JoshYou might not like it, but money really does make the world go round. With so many financial institutions offering financial products left right and center, it can be hard to know if you are making the right moves. Managing your finances is as important as it ever was, but thanks to internet banking, getting a grip on your money is easier than ever before.
Most banks offer internet banking in some form, and chances are you already use a similar service daily. The best financial institutions not only offer feature-packed internet banking platforms but facilities for business banking too. Finding the right account is a vital step towards taking control of your finances.
The right account
When selecting a bank account, you will need to determine what duties you expect this account to perform. Will this be your everyday account? If so, you will want to look for features like low fees and a good network of ATMS. Maybe you run a small business? If so, you will need a quality business banking account. A good financial institution will offer unlimited transactions and charge low fees for said transactions.
Multiple accounts
So, we know that many companies offer internet banking with their bank accounts. Some offer better features than others whilst some are tailored towards business banking or savings. Having several accounts can be advantageous when managing your finances. A popular second account would be a low fee, high-interest savings account. Having multiple accounts allow you to channel your finances easily allowing more control.
Set up a budget
Possibly the most important step towards securing financial freedom. Setting up a budget allows you to see exactly where your money should be going, and how much you should be saving! Setting up a budget shouldn’t be a hassle, but it can be very eye-opening. There are many fantastic guides available online that detail how to set up a bulletproof budget so get out there and start researching!
Know thyself
Setting up a successful budget requires knowledge of oneself. This sounds like something from a kung-fu movie but its true! Knowing your position is vital to planning your budget. You must know your income, expenses and personal tastes.
A strict budget looks good in the planning stages and promises you good savings each week or fortnight but can soon fall apart if you are not realistic. If you know you are prone to the occasional luxury expense, allow for this in your budget, even if it means fewer savings. A budget should be a long-term plan and the best budgets allow for wiggle room. Remember you still must live your life!
Take your time and re-evaluate
You have been true to yourself; the budget is looking good and you have found a suitable financial institution to handle your personal and business banking. Now what? Managing your finances is a long-term strategy that needs regular re-evaluation.
Do not be afraid to take a hard look at your current budget and determine what (if anything) needs to be adjusted. Life moves at such a frantic pace that your position may have changed since your last budget, keep sharp and keep your budget up to date.
You don’t need to be George Soros to manage your finances successfully. With some minor adjustments in your spending, a realistic budget and a low fee bank account (or multiple) you will be well on your way. Internet banking is a fantastic tool to see where your money is going and what adjustments need to be made. Get out there and start planning!