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MONEY MANAGEMENT

Everyone has to deal with expenses such as food and shelter, clothing, medical care, education, entertainment and funerals. Therefore, the need to learn how to manage your money is critical for families with very limited funds because they have no savings to fall back on.

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Independence Foundation, Inc. is committed to helping our clients identify the traps of debt and overspending.  The end goal is to help you establish better spending habits and to improve a way of life.

Teach your children while they are young the importance of money management.

General Saving Tips

 

While everything costs money, some options cost less. By taking the time to do cost comparisons, you will be able to make your budget stretch as far as possible—and you can teach your kids to do the same with their money. 

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Here are some tips to help you save money and reduce debt:

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Establish your budget. Are you looking for an easy way to begin? On the first day of a new month, get a receipt for everything you purchase. Stack the receipts into categories like restaurants, groceries, and personal care. At the end of the month you will be able to clearly see where your money is going.

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Spend less than you make.  To reach your financial goals quicker and easier, learn to live on less than your take home pay.  Once you get a handle on your spending habits,  you will be able to spending less and save more. 

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Track your spending.  Tracking your expenses daily can really help you save a lot of money. One of the most important things you can do when trying to get your finances under control is to document every financial transaction each month.

 

Establish a long-term savings plan.  Those with a savings plan are more likely to save successfully. With every pay period, have your employer automatically deduct a percentage of your paycheck and transfer it to your investment, savings or retirement  account. Remember not to touch this money.  

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Set up a short term savings plan. Every dime you are able save is a bonus for you. Instead of getting in debt, set up a short term saving plan for things you need.

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Use the 24 hour rule. This rules helps you avoid purchasing unnecessary items on impulse. Give yourself at least a 24 hours waiting period before taking action. Determine if this item is a want or a need. The goal is to cut spending on unnecessary items.

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Save at tax time. If you are receiving a tax refund, use the money to pay down debt and consider setting up an emergencies and short term savings plan.

 

Tracking your expenses daily can help you save money and it can help you set financial goals for the future. Once you know exactly where your money is going every month, you can easily make better spending decisions.

Grocery Shopping 101

  • Make a grocery list and stick to it.

  • Eat before shopping.

  • Use a calculate as you shop.

  • Leave children at home, if possible.

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