How to Feel in Control of Your Finances Right Now

Many people are feeling stressed about their finances as they try to plan for the future and just make ends meet. The economy is getting tough, and It doesn't matter how much you earn; inflation is affecting everyone differently.

However, there are methods you can utilize to gain control over your finances. Here are some simple approaches:

1. Focus on What You Can Control with Spending

You can't change everything about your financial situation, but you can control how you spend your money. Here's a quick framework that you can start with to control your spending:

• What are my financial goals?Define clear objectives for what you want to achieve financially.
• What's my current spending pattern?Evaluate how you're currently spending your money by tracking your expenses over a period of time. You can begin by downloading your bank statement into a spreadsheet and tracking your most recent expenses.?
• Is this a fixed or variable expense?Categorise?which expenses are consistent (fixed), such as rent, and which may fluctuate (variable), like utility bills, groceries, or entertainment.
• How do I assign my funds based on priority?Segment your expenses, and allocate your resources according to the importance of each goal or expense. Prioritize essential expenses and savings goals over discretionary spending, and adjust your budget as needed to align with your financial priorities.

1. Find Ways to Make More Money

Cutting back on spending is good, but you have to be careful that your tight budget doesn’t become a source of additional stress. Which is why?it's also important to find ways to increase your income.

Here are some ways to achieve this:

• Utilize your skills that can be turned into income sources, such as design, writing within your expertise, consulting, coaching, or freelancing.
• If you are in full-time employment, consider asking for a raise, but be sure to approach it tactfully and professionally.
• Network actively. Networking provides opportunities to connect with individuals for potential co-investments or collaborative projects.

1. Saving and Emergency Funds

Even if you don't have a lot of money, it's important to save some for emergencies. Start by putting aside a little bit of money from each paycheck. Having some savings will help you feel more secure and less stressed about unexpected expenses.

1. Learn About Money Management

Take the time to learn more about how to manage your money. You can attend workshops, like the GapX Financial Planning Workshop that will be happening on March 2, 2024. Time: 10:00 AM to 12:00 PM??Register Here .?

The workshop will be led by a seasoned wealth expert, ready to share valuable insights across some key areas:?

• You’ll learn how to make your money work for you through smart investment choices.?
• Understand the importance of creating a solid financial plan, which includes budgeting and money management, tailored to your income and goals.?
• Learn ways to supplement your income and create a safety net for unexpected challenges.??Register Here

Remember: It's never too late to take control of your finances, and the more you know, the better you'll be able to make decisions about your money.