Let’s face it, people often find it a bit of a struggle to monitor and carefully manage their finances, especially when they feel their money comes in through drops and trickles.
But with the current health crisis affecting the globe, there’s no better time than now to start reassessing your financial standing, especially with the impacts the Coronavirus pandemic has brought to the economy.
Whether you are looking to have access to more income streams or finding ways to cut back on spending and save money, taking control of your finances and managing them properly is the best way to approach it.
Not only will you be able to make smart financial decisions, but you will also be able to keep track of your finances and develop better financial strategies to help you have more financial freedom sooner.
The dream of owning real estate is a given and is inherent in everybody, however, it involves a lot of money which can only be achieved when you are in a state of good financial health and afford to pay for it, otherwise, it can be out of your reach.
Here are some practical and smart productivity hacks that can greatly help in monitoring and managing your finances so you can be confident in pursuing your real estate and financial goals.
Set specific times to review your finances
Set a specific schedule each week or each month to go through each of your earning and spending activities.
Consider it as part of your usual business meetings and see to it that you do not miss out on this appointment. Discipline yourself to give more focus on consolidating, organising, and assessing your financial activities.
Break down specific tasks such as income, expenditures, and next steps, similar to planning activities for the business. Giving yourself a dedicated time to review your finances can help you become more creative and be able to develop short and long-term goals.
This can also help make your financial planning realistic and achievable.
Factor in your motivators
You can be more productive when you are best motivated. There are several ways to keep yourself motivated to do your work and achieve your goals.
It can be as simple as turning on your favourite music when you need to be more energised to work or listening to a podcast of your favourite finance or life coach.
Manage your time well
Sticking and maintaining specific timeframes assigned for work can also be beneficial when organising and planning your finances.
For instance, the Pomodoro Technique is a popular time management method used by millions of people all over the world. It uses a timer to help break down any task into 25-minute intervals and separated by short breaks in between.
The method has been getting a lot of positive feedback and results from ardent followers since it has been proven effective in completing tasks in a short period.
You do not have to strictly follow the 25-minute rule as you could use extended periods for some challenging tasks.
Not only will this technique be able to help you become more diligent in your work, but it will also help you develop the discipline to focus and complete your tasks within your designated timeframes.
Get help when you need it
If you find a task too daunting or challenging, it would be great to find help to support you with it.
When it comes to your financial management activities, you can always go to an accountant or bookkeeper should you need help in figuring out how to make your data or strategies work for you.
The sooner you get help when you start to notice it, make it a point to get help right away so you don’t spend too much time dwelling on it.
Always set goals
Always remember that the reason why you want to manage your finances is that you want to do something with it. That is why setting a goal is important before you plan and strategise your financial management activities.
There are a lot of online resources that can help you keep track of your finances, but it is still essential that you take control, maintain discipline, and stick to your plans and strategies to maximise your financial goals.