Monthly Archives: January 2020


How to Manage Your Budget 5 Important Tips | Instant Online Loan Without Going to the Branch

It would be great if it was possible to make the personal budget enormous with a mysterious method or a simple technique, but in reality, it is not as easy as it might be thought.

Good management of personal financing can benefit a much healthier budget and the convenient purchase of what is demanded. As it is such an important issue, it would be useful to mention 5 tips on how to manage the personal budget.

There are 5 key points to be aware of in order to take control of your own money. When you apply these 5 rules effectively, you will realize that you are dealing with financial problems much less and lead a much more stress-free life.

Set Goal

Set Goal

The first and perhaps most important thing to do before you take control of your personal budget is to set a goal. You should decide what to do with your money and try to understand in a concrete way what money means to you.

When you go to a different country, buy a car or set a derivative goal, you will know what you need to reach and you can determine a suitable strategy. Among these goals may be the dream of retiring early, but to achieve this, you should really work and think well about what to do.

The goal you want to achieve financially doesn’t have to be just one, you can set more than one goal at a time. If the number of targets you set is more than one, all you need to do is prioritize. The most important detail that you should pay attention to is that the targets that should be extended to the long term, such as early retirement, are at the bottom to cover the others and the steps you take for each target do not prevent this goal.

It is possible to list some targets you can set as follows:

  • To pay all debts,
  • Buy a house,
  • To retire early,
  • Spending less,
  • Spending more efficiently,
  • Buying stocks.

Create a Plan


After setting your financial goals, the most important thing you need to do is to prepare a plan that will show you how to achieve it. It is imperative to create this plan and it should consist of not only one step but different steps. The plan you will create should be divided into 3 main lines, the first is to control the budget, the second is to create a spending plan, and the third is to get out of debt.

When creating a plan, make sure that every step you take is consistent with the goals you set in the previous step. Steadily strive for long-term goals, such as early retirement, but focus on the goals that you qualify as the most important. Let your plan achieve all your goals as time goes from top to bottom.

You should definitely include the emergency fund in your plan. This fund is urgent and must meet your health problem, an unexpected visit, etc. You must always have a savings account to cover such costs. In this way, you will set a budget for yourself even in emergencies and try not to exceed this budget as much as possible.

Most people do not include the emergency fund when making personal budget planning, and when an emergency occurs, they perceive their savings as a guarantee, but the forgotten detail is that those savings exist for your different purposes and should not be used for the emergency.

The money that you will save for emergency preparedness should be kept separate from others. You can use a certain part of your budget every month for the emergency fund, and when you think it has reached a sufficient level, you can transfer more savings to your other goals.

Stick to your budget


After creating your personal budget plan, remember that this plan will play a very effective role in your success and stick to it. When you create a budget plan, you will also have created an indirect spending plan, so you will know where, how and how much to spend your money.

The budget plan registers the most important things you should spend your money on, if you don’t have a budget plan, you can spend your money on things that actually don’t mean anything to you, and this is quite undesirable.

What Will Happen When Goals Are Fulfilled?

Even after you have prepared your budget plan and acted accordingly, do not throw away the budget plan and create a new budget plan. If you don’t create a budget plan, you start spending more money than you earn as one of the easiest things to do in a short time and you start paying your debts again. If you do not want to set a goal, you should at least create a budget plan that you will not spend more than you earn.

Get Rid of Your Debts

Get Rid of Your Debts

It is your debt that will be the biggest obstacle in this path you set out to reach your financial goals and therefore, you should get rid of your debts as soon as possible.

If you have more than one debt, one of the payment techniques you can apply may be an elimination plan with a snowball effect.

According to this plan, you must pay as much as possible in the first month for any of your multiple debts. You must pay more for this debt while fulfilling the minimum payment requirement for all your other debts, you will have to tighten your teeth when this debt is closed, but after this debt is closed, you will get rid of your debts in a shorter time by using the minimum payment amount you need to pay for this debt.

After getting rid of your debts, you should stop carrying your credit cards with you in order not to get in debt again, having a credit card can be quite good for emergencies, but most of the time things are not going as desired. Therefore, you should keep your credit card for use only in very urgent cases and it should not be used for food, clothing, transportation, etc. You should never use it in expenditures. After the emergency fund mentioned in the second phase of your budget plan has reached a sufficient amount, you do not need to have any credit card, so it will be sufficient to hold the credit card only until your emergency fund accumulates.

  • To be able to pay more than any of your multiple debts, you may consider working for a second job for a while.
  • Calculate how much of your goals you can give up so you can pay more debt and prioritize it until your debt is closed.

Having an Open Mind


You have to save money to grow your capital and start investing, but the main thing that will make this process enjoyable, faster is to be creative and open-minded. For example, when you learn how to evaluate your savings, you can think of a tremendous business idea and use these savings in the business that you will set up while everyone tells you to buy stocks.

Or you can attend training about a specialization you never knew with one of the savings you have achieved, and after getting enough information, you can start doing business in a completely different course. The important thing is not to lose creativity and an open mind, listen to the recommendations and be evaluated. In this way, you can find shortcuts to the goals you want to achieve.

You can find more information about saving methods by reading our article on Interesting Saving Methods You Can Save 650 TL per month.