5 Simple habits that will transform your finances in 2019

Here is John Lowe The Money Doctor’s five simple tips to transform your finances:

1. Be smart with your spending

1. Be smart with your spending

Ask yourself before every purchase: do I really need this? Maybe too late for Black Friday or Cyber ​​Monday but not for the myriad of pre-Christmas sales, it can be so much decision!

Try to make lists in advance of any sales, so that you know what you really need – rather than what you’re just tempted to buy. Impulse is bad for your pocket.

For big-ticket items, like DIY tools, think about borrowing them from family or neighbors; or for subscriptions like gym memberships, set yourself a goal of working out at home for a month or two as a trial first. If you can not get off the couch, you will not be shelling out

 Do not get sucked into pre-Christmas sales

 

2. Familiarize yourself with your bank account

2. Familiarize yourself with your bank account

If your bank has an app – which they all should – download it. You are going to know when you are going to be out and when your wages come in so if you can determine if anything is awry.

If you have a credit card, you can not do this on a day-to-day basis.

Chore – you can check it out on the menu. Two hours a month – that’s what you should be spending on your finances every month.

 

3. Track your spending

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Keep your receipts for everything you buy. Big, small, one-off or regular spending: it all adds up. If you like a messy option, try an app like Money Doctor which tracks your spending. Money Lover is another free app you can use for tracking your spending.

You can use it in your daily life. You can even separate business and personal expenses with the Money Doctor app you can record geographically where you spent every single cent.  Track your shopping habits with an app

 

4. Get thrifty at home

4. Get thrifty at home

Getting organized in your home is one of the most reliable ways to curb your spending. The weekly shop can be turned into an exercise in throwing all the usuals into your trolley – but that’s a quick way to end up over-stocking.

Cupboard or freezer in our house with tins, packets and sauces at the back, they are cleaned until they are cleaned out. Take inventory and make sure you know what you need before you start shopping.

 

5. Communicate

5. Communicate

The irony of the bride hiding her bags in the wardrobe and the husband pretending he’s working while he is on the golf course is long outdated.

Talk to your partner about what you’ve spent or are planning to spend; if you are responsible for your finances, make sure you are asking questions and communicating your concerns or desires. Clarity is key!