Managing your money in 2021 by Sophal Heng. Managing your money during a lockdown should be easier than an open society, Find out how.

Editors Note: This post has been moved from

Managing your money in 2021 is a different breed than a decade ago. We did not have apps back in the days. Most people rely on writing down a log or a checkbook. Nowadays, everyone just checks their online banking to keep tabs on how they spend.

That is not enough if you ask me. What you are really doing is tracking your money. That does not help with how you manage your money nor will it help you budget.

Budget requires planning and understanding where your money is coming from. I came across this post the other day and I would like to add to some of the information provided.

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How To Manage Your Money In 2021

Some key points that were listed by the writer includes:

  1. Emergency funds
  2. Personal Finance Apps
  3. Save 10 to 15 Percent for Retirement
  4. Slash Unnecessary Expenses
  5. Consolidate Your Debt
  6. Understand Your Income and Expenses
  7. Create a Budget

These are great points. The article was missing suggestions, so let us add those into the mix.

Creating a Budget Including Emergency Funds

I have been working on managing my finances for the last six months. It opened my eyes to how easy it was to manage money especially since I rarely need anything. That made it easy to create a budget and build my emergency fund.

I have two forms of paycheck that come into my bank account. A wage and money from surveys, blogs, and miscellaneous online gigs. I separate my wage savings and my gig savings into a different savings account. It helps with catering to expenses and it makes it easier to keep track of when I am doing my taxes.

Understanding Income Vs Expenses

Always make sure you understand your expenses. How much are you spending on your needs? How important are these items when it comes to your living? Needs include:

  1. Housing
  2. Bills
  3. Monthly Personal Hygienic
  4. Groceries

Housing is a necessity, so that should always be a priority. Your bills are next which includes anything that keeps your home running. Credit cards and car insurance should also be included in this category. Personal hygienic and groceries can be a category that you can alter.

If you are struggling financially, looking at how much you spend on groceries and personal hygienics can help you with savings.

I knew someone who was left with $100 after going over her budget and she says that the last hundred is going towards hair care products every month.

I do not know about you, but my hair care products last about a year. I think some things are not needed but I am no one to judge. All I am saying is, prioritize if you want to save money and cut useless expenses.

How I control my spending is easy. I opened three credit cards with a $300 credit limit. Each card is used for a category of life: bills, groceries, and gas. Since my credit limit is $900 for myself, I know I cannot go over it.

I set up repayments for those cards at the beginning of the month which also include autopayments for my housing needs at the beginning. Not only did I have time to move money into savings, but I am also able to play with my credit and pay it back on time.

Whatever amount you are comfortable with; I would say do 25 percent from earnings into savings. There are other ways to add free money into savings. You can earn free stocks!

Check out these apps and earn some free stocks without even trying.

Personal Finance App

I use Steady apps that help graph up my expenses and incomes. I highly recommend it because it has some great features that make it worth checking in for. Before we go further, let me break that down.

Join Steady App

This app breaks down your income and it has a booster setting where you earn cash backs if you take up the offers. That is not all. Steady also has a section for the gig economy. There are job listings in the app that will help you search up for supplemental incomes.

That is all I have for today. Remember, your finance is controlled by you. Let me know in the comments whether my suggestions helped you or if you want to add some pointers. I am all ears.

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