Grow Your Wealth

How to Manage Your Money Like a Pro

Tips for effectively managing your personal finances 💅

'Manage Your Money Like a Pro' text

Why manage your money like a pro?

Managing your money like a pro is an essential skill that can help you achieve your financial goals and avoid unnecessary stress.

Learning how to budget and set money aside are small things that can help improve your financial health.

However, it can take time to do things like build an emergency fund, but it’s worth it. Future you will be grateful.

In this post, we’ll share tips on how to manage your money effectively as well as how to get cash fast.

So stick around for some money management advice 👋

Create a hot budget

Here comes our hot take on money management advice…

The first step you should take when you’re looking to manage your money like a pro is budgeting. You’re an adult now. It’s time to do adult things like look after your financial health.

Ever find yourself saying “where’s all my money gone?” the week before payday?

This is why budgeting’s a biggie.

Budgeting = learning how to manage your money.

It’s important to understand your debt-to-income ratio so you can see what’s coming in each month vs. what’s going out 💵

And that’s how you’ll start to establish good money habits.

Try to create a budget that you can stick to. You can make a free personal budget with Cleo that suits you 💖

It’s easy…

1) Get connected 🤝 – Download the app, sign up, and connect your checking account. Select the Budget tab, then under Next Steps just tap on each icon to customize.

2) Income 💸 – Select your latest paycheck(s) so Cleo knows when you get paid.

3) Bills 👀 – Add your bills and double-check to see if they’re right so they can be tracked correctly.

4) Spend limit 🥡 – Set a realistic spend limit.

🔒 Once you’re done customizing your cute budget, you’ll unlock your ‘left to spend’ and ‘left per day’ amount so you can see if you’re still able to afford your iced lattes 🌞

To help ease you into the world of ✨ budgeting ✨, you could try the 50/30/20 rule:

🚃 50% of your income for needs

🍔 30% of your income for wants

🐖 20% of your income to savings and debt repayment ‍

For more tips on how to manage your money, here’s How to Make a Budget with Cleo.

But if you wanna shop around first (we’re not offended, honestly… we’re not 👀), here’s The Best Budgeting Apps of 2023.

Start saving

Saving is important for several reasons.

It helps you save for your future, covers unexpected expenses, gives you a feeling of financial security, and teaches you how to manage your money.

Emergency fund: Having savings set aside can help you prepare for unexpected expenses or emergencies, such as car repairs or medical bills. Think of your savings pot as a little comfy cushion to fall back on during tough times. It can help you avoid going into debt or using high-interest credit cards.

Future goals: Saving money can help you achieve your future goals, whether it's buying a house, starting a business, or going on a dream summer vacation. By setting aside a portion of your income regularly (an average of 20% of your monthly salary), you can make progress towards your goals and turn your aspirations into reality 🙌

Retirement: Ok, so retirement might be a while off but that doesn’t mean you shouldn’t start saving for it.

Saving for retirement is critical, especially as traditional pensions become less common. The earlier you start saving for retirement, the more time your money has to grow through compound interest. Even small amounts saved regularly over a long period of time can add up to a significant retirement nest egg. Imagine being 67 and sitting by the beach sipping your margaritas. Here for it 🍸

Financial stability: Having savings can provide a sense of financial stability and security. It can help you feel more in control of your finances, reduce stress and anxiety, and give you greater flexibility and freedom in your life.

Most budgeting apps come with helpful saving tools which can offer you money management advice to help you start putting money aside.

Kickstart your savings with Cleo today and start putting those dollar bills away 💰

With Cleo, you can:

  • Set money goals
  • Get access to save hacks like round ups and swear jars
  • Speedy withdrawals
  • Custom plans to help you save even more each month

Cleo helps you do what’s right for you. She can easily show you how to improve your spending habits, help you avoid overdraft fees and build a plan you can actually follow.

Generating extra income

In today’s world, many people are looking for ways to generate extra income (thanks cost of living). And there are plenty of ways you can make some extra cash on the side which you could start implementing today 🚀

Generating extra income is not always easy, but it's definitely achievable. Whether it's freelancing, renting out your property, selling items online, completing online surveys, investing, or teaching, there are plenty of ways to make some extra cash. By exploring these options and finding what works best for you, you can achieve your financial goals and create a more secure future for yourself.

Freelancing: Freelancing is one of the best ways to generate extra income. It involves using your skills to offer services to others on a project basis. Freelance work can range from writing and editing to web design, photography, and more.

You can find freelance work through various online platforms such as Upwork, Fiverr, and Freelancer. For tips on how to get started, here’s How to Make Money on Fiverr.

Sell items online: Selling items online is another great way to make some extra cash. You can sell items you no longer need, handmade crafts, or even start a small online business. Platforms like eBay, Poshmark, and Depop make it easy to get started.

Paid online surveys: Many websites offer paid surveys that you can complete in your spare time. While they may not pay a lot, they can be a good way to make some extra cash while sitting at home. Some popular survey websites include Swagbucks, Survey Junkie, and Vindale Research.

You’ve got this

We’re hoping our money management advice hasn’t made you yawn too much and that hopefully, you now have more of an idea on how to manage your money.

Managing your money like a pro requires discipline and dedication, but it can pay off in the long run. By creating a budget, saving money, and finding ways to generate extra income, you can be better prepared for unexpected expenses. And when you need money now, there are options available to help you get cash fast. Weigh the pros and cons of each option first to make the best decision for your financial situation.

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference.
Big love. Cleo 💙

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