Home Editor's Picks 20 Ways To Take Control Of Your Finances

20 Ways To Take Control Of Your Finances

by Amarachukwu
Control Your Finances

Being in a debt cycle can sometimes be very difficult to escape from. According to the balance, debt is like a double-edged sword. It can be favourable when you want to invest in the future and unfavourable when you need to take out that investment to pay off your debt. Research shows that 25% of Americans worry about money all the time, and studies show that 41% of Americans would use a credit card to cover a $1,000 financial crisis. Making good financial decisions will have a huge impact on your future and keep your finances on the right track.

If you’re in debt and have little or no finances to pay back, or your income is too small to maintain and pay off your debt, then now is the time to start taking control of your finances by following these useful tips.

Start Budgeting

You need to have a budget to avoid spending unnecessarily. Budgeting allows you to have a plan when it comes to spending money. It ensures you have more money for your needs than your wants and allows you to balance your expenses with your income, so you don’t spend more money than you make. Decide on a particular amount to spend every week and work towards it. You can have a budget by writing down how much you spend in a day if you spend money on unnecessary things, how many transactions you do in a day and on what. Having a budget will help keep you out of debt and have you take control of your finances. 

Stop Eating Out

If you’re looking for a way to manage and control your finances, you need to stop eating out and cook at home instead. Coming back from the day’s work and going to the kitchen to cook is sometimes tiring, but it helps save money.

Cooking your meals instead of buying them is cheap and better than always buying meals or eating out. If you have a freezer, you can cook and store food for future consumption, or you could take lunch to work instead of eating out every day. This is a good way to cut down on expenses and save money. Also, if you want to shop for groceries, it is advisable to do it in the evening because most grocery stores have clearance sales. If the idea of cooking is stressful, then you can use this approach;

  • Plan a monthly menu to make cooking less stressful
  • Use menu planning services from meals, but since these services cost money, you’ll need to check if it fits into your budget.
  • Make use of your weekends and cook in large batches.

Know Where Your Money Goes

Track your spending for at least 30 days. At the end of the month, calculate where most of your money went if it was for your needs or mainly for your wants. Have everyone in your household do this too. This will help get your finances back on track.

Have A Savings Account

To manage your finances, you must have a savings account. Your savings account should be different from your account instead of putting all your money in one. Also, have a particular amount you put into your savings account and time. It could be for two weeks or every month. It doesn’t matter which savings plan you choose; it is important that you save. It is also advisable to set up an automatic transfer from your account to your savings account instead of a manual transfer.

Avoid Making Trips Using Uber Or Expensive Transportation

Ubers are expensive, so try to avoid using them unnecessarily. Use more free buses or taxis. I know using Ubers help make the journey relaxing, but it also involves too much spending, especially when used every time. 

Don’t Make Use Of Your Credit Card

Taking loans and buying things using your credit card sounds like a good idea until it’s time to pay. It only increases your debts and disrupts your saving plan because any money coming in is for paying off your loans and credits, so try to avoid taking loans and credits. Use cash or debit cards so that you don’t have to buy things on credit to avoid having more debts. If you need to hide your credit card or intentionally misplace it, then do so if it will help you save more.

Take On One Or Two Side Jobs or Hustle

You can save by taking on side jobs or side hustles. Since most side jobs can be done from home, you can use some time to take on freelancing jobs like writing, content creation, affiliate marketing, drop shipping. Side hustle jobs help you worry less about your finances and keep you in charge of your finances.

Cut Down Traveling Expenses

Travelling sounds like an exciting idea, but it requires spending, which includes accommodation, feeding, and most times impulse buying, which is unnecessary, especially when you’re trying to manage your finances or pay off debts.

Read Books On Personal Finance

Since finance topics are hardly taught in traditional classrooms, reading finance books is the only option to learn how to manage your finances, plan, invest, come out of debts and help you have an understanding of everything that has to do with finance. Finance books help change the way you think about money, letting you know that you should be in control of money and not vice versa.

Pay Off Your Debts

If you want to change your financial picture and control, you need to pay off your debts. According to Equifax, you can start by paying off your debts while making small contributions towards your savings. You can start building up money aggressively in your savings when you’re done paying your debts.

Always Use the 30 Days Savings Rule

With the 30 days savings rule, you pause all impulse buying for a period of 30 days. Instead of spending your money unnecessarily on something you might not need, you take 30 days to think about it. At the end of these 30 days, if you still want to make that purchase, then you can go for it. You can also use the 70 20 10 budget rule, where you’d allocate 70% of your income to spend, 20% to saving and 10% to give.

Go On A Spending Fast

Another way to take control of your finances is by going on a spending fast where you stop spending on luxury items and non-essential lifestyles. If you want to be in charge of the money, you should commit to your spending fast to help you change your spending habits and focus on your needs rather than your wants.

Have Realistic Financial Goals

If you don’t have the financial goals you are working towards, you may have difficulty saving. Set realistic goals you know you can work towards. Don’t set goals that are above your finances.

Have A Financial Plan

Like a budget, a financial plan helps take control of your finances, which includes accomplishing your financial goals. Unlike a budget which covers a short period of weeks or months, a financial plan covers a long span of 10-40 years. Your financial plan should include saving for retirement, paying for your children’s education and buying a house.

Shop for Cheaper Car Insurance

It may be a hard task, but taking a few minutes to sit down and shop around for cheaper car insurance can end up saving you from spending too much.

Use Shopping Discounts

Use discounts when shopping instead of paying in full. It could be a coupon or a promo code, but once you start doing these instead of paying in full, you’ll realize how much you can save off everything shopping you do.

Get Cheaper Cell Phone Plan

Research shows that most people pay about twice as much as they have to each month for cell phone service. Why do that when you can get cheaper cell phone plans instead?

Cheap cell phone plans do not mean cheap cell phones. You might get the exact phone for a cheaper price phone plan.

Cut Down Monthly Subscriptions

If you want to control your finances, take a look at all your monthly subscriptions and cut at least the ones you don’t need every week. After a few months, you’ll see that half of your income goes into unnecessary subscriptions.

Go Paperless

Ask for all your financial statements or debits to be sent to your email since the bank charges too much when sending you debits via text.

Talk To A Financial Advisor

Financial Advisors help you handle your finances. They can help you create goals, save more, invest and guide your financial progress and handle your debts, especially if you’re struggling with being in control of your finances.

Take Control Of Your Finances


Taking control of your finances is not only empowering; it can be life-changing. These 20 tips are a great starting point to help you get your financial house in order and take positive steps towards a more secure future. 

Taking control of your finances is not a one-time event; it’s an ongoing process. But by following the tips in this post, you are well on your way to gaining financial stability and security. I would love to hear about your own experiences taking control of your finances in the comments section below. What has worked for you? What hasn’t worked? Let me know, and together we can help others take back control of their money.

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