There is no rule to keep your financial health, but keeping track of your expenses and keeping them up can make it easier to reach your goals and make your money pay off more.
1) Financial Discipline: You Only Have to Win
When it comes to financial discipline, keeping your expenses up to date is a must. And one who cheats on financial discipline is spending less than he earns. The ideal, besides not getting red, is knowing how to use money wisely.
Anyone who is not accustomed to keeping up with the daily expenses needs to reevaluate this habit urgently. Small expenses seem harmless, but they can hurt your budget.
You may also be losing money by paying high interest rates and fees. For this reason, make it a habit to keep track of what is going on with your money on a daily basis, whether you are spending more than you should and especially whether these expenses can be avoided or reduced.
2) Control of personal budget
Do not rely only on memory: even if you know what your main spending is, controlling your personal budget is a simple attitude that helps keep your spending up-to-date.
The easiest way to track your personal budget is to write down income and expenses on a spreadsheet, but if you prefer, use a notebook just for that purpose.
If you have a running routine and do not have time to control your personal budget, ie you can not keep track of your expenses on a daily basis, you can separate at least one day of the week or weekend for that task. Start by writing down your income and expenses today in a spending spreadsheet.
Credit Lender has a worksheet to keep your expenses up to date with no hassle. Click here to download!
3) Clean name
One of the main reasons to keep your expenses up to date is the clean name on the market. Who controls spending and does not forget to pay bills before maturities are less likely to have the name included in credit protection bodies.
The main advantage of keeping your name clean, that is, without active or expired debts, is the possibility of acquiring credit more easily.
Another advantage is that by being a “positive consumer,” your credit score stays or increases faster. Contrary to what happens when you keep your spending up to date, financial clutter harms your credit score and you may have a credit application denied. Credit Advisor gives you tips on how to increase your credit score.
4) Tranquility in emergency moments
Having a financial reserve is essential for your peace of mind. Hence, tracking your spending can help you save money more easily without harming your monthly budget.
Those who choose to set aside money for emergency situations, such as losing a job or spending unplanned health care, are warning of a possible financial dislocation, which is when you have to spend more than you can.
For this to happen, the money reserved should not be redeemed for other reasons such as for trips or trips. If you have plans, separate a reservation for such purposes. If you do not have a reservation yet, start with a small amount and increase over time.
5) More chances to get a loan
Personal loan is an option for those who need money to achieve goals such as traveling, reorganizing finances, renovating the home, among other reasons.
Those with current bills and expenses are more likely to get a personal loan. This is because banks and financiers evaluate their financial behavior before releasing the requested personal loan. By keeping your expenses up to date, you also increase the chance of getting a cheaper loan.
6) Possibility to invest
When you keep your spending up-to-date, it’s easier to invest some of your money. By keeping track of your expenses and keeping them current, you can create investment goals.
For those who have not yet started to invest, know that there are simpler modalities with the possibility of greater gains (greater profitability) than the savings offered by banks, such as public securities (Treasury Direct) and CDB (Bank Deposit Certificate).
Remembering that, prior to starting to invest, you need to have money set aside for emergencies.
If you are still having difficulty organizing your personal budget to make investments, a personal loan can help you balance expenses.
7) Control of debts
Controlling debts is a key attitude to keep expenses on track. Lack of financial control and a lack of debt repayment can turn your financial health into a real headache.
So if for some reason you are in debt and do not know what to do, act quickly to regularize your situation. Talk directly to the lender and consider negotiating possibilities.
You can also consider a personal loan to pay off debts, and focus your debts on a single, cheaper debt with installments that do not weigh in your pocket and with the best due date.
Count on Credit Advisor to reorganize your finances.
8) Possibility to achieve objectives
Have you stopped to think about what your short, medium and long term goals are? Keeping spending up-to-date makes it much easier to plan trips, studies and shopping. So start today to set goals, set timelines, and what needs to be done to reach them.
Ask yourself, for example: how much per month do I need to save for a holiday trip in 10 months? How much per month do I need to save to change cars in a year?
When it comes to creating goals, the most important thing is to set deadlines and, of course, to follow planning. And if you need a credit to win your goal faster, ask for a personal loan!
9) Know which expenses reduce
Superfluous expenses can be responsible for the financial imbalance and the difficulty in achieving its objectives.
Tracking expenses helps you identify which expenses are harming your financial health and need to be reduced or cut to balance your personal budget once and for all.
So, evaluate how your behavior has been in relation to your money and what needs to be done to keep your spending up-to-date, without suffocation.
For example, if you have a monthly subscription for a service that uses little or does not use, it’s time to destine the resource for another purpose.
If you still do not want to cancel, one option is to try to reduce the amount charged for the service. The important thing is to take care of your pocket as soon as possible.