investment goals and options

Make Outgoings Automatic

Make your budget really easy to stick to by ensuring all your outgoings leave your account on time. Most of the time they can be done automatically through standing orders and direct debits, whether they are bill payments, rent costs or your savings amounts. One of the best things about this is some companies offer discounts for setting up automatic payments because they know they are more likely to get the money on time.

You can set the same date for each of your outgoings, which makes it much easier for budgeting purposes. Set it for just after your pay goes in and then you know the rest of the money in your account is for you to spend as you want.

Forget the paperwork. Let your computer or tablet do all the hard work.

Use Software for Budget Tracking

There's no need to set up MS Excel spreadsheets and do your tracking manually. One of the easiest things you can do to stay on track with personal finance is to use software; preferably software with mobile access. This will access all the data automatically from your bank account and other online finance accounts and update everything automatically, so you can just check at a glance.

Mint budgeting software is perfect for all your needs. It allows access to various types of personal finance accounts, including savings, investments and billing companies. Most accounts will be updated automatically due to online banking and the full details are included to make it simple for you to know where your money is going. The expenses will also be split into categories to know how you can cut back and save. There is also a mobile app, so you can check everything on the go.

Personal finance doesn't need to be difficult. It can be something anyone can master with no finance knowledge required. With some automated software and goal setting, you can soon keep your family budget on track and have more money to spend throughout the month.

Alexandria Ingham is a freelance writer with experience in technology, personal finance and budgeting.