Quick Tips To Help You Stay Financially Stable
Finding yourself struggling at the end of each month, living paycheck to paycheck? Perhaps you have a comfortable amount, but are wondering how is best to save it in order to prepare for the near/far future? Well, for your consideration, here are some quick and fairly simple tips that you might want to try, in order to help you keep on top of your finances. Some you might have heard about before, or already tried, and some you may not have thought about.
Trimming the financial fat
The first thing that you should ask yourself when trying to be a bit more clever with your money is are you aware of where it's all going? Getting to grips with your bank statements and being a bit more scrutinous will have positive, noticeable effects on the number left in your bank account at the end of each month.
It's not uncommon to have payments going out of your account on a subscription or automatic-renewal setting that you're unaware of, and in fact many companies make a substantial amount of money from inactive customers. Got a Netflix subscription that you never use, or electronics cover on an item that you no longer own? Get it cancelled, and put that extra few quid towards something more productive.
Consolidating your outgoings
Here's one that's again pretty common among those with pesky bills and outgoings to keep on top of each month, but it's a great idea that can give you a clearer outlook on the money that you actually have to play around with, and what you can feasibly afford. Try to combine and schedule all of your outgoing payments around one time period right after you're paid, leaving you with a better figure to plan and play with for other things.
Optimise your savings
Once you've got some savings saved away, you should start to think of how you can put them to work on the backburner, rather than leaving them to collect dust. If you're efficient with your savings, you can make even more money from them in a sort-of ‘snowball effect'.
Long term savings accounts aren't proving to be as lucrative as they once were, not offering rates that are worth going with, and so if you've got savings that you're unsure of what to do with, you might want to consider something a bit different in order to accumulate funds. Investing your money is a good idea if you can find an asset class that you're comfortable with and that suits your financial plans.
Those with significant savings might decide to look into investing in the property market in the UK, as it is one of the most secure asset classes you can go with, and also one of the most lucrative if buying in the right areas. Property investment company RW Invest offer buy-to-let properties across burgeoning cities such as Liverpool and Manchester, stating the north is the best place to aim for in the current landscape, with the best rental rates and house price growth projections. Property investment is a long term strategy, and so if interested these are important factors to take note of.
Use everyday technology to your advantage
Many of us spend more time than we'd like to admit glued to our phones each day, and so why not make the most of the information and facilities that they can provide? If wanting to keep a tighter grip on your savings there are a bunch of apps out there that can notify you when you're spending and what you're spending on, and if wanting to get into investment there are apps that can help with that too. If all else fails, you could even seek advice from a financial advisor, or ask for recommendations on how to improve from an expert.