Hope Is Not A Financial Plan: How To Manage Your Monthly Income Effectively And Reduce Debt

  • Adjust your perspective
  • Sort out your money properly
  • Make note of transactions
  • Create a budget
  • Utilise your savings account
  • Be reasonable
  • Avoid relying on credit cards
  • Set up an emergency fund
  • Mint is a free budgeting app that allows you to connect all of your financial accounts in one digital space. This provides a high-level overview of your financial health. The app also allows users to track spending and savings and set and track budget goals.
  • Yolt works with banks and card companies to bring all your accounts together into one simple, attractive budgeting app. It can collate your current accounts, savings accounts and credit cards, so you see at a glance what’s coming in and going out, and your balance.
  • Moneyhub is a budgeting app that aims to help you budget better by showing you all your accounts in one place. It is a personal finance assistant that uses smart technology, but it also has a human touch. You can talk to a real-life financial adviser in the app too.
  • Monzo is a bank that lives in an app. It helps you budget better, takes the stress out of spending abroad, and even lets you earn interest on your savings. Although it is an app, you can get help from real humans, whenever you need it. You can use Monzo to do the basic things you would expect from your traditional bank, as well as much more.
  • A high yield savings account is a type of savings account that typically pays 20 to 25 times the national average of a standard savings account.
  • A certificate of deposit is a savings account that holds a fixed amount of money for a fixed period of time. This could be for six months, one year, or five years, and in exchange, the issuing bank pays interest. It offers the top rates, but limited access to funds.
  • A cash management account is a separate account that helps manage cash across a portfolio and pay fees where possible. It also provides a place to keep cash when you have yet to decide which account you would like to invest in. High-interest rates and bank transfers are easy. Although, it is not a bank account.
  • A money market account is an interest-bearing account at a bank or credit union. Most money market accounts pay a higher interest rate than regular passbook savings accounts.
  • Take account of your accounts
  • Check your credit report
  • Be honest about your spending
  • Determine how much you have to pay
  • Figure out how much extra you can budget
  • Determine your debt-reduction strategy

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