How to manage your bills, pay off credit and salary. Portions to allocate and save.

Difference in interest payable and received from bank or investment. Always pay off higher interest bearing accounts first.

The first thing about managing your money is that you need to have self-control.

This will allow you to stop impulsive purchases and rather save money for your future.

Managing your money can be difficult but one of the best ways to do is by having a detailed monthly budget in which you put your income and expenses on. From this you then provision for any additional expenses that could arise. This way you will know how much you are spending and where you can save.

Have a monthly budget example attached.

Make sure that you monitor your spending. You can do this by only paying with your card and documenting all expenses at the end of the month. IF cash is used make sure to get a receipt which will then be kept until its also documented.

One you have done this for the first month you can make an accurate expense list and compare it to you provisional one and see where you spent additionally on.

From there you can decide to cut out certain expenses or reduce them.

A good rule of thumb is to save at least 15%-25% of your salary.

Interest Payable and received from investments.

When you are thinking about putting money away into a saving account to incur interest its best to first see what interest rate you are paying on credit facilities that you have. E.g. Interest from the bank could give you 5% interest a year but your credit facility with a clothing store charges you 20% a year interest. In this case first pay off the creditor as you will be losing 15% additional interest if you rather save the money.

Best Ways to

Save Money

1. Eliminate Your Debt

If you’re trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.

3. Pay Yourself First

Set up an auto debit from your checking account to your savings account each payday. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan.

Take a "Staycation"

Though the term may be trendy, the thought behind it is solid: instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. If you can’t drive the distance, look for cheap flights in your region.


Take a "Staycation"

Though the term may be trendy, the thought behind it is solid: instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. If you can’t drive the distance, look for cheap flights in your region.


7. Utility Savings

Lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs. And installing an on-demand or tankless water heater can deliver up to 30 percent savings compared with a standard storage tank water heater.


9. Create an Interest-Bearing Account

For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates like a Regions CD or Regions Money Market account for even better savings


2. Set Savings Goals

One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions savings calculators to make your goal!

4. Stop Smoking

No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that amounts to nearly $3,000 a year you can realize in savings if you quit. According to the Centers for Disease Control, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s — join the club!


6. Spend to Save

Let’s face it, utility costs seldom go down over time, so take charge now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or ENERGY STAR high-efficiency appliances and products. You could save thousands in utility costs over time.


8. Pack Your Lunch

An obvious money-saving tip is finding everyday savings. If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.


10. Annualize Your Spending

Do you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum.



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