Follow these three tips to simplify your money management

Follow these three tips to simplify your money management
Follow these three tips to simplify your money management

Mutual Funds
by 5paisa Research Team Last Updated: 2022-10-11T16:43:08+05:30

The main issue that many individuals struggle with is money management. Here are three suggestions to help you streamline your money management tasks. Continue reading to learn more.  

Many people struggle to manage and keep track of their money. Though technology-enabled platforms may make the process easier. People, however, continue to struggle with more effective money management. 

Consolidate accounts 

Consolidating your accounts is an important step to take. Many people have several brokers for various purposes, such as one or two broker accounts for buying and selling stocks, one for purchasing bonds or NCDs, and so on. Keeping track of all the accounts and their actions gets difficult.  

As a result, it is usually preferable to limit yourself to one or two broker accounts rather than more than two. This will make tracking much easier. Although CDSL and NSDL give consolidated statements, they are limited to transactions that take place in demat form.  

Keep a check on your debt

In the age of easy money, with the assistance of credit cards and personal loans, you are quickly exposed to increased debt. As a result, it is preferable not to postpone the repayment of such debts. 

This does not apply to house loans because the interest rates are the lowest in the market and you receive tax benefits. As a result, you might choose to keep such loans. 

If you have consumer debt, you should return it as quickly as possible since it will devour a large portion of your income if you carry it for a long time. Consumer loans should only be utilised in an emergency. 

Automate your payments and investments

Automating your investments and payments will enable you to reduce human intervention and improve your money management skills by lowering the possibility of mistakes like careless mistakes. 

Automate your biggest payments—utility bills, EMIs, etc.—as well as your investments with the use of SIPs and STPs to ensure that you are not only spending but also saving.  

It is usually preferable to make auto payments and investments within the first week of the month when you are most likely to get your paycheck. This will assist you in determining how much money you have left after making set payments and investments to manage your other costs. 

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