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The Easiest Ways To Keep Track Of Your Money
The Easiest Ways To Keep Track Of Your Money
Sometimes, money management can feel chaotic, especially the more of it there is. A hectic lifestyle and multiple bank accounts can only add to the chaos, making it sometimes feel near impossible to track and manage personal finances properly. Once you find your rhythm, however, tracking your money can be easy.
One study found that over half of people living in the UK don’t track their spending. That’s probably why a third of Brits have under £600 saved. So, below, we will explore the easiest ways you can keep track of your money.
View Your Money In One Place
Perhaps the easiest way to track your finances when you have income, assets, and liabilities coming at you from all angles is to view your money in one place. Personal finance software can do just that for you.
Prillionaires has created a revolutionary personal finance software that aims to make tracking money, including assets and liabilities, simple and all from one place. Plus, the software will allow you to move money in and out of the account, making it more practical rather than just a place for you to view your money.
You might also be interested in using a net worth calculator so you can monitor your wealth. A net worth calculator will look at your complete financial picture and give you an overview of your total worth.
Set Up Direct Debits For The Same Day
It’s easy for direct debits to mount up, which can sometimes make them difficult to track. The more wealth you accumulate, the more likely you are to have more direct debits that become hard to manage. Setting your direct debits to go out on the same days each month, or at least close to each other, makes them far easier to track.
And, it makes budget planning much easier, especially if you can set as many direct debits to come out near the time you’re paid each month. That way, there’s no chance of running out of money before a direct debit comes out.
Understand Your Assets And Liabilities
Tracking money isn’t just about your income and expenditures – considering your assets and liabilities to paint a complete financial picture is crucial. Assets are money that can provide you with future wealth, and liabilities are the money you owe out.
The more you understand about the money you owe out in comparison to the assets you have to provide financial security, the easier it is to understand what adjustment you should make. For example, should you sell one of your assets to pay off a liability?
Is it easy to manage multiple bank accounts?
Yes, with money management software, it’s easier than ever before to manage multiple bank accounts in one place – making tracking much easier.
How do I know if I am spending too much?
If you find that you’re having to move money around to cover liability payments or any of your expenditures, you might be spending too much. That’s why personal finance software is excellent – you can have a clear overview of what you’re spending.
How can I keep track of my assets?
You can use money management software to keep track of your assets. With software, managing and understanding assets becomes easy.
Those with an above-average income and multiple assets and liabilities may find money tracking hard, but the tips mentioned above are an excellent start for financial tracking. Simplify your finances by using money management apps, budget planning, and even expert financial advice.
