Financial woes? Unsure how to manage your expenses? Being great with money is more than just making ends meet. Managing your expenses smartly don't necessarily require you to be great at maths, what you need is effective planning and a determined attitude!

1. CREATE A BUDGET 

To limit your spendings, you'll have to spend time making a budget. Portionalise your spendings into different sections ie household, emergency, savings and etc. Keep the budget simple and easy to follow! By budgeting, you actually get a good overview of where your money goes to and it prevents you from overspending. Though it is a tedious process but it's highly beneficial especially if you're really bad with money.

2. FOLLOW THE BUDGET

You've created the budget now you MUST follow it, otherwise it's a waste of time. Use the budget as a guide for your expenses. At the end of the month, update the budget in accordance to your monthly expenses for example you might have incurred extra expenses for your household bills. Remember that the budget has to be up-to-date so that you can keep track with your expenses.

3. SPEND MODERATELY

Moderation moderation moderation (very important, must say 3 times!) - always remember to spend moderately! Before you purchase something, categorise them as "necessities" or "wants". Think throughly before you buy, no impulse buying! For every cent you spent on impulse buying, you'll lose it in other areas of your expenses. Therefore, please refrain from making purchases that you'll regret in the future (ie you DO NOT need another bag FYI no matter how cute it looks). Moderation is difficult to achieve but once you master the art of moderation, you'll find it easy to manage your expenses.

4. IDENTIFY WAYS TO SAVE MONEY

As easy as it sound, this is quite a tricky step. How can we identify ways to save money? For starters, maybe decrease the numbers of eating out? Now you'll say but I'm busy, I always get off work late. As late as it may be, you'll have time for meal preps during weekend. Besides, eating home-cooked meals are healthier as you know what you're putting into your food. Another way that you could save money, is to make comparison before you purchase an item. Ensure that you've got the best price of an item before you decide to buy it.

5. SAVE REGULARLY

This can't be emphasised enough. When you actually start to deposit money into your savings, it'll slowly become a habit that you won't forget. There are perks of saving money regularly. For instance, the money can be use in case of emergencies. You never know when accident hits right? To simplify things, set up the account such that a portion of your salary can be automatically transferred into your savings account. Hassle free!

6. PRACTICE MAKES PROGRESS

Last but not least, practice managing your expenses. You might stumble for awhile before you get the hang of it but rest assure although the process is tedious you'll soon realise that it's not impossible to manage your expenses wisely. Hence, practice these steps! After all, to achieve financial stability, it starts with being wise with your money!

Hope this article inspires you to manage your expenses more effectively!