How WestStein helps you track and manage your personal finances: budgeting tips

Rational and fairly economical behavior with your own money is normal and even necessary. Financial literacy helps you spend less, increase your income more actively, and maintain it efficiently. And developing this quality is very simple. It is enough to open an online WestStein account and, together with it, carry out prompt tracking and high-quality financial control.

Open an account online and work out your financial approach

The perception of finances, a person’s attitude towards them contains (traditionally) the key “root” of existing financial difficulties. Insufficient earnings and excessive spending only follow from this. But there is no need to be afraid of such a situation. It is normal and reasonable for a person to correctly develop a personal approach to the perception of money.

An online checking account will not help with psychological issues. But by changing your approach to material things, you will be able to see how the amounts in your online wallet increase.

The ability to plan is also necessary and important to develop. Of course, both a beginner and an experienced financial manager can open an account online, but both need the ability to manage finances. There simply cannot be a lot of knowledge of this kind. Modern financial plan literacy is very important in budgeting.

This is a whole science, but two key tips help in its development very well:

• Clarity and specificity are needed. Don’t set a goal of saving 20,000 for an individual online account. Set a goal to save 20,000 in a certain period. Then it will be concretely clear that in order to receive the amount after the specified time, you need to put aside so much per month, and so much per week. It is also better to have a clear savings goal. Don’t save up and spend. And save up for a certain very important purchase. May seem complicated. But the result will be very encouraging;
• Control of a (stable) budget is important. Opening a current account for free is very beneficial for those who are beginning to master the skills of using certain types of payments, although such “helpers” will not be superfluous for more experienced practitioners.

For example, if the plans include an account for receiving salaries or for accrual purposes, you need to see specific amounts, dates and changes, and control this.
If the account is corporate, it is even more important to always know where funds with the right of disposal are transferred from the balance.

Important Tips

To have sufficient savings, it is important to live in such a way that your income always exceeds your expenses. This is done reasonably, without categorical restrictions, but with the help of additional earnings or reduction of expenses. Income can consist of more than just what you earn. This is also good interest from the account, for example, or payments on deposits/shares.

There is a lot of talk about the principle of financial distribution 50-30-20, but few people take it into account. And it`s not good. There is nothing complicated, but the result is excellent. The meaning is this:
– Spend 50% of your earnings on current mandatory needs;
– It is recommended to leave 30% for optional expenses%
– 20% should be put on a separate card/account and try not to spend it.

The numbers are approximate. Everyone chooses the appropriate option for themselves. The main thing is to follow the rule consistently, then the result will be more noticeable. WestStein will also be of great help in tracking expenses and planning them. It has a lot of advantages.

WestStein current account for personal budgeting

No one can accurately resolve personal or organizational budget issues from scratch. This is being mastered gradually. Sometimes the adjustment takes not even weeks, but months. But a reliable online account, provided that all transactions carried out are clearly reflected in it, contributes to control and normal accounting of expenses incurred.

During consultations, financiers advise writing down your main income and expenses for the month, setting yourself limits, designating optional categories, and following the plan.

Let’s say in this order:
1.Open a current account online.
2.Top up.
3.Make payments on financial obligations.
4.Set aside a certain percentage for unexpected expenses.

By the way, in a personal budget many people skip this “unexpected” item, but it is recommended to regularly transfer 15-20% of income to it. A “rainy day” always comes unexpectedly and you need to have time to create a financial plan “cushion” that will help you survive the crisis with minimal shocks.

Of course, to do this, you need to open an online account for free only in a trusted place, in order to be sure of the safety of your money, so that there is a favorable tariff, so that additional charges on the principal amount are regularly received. In general, you should approach opening a current, corporate or individual account wisely. It’s better to analyze, compare, calculate, think longer than to rush and make a mistake.