Manage Your Weekly and Monthly Expenses

Edited by Christine dela Cruz, Eng, Lynn

Have you always struggled in covering payments for all of your expenses? Have you ever experienced looking through each and every financial source available just to be able to make ends meet? Most likely, if you are almost always pulling your hair to organize your expenses, it is because you are not managing it the right way. It is very important that you have a clear grasp on what your weekly and monthly expenses are, plan for them accordingly, and know your boundaries when spending.

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Manage Your Weekly and Monthly Expenses

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  1. 1
    Immediately allocate a percentage of your income for savings and spend from whatever is left
    This not only forces you to save, but it also imposes an automatic limit on your spending capability. It makes you disciplined in your spending decisions. You will realize later on how valuable these savings are when you have an emergency, and you need not borrow money with interest in order to cover for these unexpected expenses.
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  2. 2
    Reassess your expenses and consider the ones which you can actually reduce
    It will be a wise exercise to sometimes just sit down and list everything that you spend on and rate each of those according to level of importance or necessity. You will probably be able to find a few of them which are not really essential, yet you allocate significant amount of funds for them on a regular basis. Cutting these out from your budget and practicing a good level of self-control when spending will allow you to realize significant savings later on.
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  3. 3
    Prioritize your expenses and categorize them according to frequency
    You need to consider that weekly payments roll over faster than monthly payments. Allocate a particular source for each of these payment cycles. For example, if you are receiving your salary once a month, you need to consider how you can divide this into weeks, in order to make sure that weekly payments are fulfilled. You cannot just think about payments that occur at the end of the month when you receive your salary. A good level of foresight and planning is definitely crucial here.
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  4. 4
    Aim to be able to prepare for weekly and monthly payments at least one step in advance
    For example, you should already have payment this week for the weekly expenses that will be due next week. The same way that you will already have available funds this month for the ones that you will need to pay for next month. This way, you can position yourself in a proactive stance, instead of reactive. You will be able to plan more effectively, foresee possible disturbances in income and other problems, and devise a more logical action plan. In other words, you will be able to avoid poor spending decisions, which are usually made when one is running out of time.
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  5. 5
    Stop using loans as a backup in order to spend on things which are not really necessary
    There are times when you give in to the temptation of acquiring something, even when you do not have available funds yet, or even if it's not necessary, just because you rely on the fact that you can get a loan for the money first. This is one of the most common financial traps out there. The moment you give in to this, you will soon realize that it's payment time and you still do not have the money to pay for it. The next thing then that you will have to worry about is paying extra for interest, which gets worse the moment you miss a payment. In other words, unless it is an emergency, do not spend money that you do not have yet by acquiring loans or using credit cards. Save up if you really want something, and only when you have enough do you reward yourself by actually buying it.
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If you have problems with any of the steps in this article, please ask a question for more help, or post in the comments section below.


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Categories : Noindexed pages | Financial

Recent edits by: Eng, Christine dela Cruz

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