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Simple steps to organise your finances
13 Sep 2022

Financial management can be a daunting and stressful task to get right. It all boils down to a sense of planning and organisation. Having organised finances is important as it sets your direction and instils a better sense of where your money is going.

Being financially organised not only maintains your day-to-day necessities, but it also improves your mental well-being as you do not have to make knee-jerk decisions in panic mode. Let’s look at shaping your finances by taking these 5 steps below.

Identify your expenses

You should start off by identifying your monthly expenses. Our expenses reflect elements of our lifestyle. Do some brainstorming on what you usually spend money on and determine several expenses such as the following:

- Fuel expenses

- Water and electricity

- Transport

- School expenditure

- Food and basic supplies

Weekend spending

Establish your budgets

A solid budget is the cornerstone of how to organise your money. A budget helps track your spending, giving you a glimpse of your expenditure and spending habits. By setting a proper budget, you can set attainable goals and plan on how to achieve them.

After you identify your expenses, distribute them according to categories so you have a clearer holistic view of your spending. You can take this forward by allocating your budgets as you wish, to plan for living expenses, savings, investments and an emergency fund for any unexpected occurrences.

Establishing your budgets will help you shape a consistent monthly spending pattern.

Separate your money

Having identified your several expenses and determined a budget according to categories, you may also wish to verify whether you need to have separate accounts for different reasons.

If you’re absolutely confident that you need more than one account, then you can take the necessary steps to dedicate an account for a particular purpose. Before you do so, ask yourself the following questions:

- What will this particular account be used for?

- How much funds will be required for this account to remain useful?

What is the maximum amount that I can spend from this particular account?

Use automation

Automated functions will not only organise your finances, but they also make your life easier. Several apps or functions can do the work for you without having to plan ahead each and every month.

Automation can be useful when planning your bill payments. Start by outlining the several monthly bills to be settled, which usually need to be paid on a particular date. By automating your bill payments through the ‘Standing Orders’ function on BOV Internet Banking, you’ll have peace of mind that your bills are settled on time as soon as they are due.

By enabling automated message alerts, you will be immediately notified by your bank of any transactions affected from your funds. We all live a busy life, where we rarely have time to quantify how much we’ve spent. By enabling message alerts, you can receive regular updates on your expenditure.

Track your financial performance

Make sure to evaluate your finances. It is fundamental that once you set up savings goals, spending limits and much more, you ensure that these are making sense.

There are several ways how you can track your spending pattern. You can use Mobile or Internet Banking to review all the transactions affected in a period of time from a particular account. Some people also choose to set up a Microsoft Excel tracking sheet, listing down all transactions, comparing them to what was originally planned and then evaluating any variances.

By tracking your financial performance, you can start to understand more your spending behaviour and identifying areas where you need to optimise your financial organisation.

Start organising your finances today by joining BOV Club. Click here to get started!



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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).