Managing Credit Card Spending: A Smart Budgeting Approach In today's...
Personal Finance Management
Most of us are not professional accountants. So, it's not necessarily in our nature to be good at managing our own money. Worse: we aren't taught how to do this in school, and many families just don't talk about money. We are all pretty much left to figure this out on our own.
The Golden Rule of Money Management: Spend Less Than You Earn
The golden rule of managing your money is not spending more than you make. Of course, this can be hard! Credit cards are easy to get, and it's easy to get into debt quickly. Many of us, despite our income, live pretty much month to month.
Effective Strategies for Better Money Management
So, what can you do to manage your money better? Of course, we'd love you to use Bountisphere! But essentially, it all comes down to you and how you can change your habits, mostly everyday habits, to get to where you want to be! You got this!
Building a Financial Model: Your First Step to Financial Clarity
The tactics Bountisphere uses are simple and powerful: build a model of your monthly income and mandatory bills, like rent or mortgage, utilities, car payments, insurance, credit card payments, etc. From that, you can tell right away if you are spending more than you make.
Forecasting and Reconciling: The Key to Financial Planning
Once you have a model, you can adjust that model to get it where you want it to be. Next, forecast that model against your actual bank balance. You'll need to reconcile your model against your real bank account transactions and balance nearly every day. Do that forecast for the rest of the month, the next few months, or the rest of the year.
Your Financial Future: How to Use Bountisphere for Long-Term Success
Really see how this model, this budget you have made, is going to work out into the future. It's your financial crystal ball!
