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How to be your own accountant? 5 tips for better money management 

money management tips
On the 10th of November, we celebrate International Accounting Day. However, for many of us – we need to be our own accountants most of the time. Therefore, we decided to share a few tips that make financial management easier on a daily basis! πŸ‘‡ 

1. Put money aside 🐷

It is a basic tip seen everywhere, and yet, so few people actually do it. If you have a Paysera account, you can have as many accounts for savings as you need – for holidays, rainy day funds, new cars, etc. 

When managing their money, many people follow a 50/30/20 saving rule. We have written about it extensively in the past: How to save money – the 50/30/20 rule

money management tips

2. Manage card spending πŸ’³

Since people started using digital money, checking spending during nights out and shopping became even more difficult since we don’t actually see a stack of cash disappearing from our wallets as we did in the past. Therefore we need to find ways to keep track of our spending digitally. 

If you have a Visa card, you must know that the Visa card account is separate from your current account. Meaning that you can spend just as much as you transfer to your card in advance. This is a useful way to not overspend when going out, and also to keep the rest of your money safe in case you lose the card.

money management tips

3. Pay your bills on time 🚰

Not being late to pay monthly bills builds a healthy finance management habit that will benefit your relationship with your money. On the other hand, paying bills randomly does not build a habit, and can even give you stress and a monthly fear of being late. Sometimes it can even end up costing you extra. 

Therefore, where possible it is good to set recurring monthly or weekly payments to be made automatically from your account. This works especially well for bills that are exactly the same every time. You can set up recurring payments in the Paysera app if needed. 

4. It’s OK to remind about debts πŸ‘‹

Paid at lunch and a friend never sent you the money back? You should not feel guilty reminding friends about the money they owe you. It is only natural to keep track of your funds and getting debts back is the way to do it. 

However, it might still sound awkward when said out loud. Therefore you can look for ways to send requests for money without getting too personal. If both you and your friend have a Paysera account – it’s easy. You can simply send a money request and they will only need to confirm it in their app Read more about the management of shared funds in our previous blog post > 

money management tips

5. Don’t lose money to inflation πŸ’Έ

When your savings pile up into thousands – you should think of how to preserve the worth of your money over time. 10 EUR today will not get you the same as 10 EUR would have gotten you 10 years ago. Therefore, you should consider either investing your money with the help of an experienced and impartial financial advisor or storing it in some form that is not affected by inflation, like  gold.