5 Tips To Secure Your Finance Future!
Although this wasn’t taught in school, personal finances will be one of those things that will be bugging you throughout your life. Unless you control it, it will definitely control you especially in the long run. So taking control will help you be organised and save £100s a year or even a month! Read on to see our top financial tips:
1. Set up a budget
First and foremost you need to set yourself a monthly budget. I t will give you some idea of what your spending and more importantly what you are saving. When you set yourself a budget you are less likely to overdo it and get into debt, also banks will see how organised your spending is and this will improve you credit which would help when taking out a mortgage or a loan.
To set up your budget you need to work out your living cost, such as bills, food, travel, leisure, insurance etc. Once you work that out round it up to the next 50 and that number is your budget. There are also some apps available to help with budget planning!
2. Paying off loans and credit cards
If you have loans and existing debts to pay off this could be very daunting and the best thing to do is pay of the one with the highest interest. This means paying off all loans, credit cards and store cards. But make sure you make an agreement which makes it sustainable to pay off and doesn’t breach the contract.
If the debt is too much and the debts are from priorities such as a mortgage, council tax and energy bills to name a few. You should contact a debt helpline and they can assist you in making manageable payment or find assistance to help you pay.
3. Set a savings goal
A lot of people find little reason to save unless they want to get a house or a car for example, one way to tackle this is to set you a goal.
However, the first step is to set some money aside for an emergency, in case there is an oven breakdown or microwave replacement. The best way is to set money aside every month which is three times the budget you set, as mentioned above.
With a little time and effort you could shed off thousands from household bills, the first step would be to renegotiate your mortgage or search the web and browse for a new one. You have to be willing to make a change.
4. Spend Wisely
After a while, once you have mastered the other three tasks make sure to enjoy yourself but be conscious of the decisions you make. For example, when you buy a car don’t take out a loan, when going out take out the cash you are going to spend – and make sure it’s reasonable! You can even begin to invest your savings into shares or a pension to increase your cash flow in the future!
5. Look out for deals!
They are everywhere if you look, when treating yourself or going shopping, there is no harm in looking for a good deal. Choosing to go for the sale or discounted option when shopping can save you hundreds in the long run. If you want you can take it to the extreme and join the extreme couponing society!
The tough part will be the first step; it will also take some effort to be dedicated. But if you keep trying it will soon take little effort to do and you will reward yourself in the future. So make sure when you check all the unopened letters, you take a deep breath and make your first step to a happy financial future.