Excellent money management skills is important in all stages of your life – whether you’re a teen looking to save for your lads holiday or you’re an adult looking to put money away to put a deposit down on a house. However, in the age of Generation Rent and Debt that millennials in particular are struggling with in this current day, managing your money is said to be more difficult than ever. Here, we’re taking a look at some alternative ways that you can consider when it comes to managing your money, so you can get to those financial goals sooner than you thought.
Money Management Apps
With the growth in mobile phone technology, there are a huge number of new money management apps that can help you when it comes to your saving. These can vary from simple budgeting apps that can allow you to record all of the different ways that you spend money and where you can tighten the belt a little bit, to more advanced money management systems that are interlinked with your bank accounts and can even provide you with reports on a weekly or monthly basis so you can see where you’re going wrong. These can also provide you with a breakdown on where your money goes and how much you are spending on things like food, clothes, leisure, travel and more. These money management apps can be different for each person and the mobile phone that they own (whether it’s a Windows Phone, iOS or Android).
Using Loans To Consolidate Other Debts
While this isn’t always the most advisable option for those with a habit of not being able to pay back their monthly payments, there are times when debt consolidation is needed in order to make monthly repayments even easier, and to help pay off debts a lot quicker. One of the ways that you can do this, particularly if you have a bad credit score that is holding you back from getting an unsecured bank loan, is through the use of a payday loan lender. The market for payday loans is huge, so it is becoming easier than ever to find a lower interest payday loan as you can easily and safely compare lenders across the market. While many people avoid payday loans due to their high rates of interest, they can often be the only option for some people who are struggling with debt and money management. These can be paid off across a series of months (generally averaging at around three months), meaning you are not tied into loans that take years to pay off. If you only have a small amount of debt that needs some form of consolidation to help you better manage your money, then these can help – as long as you can afford to pay them back.
Investments
If you’re looking to save money as opposed to spending it, then you may want to avoid this particular option. If however, you are considering a way to manage your money by going down the avenue of potential money making, then investments in stocks or assets could provide you with an interesting option. It is important to remember that investments carry a strong risk, and that these may cause you to lose money. However, instead of storing your cash in the bank, or in a pile under your mattress, investments are an alternative way to help you manage your money.