There will be plenty of us asking the same question when we reach a certain point in our lives, am I doing enough with my money? An age-old question that comes with a different answer for each and everyone that asks, mainly depending on what stage of life they are at.
Money is often linked with success so if you’re asking yourself as an already highly successful business owner then the answer could be no as you feel as though there is always something more you can do.
If you’re asking as a parent of a family that is happy every day and you have a roof over your head, then your idea of doing enough with money might be completely different, and the answer may even be yes.
However, if you find yourself struggling with finances, then the answer is most probably that you aren’t doing enough with your money. Each and every situation is different, so let us look at some ways to see if we can answer the question.
This is the first step into understanding if you are doing enough with your money, being able to take charge and get to grips with your finances is the most important thing you can do. There are many ways in which you can do this, but as it’s 2020 I’ll suggest using a cash management, or a financing app.
Essentially, these are your accountant and will tell you everything about your spending you might not have known, it divides up your spending into categories like groceries, entertainment, and bills and will summarize spending each month for you. Being able to use apps like this will help you gain control of your spending and help you set your limits.
This is perfect for understanding if you’re doing enough with your money as you will be able to see what’s going on within your finances and how you can either change them or alter your spending so you can afford to do other things such an investing. So take the first step and take charge of your money.
Research Your Options
You will never know if you’re doing enough if you don’t know what’s out there. It’s the same as anything, if you aren’t aware of it you won’t be able to take action. This is very important within the financial sector as you aren’t playing with something meaningless, more so something that can make or break your current life.
Research all options you can think of and it will lead you to more you didn’t know existed, you might have a wealth of experience in a subject and not know that you could invest in that market.
If personal research seems a bit daunting then you can always seek help, finding a financial advisor will be beneficial to your decision making, but will also cost you money, think about this carefully.
Have A Chat
Yes, that’s right, talk about it. We are brought up in a society that believes talking about money is a taboo and shouldn’t be done, and this is still the case in some situations, but being open about it will help you feel more in control and able to act in the way you need.
Let’s be realistic, I don’t expect people to be walking into work and shouting about their paycheck and how they’re going to better themselves, but talking with your partner or a family member can open up your views on how you can make your situation better, or avoid it getting worse.
If you’re going through money worries then opening up and talking about it can release some stress and help you get into a stable situation, ready to tackle your finances.
We make plans in all aspects of our lives, but rarely for our money. Hanging out with friends? You’ve probably had that planned for a while. Heading to the supermarket? I bet you have a list ready for everything you need, you may have even planned what time you’re going to go to avoid large queues. Sorting the house out?
There’s no way you’re tackling the house jobs without having a to-do list. So why can’t we do the same with money? The answer is we can and we should, having a plan for our money will give us complete control and avoids any unexpected fees, charges, or slip-ups.
If we know how much money is going to come into our account on payday then we will be able to plan what we are going to do with it.
Set aside money for all your bills and have a rough budget for how much you’ll spend doing things like eating out and having coffee, once you have this you will be able to see what income you have left that can be either placed into savings or done something with. You can now plan if you would like to do more with your money.
When it comes to making the most out of our finances, it is down to our situation, some people are the happiest they could be and they’re living in a camper van traveling the world, others are in multi-million dollar mansions and want more.
Don’t look at others and believe it’s what you should be doing, take your life and your finances into your own hands, and with some advice, if you require, make the most out of it.