Could Payment Management Benefit You?
Can a Payment Management or Money Manager service really work for you? This question at first glance can seem like an easy one, ultimately it depends on your personality. If you are the kind of person exercises discipline and attention to detail, then the answer is likely a no. Or is it?
If you find yourself easily justifying a ‘want‘ purchase at the expense of a savings goals, or forgetting about this or that bill, then a Money Management service could be worth considering. It can often be overlooked just how far these little purchase-justifications can set you back, not only in terms of your savings but also in terms of the habits that you have developed. As a result, the the less obvious benefits of a Payment Management service that can be the most beneficial.
One of the most underrated impacts Money Management services can have are those on our habits. Humans in the eyes of a large number of psychologists are habitual creatures: What we do and how we do it, becomes second nature very quickly. In the current Corona-Virus situation, how well and how quickly have you for example adjusted to working from home?
Discipline is one of the habits that can be implemented more easily through a Money Management service. This discipline is the result of a crystal clear understanding of where you stand financially and makes you take more time to consider financial decisions and reduce the likelihood of impulse-buying. Impulse-buying is one of those things we all fall victim to at some point and while it might feel great for a moment, it doesn’t help your long term goals.
Another habit picked up from using a Money Management service, is the importance of budgeting and planning. A lot of people use apps to try and track spending or create budgets for themselves, but don’t base them on realistic ideas or spending patterns. Spending is the hardest thing to control whilst still maintaining a fun lifestyle – If one of your friends asks you out for a night out on town, you likely won’t say no. In this instance, a great control tool is to decline this week and make a plan for the following week. This allows you to have enough spending money to go out the following week, without blowing the budget!
With these factors in mind, it is worth noting that this service isn’t just for those who are facing financial hardship. It is also for those who want to speed up their savings, or forget about managing and balancing their money themselves.
As always, an important factor to take into consideration is the fee structure of the Payment Management service you are considering. If the monthly or weekly fee you are being charged exceeds what you are able to put towards your savings, or contains large administration fees then it is obviously counterproductive.
At Budget Connect we do charge a very small subscription fee from as little as five dollars a week. Unlike other services, we do not charge any additional administration or account keeping fees on top this. We really do exist to help you!
Follow this link to arrange a free consultation to see which one best suits your situation.