Are you dreaming of a new shirt, smartphone or the trip with your family, but your budget only allows you to cover the basics? Don’t worry, these 8 money-making tricks will help you be more financially free in 2017.
It’s a bummer when everything is on sale and you have to borrow money just to keep your head above water. It doesn’t help that your friends already have plane tickets booked or already sharing photos of their one-month holiday in the Caribbean. It all boils down to how you manage your finances right from the beginning of the year, so here are some insights to help you make the right decisions.
Cut Down Expenses
Take a pen and paper, sit down and write all your necessary expenses for each month. This means items like food, transport, house bills, medical bills and any other expense you’re committed to. Then keep all your purchase receipts and review them each month. You will be surprised at how much money is wasted on unnecessary items or services like online subscriptions.
Furthermore, there are plenty of Smartphone apps today that make everything easier for you to watch how you spend. Make use of them and see how much more money you have to spend come next holiday season.
Get into the habit of saving your money. It doesn’t have to be big sums of cash – start with £10 a month and gradually grow the limit as you feel more confident. Money saved becomes an available financial resource to take care of emergencies.
Saving goes hand in hand with investing. Investing your money is basically making it grow rather than have it sit idle in a bank or home safe. With the internet now available everywhere, it’s never been easier to invest in the stock markets. There are plenty of online investment platforms like CMC Markets that guide you on how to invest in both a thriving or struggling economy.
Even with a big budget in your hands, you still have to be careful how you spend. Why purchase that item for £150 earlier in the month while you can wait and have it discounted to £99 come Christmas? Learn to suppress your impulse to spend immediately but instead window shop for good deals. It helps you avoid the financial struggles that befall many at the beginning of each year.
Develop a second skill
If your paycheck grows thinner and thinner in a dwindling economy, it’s time to advance your career. You should definitely take that evening class you always mentioned or start that side business you have been thinking about. If your current paycheck doesn’t meet the demands of your life, it’s time to get a promotion or find an extra source of income.
Establish an emergency fund
Besides your savings account, you also need an emergency expense account. This will cater for any unprecedented situations like sudden illness or if you get laid off from work. The goal is to make sure your emergency kitty can support you up to 6 months without draining your current or savings account.
Pay off your debts
It’s a bitter pill to swallow but one that will help rejuvenate your financial health come 2017; clear your debts. Pay your mortgage and credit card balances to avoid penalties. Penalties just drain your pockets and will make your 2017 quite hectic. Learn to meet your monthly debt repayment requirements and you will never worry about losing money.
Stick to your lane
So your friend just bought a new Corvette or your neighbours are moving to a leafy suburb. This doesn’t mean you should keep up to their standards, a lot of bankrupt cases happen from people who are trying too hard to keep up an image of success. Never feel ashamed about your current financial situation; if food stamps will help you put extra money into important things then get them. Grow at your own pace, as long as you are working hard, we’ll all get there eventually.
As we make our way through the new year, make sure you are doing so with a satisfied conscience of not having money problems. These 8 money saving tips will point you in the right direction.