Tools and tips for managing money

August 16, 2021

Practical tips on how to spend and save money wisely

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Managing your money can be tricky, but it’s not impossible. We hope these tips will help you manage your finances like a pro! Remember that the best way to get ahead is to have a plan and stick with it. If you’re looking for more information on how to set up an emergency fund or start investing, check out our other blog posts about managing money here!

How to manage your money stress

It’s no secret that money is the top stressor in life. That’s why it’s important to learn how to manage your finances like a pro so you can live a happier, less stressful life.

Here are five tips on how to budget your money and spend wisely.

Save up for something big before buying smaller things

If you want a new TV but have been making small purchases all month, save up for the bigger purchase before adding anything else to your cart! It will help keep you from overspending this month and looking back with regret later.

Keep track of what you make and spend

Make sure you know exactly where your money goes every time you get paid. You can do this by tracking it on an excel sheet budget template and regularly checking your savings/checking account. It can be daunting at first to look at bank statements but it will be worth the efforts when you get a full picture of your finances.

Feel like spending? Sleep on it!

When you have the urge to buy non-essential items, consider taking 24-hour break to think about the purchase. You may change your mind the next day and feel better about not buying it! If you still want to buy the item, go for it! 

Get extra income from side gigs

Do you feel like your day job pays for all the bills? If so, then you might not be able to take a break. But if you have time and try hard enough, there are ways to make extra income from side gigs that don’t require going back to school or quitting your current job.

You can get started with these five easy steps:

1) Find what interests you.

2) Figure out what skills you have that could help with this interest.

3) Pick something that fits into your schedule and lifestyle. There are side gigs that do not require long-term commitment and offer flexible schedules. For example, Uber driver, Door Dash, etc. 

4) Research how much money people typically make in this type of position (and decide if it’s worth it).

5) Start!

Build a good saving habit with friends

Did you know that there are savings groups out there where members save together with friends? You can join a savings group with Joola, where members save together and share resources so you don’t have to go through this alone! The best part of it is you can save at your own pace. Need money sooner? Join a savings group and get the early payout so you can pay for bills or consolidate debts. 

Saving money alone is already tough so why not join your friends and save together as a group. You can elect to get the late payouts and build that saving habit and use the money when you need it. Best of all, you can see all the payments and payout schedules in the app. The schedules can help you manage your budget so you’ll know what to expect!