Top Tricks to Make the Most of Your Income
All of us are hoping to put as much money aside as possible. It’s easy to see why. Either you’re saving it for a rainy day, or you just want to get out of debt quicker so you can carry on with your life. But, for one reason or another, we all get pulled back into vicious cycles of spending. Sometimes it can be hard to keep track of where it’s all going. If you have started the new year with a financial resolution, then consider these tricks for making your money go further.
It sounds simple, but so many people don’t make a budget and stick to it. You need to ensure that you know exactly how much you are likely to need for a month. This means including everything – and often people get tripped up in this first, vital stage. It’s a good idea, at first, to sit down for a good hour or two and work it all out. What are your outgoings – inclusive of all bills, food, and so on? And how much will you be getting in? If you need a bit more, is there a way you can easily get it? If not, what can you cut out? There is always something that can be done to tighten the purse strings a little.
You might already have a savings account – or you might just have a piggy bank! Piggy banks are great for saving up for those little treats. But if you’re looking to save a significant amount of money, you need a dedicated savings account. When it comes to getting on, be careful what you go for. Choose one that has a high interest rate – you want to make as much extra cash from the bank as you possibly can. For the really high rates, have a look at those that don’t offer fast access. You don’t want to find yourself dipping into them anyway, so you might as well!
Investment is an absolute must for anyone wanting to make the most of their income. But it can be hard to know what to invest in and what to avoid. Not to mention, how much to invest and at what times. Luckily, with the use of an Alternative Investment Coach, you need not worry for much longer. Just ask the opinion of the experts and follow their advice!
Move it Around
A great little secret to managing your money is to move it around. This doesn’t have to be some monumental task. All we mean is doing a balance transfer here and there to save you from overspending. For example, if you have a maxed-out credit card, then consider transferring the balance to another bank. Many banks offer 0% interest on the first six, or even twelve, months, so you are effectively giving yourself a year to pay the balance off. And you won’t be paying any extra due to interest! This is a great little trick that could really make all the difference in the long run.