Create Financial Well-Being
Wondering how you can make your hard-earned cash go a little further? Better-Life-Choices.com shares some tips on how to enhance your finances.
Money! We spend our whole lives trying to make enough of it. For many, it is a big issue. So, be positive and read on to discover how you can make your finances work better for you.
Live Below Your Means
… This is simple advice but one that can be difficult to put into practice if your income is low or sporadic. Learn to budget with what you have coming in and try to spend less than you earn. This means being prudent about what you spend your money on.
Say No to Store Credit
Avoid the temptations of store credit cards. If you can’t pay off your store card bill in full before their high interest sets in, you could be paying a very high price for the goods you have purchased. If you currently have a store card, try to pay it off as soon as possible. Alternatively, look at moving it to a low or no interest balance transfer credit card deal to save you pounds.
Think Before Using Your Credit Card
Credit cards are convenient … sometimes too convenient. Think twice before you make a purchase. If possible, only use your credit card if you can pay off the full balance each month. Otherwise, do try to pay more than the minimum payment otherwise you’ll end up losing pots of money in interest.
Get the Best Transfer Deal
If you do have a credit card debt, look into transferring it to a lower interest card or one that charges no interest on balance transfers. This could make a significant difference -even in the short term - on what you pay out on outstanding debts.
Spend Wisely
Become an informed shopper! If you have to make a large purchase, shop around for the best deal. Question everything that you buy … do you really need another new pair of shoes / trousers / DVD / etc? Don’t get sucked into the clever tactics of retail marketing that preys on us consumers. Spend your money wisely and you’ll have everything you need with money left over.
Save, Save, Save
The concept of actually having enough money left to save may be alien to many of us. But, if you do have a bit left over, do consider saving it. You can split your savings into two accounts: one for fulfilling your dreams and the other as an emergency contingency fund. Do your research and find an account that will work hard for your money.
Get the Best Deal
Conduct a regular health check on your finances … do you have the best deal on your mortgage, bank accounts, utility supplies and insurance schemes? You could be paying over the odds. Do some vital checks on everything that you pay out for. You might just be able to reduce your outgoings on your car or house insurance or on your telephone or electricity supply by quite a number of pounds each month. Take a closer look. It could make all the difference over the course of what you pay over the year.
Take Out Subscriptions
If you buy a magazine on a regular basis you could save money over the year if you take out an annual subscription!
Look for Special Offers
When you go shopping, take advantage of special offers … but only do so if you actually need what’s on offer! It’s easy to be fooled by an irresistible offer such as the tempting `2 for 1’ displays. You could end up with items that you’re never going to use. Marketing is clever stuff and can have us spending money without even thinking about it. So, again, take advantage of any special offers but only buy if you’re going to use it.
Buy in Bulk
Occasionally, you can save money if you buy staple goods in bulk. This can apply to food or items needed for your business such as stationery supplies. Don’t just assume that you will make a saving though! Do some calculations and see just how much you can save. On a recent visit to a large superstore, we checked to see how much we’d save on buying bigger packs of products from washing powder to toilet rolls. In some cases, it didn’t make any difference. So, take a calculator with you and check. You may make better savings by visiting a wholesaler. Only buy in bulk if you see a clear financial benefit for you!
Don’t be afraid to Haggle
For larger items such as cars or electrical goods, don’t be afraid to haggle for a better price. You may be able to negotiate a fantastic deal. If you don’t ask, you don’t get. So, give it a go!
Audit Your Lifestyle
Consider what you spend your money on each day. In fact, keep a tally of everything you buy or pay out for. You’ll be surprised how it all tots up. Do a lifestyle audit. Is there anything you can do to safeguard your money and make it last longer? For example, could you save petrol by walking or cycling on shorter journeys? Can you make your own meals and keep take-aways down to a minimum? A simple change in lifestyle habits can bring about a turn around in your financial fortunes.
So there you go! These are just a few ideas to action in an effort to gain more out of your income. Of course, it’s all about keeping a balance. There’s no fun in denying yourself a few pleasures in life so don’t keep too tight a hold on those purse strings. An occasional treat will keep you in a positive frame of mind and if you apply some of these tips, you’ll find that your financial well-being will improve considerably.
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