Personal Financial Control: 6 Tips to Balance Your Budget

Do you always get tight when the end of the month comes in, because you spend more than you can, thereby harming your personal financial control and, consequently, your quality of life? Yes? So you are in the right place at the right time.

In this text, we have put together six tips that may help you in your personal financial control. Keep reading and enjoy every tip! This will prevent you from going through unwanted situations.

1. Set a monthly spending limit

Money

Setting a monthly spending limit can help you not only control your monthly profitability but also save money. Many people, when they receive their salary, usually take out fixed and temporary debts and spend what is left without following a policy that limits it. The idea is as follows:

if you receive, for example, three thousand reais a month and have an expense of approximately two thousand reais, thus leaving a thousand reais, why not put a limit of expenditure in relation to this remaining value, determining, say, three hundred reais to meet their basic needs, which all people need, such as leisure activities or going out with friends or family?

By setting a limit, you will be aware of how much you can spend, not doing expenses that can not only burden your savings, but also put you in a complicated financial situation.

Putting these guidelines into practice will save you more than eight thousand reais a year – a value you can use to invest in something you want very much.

2. Know your fixed and temporary debts

debt

To establish a personal financial control you must know your debts. This allows you to be able to visualize your actual financial situation so as to avoid, for example, making new expenses that may jeopardize the balance of your budget.

So, know your fixed and temporary debts. The fixed expenses are the telephone bills, rent, internet, water, electricity, among others that are paid every month, in a practically obligatory form.

Temporary expenses are those that arise from the purchases you made, but which have certain deadlines, such as the purchase of a cell phone, a curtain, a computer, a pot, etc.

3. Plan ahead for your purchases

purchases loan

Creating a financial plan that contains the ratio of your fixed and temporary debts is necessary in order to increase your ability to manage your personal financial life .

Many people, it is good to say, when they receive their monthly income they take out the debts of the month and make others, for example, buying household appliances, electronics, clothes, shoes, among other items, thereby accumulating debts over debts.

Acting in this way may jeopardize your budget and even, in the most serious situations, put your name inscribed in credit protection agencies, such as SPC and Serasa, due to a possible default. If you do this, put one is enough, you can harm yourself!

So, the ideal is to create a plan that contains not only the debts to be paid per month, but also the deadlines to take them out, at least those that represent purchases of debts on credit cards . This way you can observe when you can make new purchases without your budget being charged.

4. Use spreadsheets and personal financial control applications

With the progress of technology and information technology, we can now count on several applications and expense spreadsheets that are focused on personal financial control.

These are tools that have a wide range of features, such as expenses, balance, outgoing and entry of resources, expenses by categories such as leisure, food, health, education etc., so that you can organize your financial life in a complete, efficient, simple and easy way.

In addition, it offers graphs that help us understand the relationship between outflow and inflow of financial resources, thus allowing a self-assessment of spending over a given period.

5. Eliminate Unnecessary Spending

loans

When personal financial control is desired, a self-assessment is necessary to identify unnecessary expenses . Have you ever stopped to think about it?

So this is a tip we give. To get a balanced budget and save money, it’s worth taking a moment to reflect on this issue, determining what you need to buy and what you do not.

Is it, for example, that the item you purchased was really needed? It is very common for this to happen, people make the purchase of objects that, deep down, they know they do not need. Stay alert as this can hurt you and cause you headaches!

6. Follow exactly what you set out to do

It is no use, that is to say, make a diagnosis about your financial condition, as well as create a plan to control your spending and eliminate unnecessary purchases if you do not follow exactly what you set out to do.

So, as a tip, we suggest that you faithfully follow what you have planned so that, in fact, there is efficiency in your personal financial control.

To avoid impulse buys you can create reminders on your cell phone or even post-it with posts about financial education in your home locations. Worth trying!

So, did you like this post? We hope you can achieve your personal financial control, balance the budget, achieve your goals and ensure a better quality of life for you and your family.

And you already know, if you need help, we’re here to help you solve your unforeseen problems and fulfill your dreams.

 

6 Steps for Debt Relief and Prosperity

Did you know that eight out of ten Brazilians owe their credit card, according to a survey released in March 2018 by the National Confederation of Trade in Goods, Services and Tourism (CNC)?

In the same month, the Credit Protection Service (SPC Brazil) reported that the number of people denied reached the mark of 60 billion in the country.

In difficult times for your pocket, do not be discouraged and check out six steps that Bom Pra Crédito prepared for you to take out your debts, get back to prosperity and not be part of that statistic, even with the crisis!

Step 1: Understand your relationship with money

What is your financial profile when it comes to spending money? Understanding your relationship with financial resources is one of the steps to having more money and prosperity.

If you are always in debt, it is because you still have difficulty facing reality.

Have you ever wondered if your lifestyle is the most appropriate for your pocket? Is Suffering to Save Money at the End of the Month Unhealthy for Your Financial Health and Well-Being ? These are some of the questions to understand your relationship with money.

Before taking the next steps to organize financial life , you should seek to be aware that you are in a financial crisis and also be willing to acknowledge the problems related to how you handle your money.

But it does not end there. It is no use merely recognizing that you are facing a financial crisis.

We must face all the obstacles that hamper its financial growth and make difficult the realization of dreams.

Step 2: Make a budget

Step 2: Make a budget

Personal financial planning is key to overcoming the financial crisis, debt relief and prosperity.

Those who have no habit of controlling their spending are more likely to get into debt quickly. This is because without control of accounts, it becomes more difficult to understand whether consumer habits agree or not.

To keep your personal finances under control , write down your income (salary, extra income) and your expenses (fixed and variable expenses) on an uncomplicated expense sheet or in a notebook.

Personal budgeting helps to identify excessive spending as well as expenditure that seems to be underestimated but which, in the long run, accounts for a good part of your money.

These expenses are often part of the routine and therefore can go unnoticed, such as the morning coffee outside the house every day.

At least in a phase of financial crisis, try to reduce expenses to the maximum or even cut , such as service subscriptions (TV, internet, mobile phone plan, among others).

Step 3: Negotiate your debts

Step 3: Negotiate your debts

To get out of the crisis, once you recognize your spending habits and begin to control your spending, this step is considered one of the most important. It’s time to negotiate your debts!

If you are thinking of giving up paying one or more debts because you believe you do not have enough money to negotiate debts and settle outstanding debts , know that, yes, you can get out of debt with little money .

Remember: Paying debts is investing in you, a smart choice for anyone looking for prosperity.

Evaluate how much can be directed per month for negotiation payment. When negotiating with the lender, consider the payment deadlines available because you will need to organize yourself very well for some time.

One option is to apply for a personal loan to pay off debts at one go. Besides the possibility of getting good cash discounts, it is an alternative for those who are looking to organize the finances with practicality, since you will need to pay only the loan taken.

Step 4: Escape impulse purchases

Step 4: Escape impulse purchases

Your consumption habits need to change, so you get back to prosperity. Control impulse purchases to avoid getting new debt.

To make it easier, create daily and monthly spending goals. Before you spend spending the available balance on the bank account – it’s not worth considering the overdraft limit – frequently ask yourself if the product or service you are thinking about consuming is even necessary. And even if you decide to consume, look for alternatives that make it cheaper.

Most of the time, impulse buying happens by momentary desire, by emotion, and is made without reason interfering.

Worst of all is that later regret can cause even more emotional imbalance and spending can get out of control quickly.

If you are experiencing an overzealous situation to overcome problems and feel better, it is recommended that you seek help from a specialist as soon as possible in order to avoid further financial frustration.

Step 5: Start creating a reserve for emergencies

Step 5: Start creating a reserve for emergencies

Have you ever thought that if you had money saved you might not be facing a financial crisis ?

Before even thinking about investments to achieve your dreams, create an emergency reserve so you do not run the risk of getting into debt in the future.

The financial reserve is a way for you to have more peace of mind when you need more money.

Beware of this situation: avoid high interest overdraft and credit card , which lead the ranking of the highest interest in the market.

The ideal is that your total financial reserve is 6x the value of your income. Suppose your income is $ 3,000 per month. In this case, the amount required is $ 18,000.00 for you to have more peace of mind in situations such as loss of employment or unforeseen health expenses.

To make it easier to achieve a financial reserve goal, you can start with a low amount and increase over time.

But remember that if you need money, you would prefer a personal loan to other loans.

Step 6: Plan the steps to achieve your goals and have prosperity

What have you done to turn your dreams into reality ? The financial planning is essential for the achievement of goals.

If you have not stopped to think about your financial goals and what you need to do to reach them, start now.

5 Signs That You Are Losing Financial Control

 

Do not you know if you’re taking care of your money as it should? Financial control is essential for you to live more peacefully and also to fulfill your dreams.

And to help you identify if you’re losing financial control, Good Credit has selected 5 signs that deserve attention.

Check each of them below.

1) The salary does not last all month

1) The salary does not last all month

The money you earn does not last the whole month? The problem is an alert that needs to be resolved quickly. The first step is to investigate why this has been happening.

Clarify your income and expenses in a notebook or expense worksheet. This is the time to find out if you spend more than you earn.

Make it a habit to write down, if possible, your expenses. This is one of the options for organizing personal finances.

Also, take the time to identify the highest expenses. Thus, it is easier to reduce or even cut what is not needed.

And you know that “coffee” you take every day out of the house? It can also weigh in your pocket and compromise your budget.

How about waking up early and having breakfast at home? Start practicing economics: read our 70 practical tips for saving money.

2) Problems with the credit card

By having the highest interest rates on the market, credit card is the biggest villain in the pocket of Brazilians. If you use your credit card to pay bills , live with the card to do most of your shopping or have difficulty paying the bill, there are signs that you do not know how to use the credit card in your favor . Calm down, all is not lost! It is important to act quickly to avoid financial loss.

To avoid that snowball, if you were unable to pay your credit card bill or are in doubt between paying minimum or installment , be aware that there are options to pay off credit card debt , such as a personal loan .

Now, if you’re able to pay your credit card bill in full, but run out of money after that, it’s still a sign that financial crunch is knocking on your door. Learn how to manage your debt and keep up with personal finances .

3) Uses overdraft often

 

Overdraft has one of the highest rates of all types of credit, second only to revolving credit .

If you have the habit of going through a special check every month, there is the possibility of losing control of your finances, should there be any unforeseen circumstances. And there you have, right? The negative balance grows and even if you make some money to “cover” the overdraft, you have high interest rates to pay.

To avoid using overdraft, you should organize your financial life in a few days . Here at Good Credit, you can apply for a personal loan to pay off the overdraft debt and still remain on positive balance.

Personal loan is the best option for you to balance your finances: when opting for personal loan, you choose installments that fit in your pocket and do not weigh in your monthly budget.

4) You risk being denied

loan money

 

If you were unable to pay an account and you risk being included in the delinquent register, you must resolve the problem as soon as possible. After all, getting the dirty name impairs access to credit and can make a small debt into a snowball.

Do not wait any longer to regularize your situation: Ask for a personal loan right now and avoid negative ones.

If you are already negative, contact the lender and negotiate your debt as soon as possible. Choose an agreement where the installment can be paid without you feeling too tight.

Be sure to pay your settlement on time as this is a sign that you are willing to change your financial habits. No matter the size of your debt: there is always a solution for anyone looking to keep up with the financial commitments.

5) No financial reserve

financial money

 

When it comes to financial planning, having money set aside for emergencies is indispensable. If you do not have a financial reserve, it’s time to start saving money for possible contingencies that may arise later.

You can start with a small amount and increase until you get a good balance. A good idea is to look for alternatives to earn extra money.

And if you need money now, you can count on Good Credit! At Good Credit, you find the perfect personal loan for what you need: whether for an emergency, to pay bills or even to travel.