It’s no secret that most Americans are living paycheck to paycheck – multiple surveys and financial experts have been bemoaning the fact for years. What is interesting though, is that there’s a big difference among the income levels of these people. Those who make a lot of money can find themselves in a pinch at the end of the month, just as those who make little.

So if the problem is not in the amount of money, what is?

The answer is simple. It all lies in their money management skills. People spend what they have without paying attention to what they’re actually spending on – and this can be anyone’s vice, no matter if they’re rich or poor.

Even if your income has shrunk recently, or you’ve never made a lot to begin with – if you learn some basic money management skills, you might start living better than those who make more than you.

Here are some ways you can start your basic money management, no matter how high or low your income is.

5 Basic Money Management Tips

1. Track Your Spending

Where is your money going? And is it going the right way? These are the most important questions. Most of us are impulsive when spending money. A lot of our expenses are comprised of $5 here and $10 there – which add up to a considerable sum by the end of the month.

Take a good look at your spending and you’ll find there are a few or more items there that you shouldn’t have paid for at all. And it is even better if you take the time to physically track down your spending so you can see everything in plain black and white. That way you won’t get mixed up and accurately know your spending patterns

2. Set Up A Budget

Having a budget is a must if you want to take control of your money. It’s the primary tool that will stop you from overspending on certain categories – and maybe even help you outright cut some expenses.

Do remember to separate your wants from your needs before you set up the budget – and that needs come before the wants.

The needs category should include rent, utilities, gas, groceries – basically everything you need to function day to day – and of course your savings. Prioritize setting up an emergency fund with what money you can save by cutting down on your expenses – it will save you in the future.

3. Give Yourself An Allowance

While needs are important – so are the wants. We, as human beings, are driven by our cravings. And if you put yourself in a state of constant deprivation, you won’t be able to stick to it long-term. Imagine your finances as if it were your diet; the longer you forbid yourself from certain foods, the higher the chance you’ll binge on them later on.

So what you need to do is give yourself a moderate allowance – money you’re comfortable spending without taking away from any of the “needs” category. This money can go to takeout, coffee shops, or hanging out with friends.

The budget isn’t supposed to be a punishment; it’s to stop you from overspending, not forbid you from spending at all.

4. Cut Out What You Don’t Need And Negotiate What You Do

Everyone knows that cutting cable is a surefire way to save $100 – if not more – a month. But now subscription services and memberships have all but replaced the cable – and they're ingenious in their money-sucking ways. Each of them costs around $10 – which is pretty cheap. But, many of us regularly use more than one service. Sometimes we subscribe for one specific product – and then simply forget to cancel.

Well, the time has come – cancel everything you don’t need and leave only one or two subscription services.

There are, of course, monthly payments you can’t cancel; but did you know some of them could be negotiated? Your car insurance or credit card payments could qualify for this. There are even apps that will help you figure out which bills can be negotiated – try using Trim or Truebill if you need help.

5. Know When To Spend

There are cases in which saving money isn’t an option. For example, if you need urgent assistance from a plumber, a locksmith, or a car mechanic, these are things you have to handle right away. We all know if you postpone dealing with these kinds of problems, it will only get worse and cost you more later on.

 

 

These are the instances you should dig right into your emergency fund. And if the fund’s not in place yet or sufficient enough to help, get cash together quickly from other avenues. In this case, for everyone living in Delaware, a short-term fast loan like an online title loan in Delaware may be your best option to get cash fast.

A title loan is a loan you receive when you use your vehicle’s title as collateral. The good thing about this loan is you can use the title to whatever vehicle you own. Plus there are many other reasons why you should use a title loan.

Why Use A Title Loan?

Title loans are one of the easiest loans to acquire. You can qualify for them even if your credit is bad or outright nonexistent. We know how much a poor credit score can affect your life. We make it easy for you to still apply without worrying about your credit. As long as you’re over 18, own any kind of vehicle, and that vehicle’s title is in your name and lien-free – you can apply for a title loan.

How Do I Find Title Loans In Delaware?

You can easily start your application for a title loan online by going to our website and filling out the online form. You’ll be contacted by a loan representative who’ll answer any of your preliminary questions and set up a meeting at the nearest Delaware Title Loans location.

You’ll need to bring your vehicle, your lien-free auto title, and either your driver’s license or your government-issued ID to be assessed. If the loan representative determines you qualify for the loan and you’re approved – you’ll get your money the same day. The entire process lasts on average 30 minutes to get your cash – if you are approved – and be able to drive off in your vehicle.

Managing your money is very important – regardless of what your income looks like. A good money management plan could mean the difference between a stable financial status, and one that is hurting. Keep these tips in mind to learn basic money management. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.