Take control of your finances

Taking care of your finances can feel like a big task, especially if you’ve never done it before, or if you’re under a lot of financial stress. Don’t give up. It’s never too late to re-take control of your finances and make smart decisions about your future. 

Set a budget

The first step in taking control of your finances is to make a budget. A budget is an economic plan where you calculate your expenses against your income, so you know exactly how much comes in and goes out of your account. A budget will hopefully keep you from overspending.

To make a budget you you have to list all of your income and expenses. Don’t forget the smaller purchases like the occasional morning coffee or your streaming services.

Know where you spend

If your budget is going to be realistic you need to know where you spend your money. With Spending insights you can view all of your previous spendings neatly categorized. If you for example spend too much on restaurant food, cooking might be a good way of cutting the costs.

Think of a Savings goal

Keep your Savings goal in mind when setting a budget. Even if you’re living on a tight budget it’s important to at least put aside some every month. Even the smaller amounts add up. A great first Savings goal is the buffer, your extra money in case something unexpected would occur.

Automagic savings

Boost your Savings goal without even thinking about it, by automating it. When you set your Savings goal in the P.F.C. app opt to put aside 5, 10 or 20 SEK everytime you make a purchase. Keep living your life and watch your savings goal grow while you spend.

Pay of your credits

For more control of your finances you need to remove the unnecessary costs. Start with your loans and credit fees. Interest and fees doesn't lead anywhere, therefore you’d want to pay of your credits and loans as soon as you can. Start with the smaller ones to remove them completely. 

Another way of creating more space in the budget is to raise your income. It’s harder but will make a lot of difference. Negotiate your salary or look for a new higher paying job.

Are you ready?

Taking control of your economy is not easy, but if you take small steps in the right direction eventually you will reach your goals. By setting a budget, start a Savings goal, keeping tabs on your spendings and becoming debt free you’ve taken all the right actions. Keep at it and remember to celebrate. You can do it.

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