Unless your family and schooling prepared you for the real world, you might find yourself as an adult who doesn’t know where all the money you earn keeps disappearing to before the end of the month.
“Where does the money go?”
It doesn’t matter how much you earn, you’ll still find a way of blowing through your self-imposed spending limitations.
This can be frustrating, especially if you’re capable of so many other things in life.
Why is managing money so difficult?
Is it because money is intrinsically complex, something that requires advanced math skills to manage, or something that you need a degree in finance to fathom?
These may sound like reasonable explanations but when you take a closer look, they’re far-fetched.
You can always use a calculator to track your money and you don’t need to know anything about high finance to manage it.
In fact, money is a user-friendly medium of exchange and personal finance is a practical life skill. You don’t need to learn all the complex concepts that a chief financial officer needs to understand to manage a corporation to take care of your personal finances.
So, in truth, the reason you find it difficult to manage your money is psychological. Nobody showed you how to manage it sensibly. Additionally, you’re constantly bombarded by tempting advertising.
Your quest to get better at tracking where the money goes is not as difficult as you imagine. , Here are some tips to get better at keeping better tabs on your money:
Consolidate All Your Debts
A consolidated loan is an elegant way of restructuring your debt. You only have to make one payment a month to a single account.
Spending all your time organizing all your debt repayment accounts every month can be overwhelming. Not only do you have to keep on top of different due dates, but you also have to pay a wide-range of interest rates. Also, if you’ve fallen too far behind in paying off the balance due, you might end up paying more in late fees and high interest than on reducing the principal amount you owe.
A consolidated loan will simplify your debt repayment process and will make it easier to clear all your debts.
But keep in mind that this unique type of personal loan will only work for you under the following conditions:
1. If the loan is large enough to cover all your debts.
2. If the interest on the loan and your monthly payment amount is lower than what you are currently paying on all your debts.
3. If the loan repayment amount is within your budget.
MalloyLending.com is one of the latest sources of user-friendly consolidated loans available in Reno. The application process is straightforward and the lender’s website is easy to navigate. What’s more, if you have questions about how it all works, then you can ask them directly at the Malloy Funding Facebook page. If you’re considering the use of a personal loan to take care of all your debts, Malloy’s social media team will be happy to explain how this debt restructuring is an effective, systematic way to eliminate all your debts.
Protect Your Family
Don’t think of money as simply a way to pay off your bills. Money can be much more. It can be a way to offer your family future security.
You can protect your assets for future generations by setting up a trust.
You can also ensure your family’s safety and security by getting the most relevant insurance for the needs of your family members, such as home, auto, life, healthcare, disability and long-term care insurance. After getting sufficient coverage, you should review your policies periodically to make sure that you have sufficient coverage to protect your family through many of life’s major milestones.
Finally, of course, you can also protect your family by creating a living will. This will protect your family should anything unexpected happen to you. Dave Ramsey explains that “a living will can outline what you want to happen if the time comes when you’re still alive but can’t communicate due to a serious medical situation.”
In closing, think of managing your money as a game. Once you know the rules, it’s easier to win. Some basic rules of winning the money game include using a debt restructuring method to unburden yourself from worrying about bills and using your money to protect your family.