Now here are a few tips to make your money go further than ever before
When you’re on a low income, like so many of us are these days, or you’re struggling to pay your bills then you know that every penny makes a difference. For some of us, struggling to keep our heads above water financially is just part of everyday life, it’s exhausting but it’s just what we do.
And as payday gets closer, desperately trying to get to the end of the month without defaulting or cutting things back even further is certainly a little victory. But when barely scraping by seems to be the only option, things like pensions, savings and investments might seem out of reach right now but they are definitely something to consider when your bank balance is healthier – check out stocks and shares ISAs here to find out more information.
However, constantly battling to stay financially afloat is a losing battle – it’s a much better idea to evaluate your finances as often as you can and make your budget work!
Read on to discover how to make your money go further than ever before.
Don’t use your credit card
Credit cards are great little ways to improve your credit score and treat yourself from time to time. However, they’re incredibly dangerous if you can’t afford to pay the money back or make the minimum payment each month. The interest rates alone mean that you could end up paying more than you initially borrowed, plunging you into debt, and leaving you in a precarious financial situation. It’s much better to avoid your credit cards completely.
People might say that there are loyalty points to be had when you use your credit card, but frankly, if you don’t understand the whole malarkey and how it works so that you can benefit from it, you would do well to avoid using them.
Prioritise your bills
Putting off one bill could mean you’re left swimming against a tide of late fees, interest, and penalties. Make sure you’re paying off your bills on time so each month more of your money is yours!
In fact, you may find it useful to look if you are actually paying bills for things you no longer need or use, for example, expired phone contracts.
Shop around (for everything)
If you want your money to go further, then you need to think cheap. For everything. Clothes, groceries, electricals, even your medicines, and toiletries. If there are savings to be had then you need to take full advantage of them. Switching to cheaper brands, waiting for sales, online comparison sites, ditching the big named brands, whatever the product is, always shop around for the lowest price.
As well as shopping around, you will find that sometimes you definitely need to complain about certain goods and services and see how you benefit.
Only buy what you need
As mentioned in the point above, shopping around for bargains and utilising the sales is a great way to make your money go further however, don’t fall into the bargain trap! For example, if you spot a new TV that’s on offer, with huge savings to be made it makes sense to take full advantage of the price…however, do you really need that new TV? Getting items as cheap as possible is only worth the savings if you’re only buying what you need. Don’t fall into the bargain trap!
Invest in yourself
Wealth management is a thing, people! But you need to invest in some good wealth management books so you make the best of your situation.
Learn to say no
This is a hard one for many persons. We have learned this the hard way. Whether relatives want to borrow money, or you have friends that are pressuring you into going out drinking or shopping, then you need to learn to say no. Saying no could mean the difference between being able to pay your electric bill or defaulting and getting into financial trouble. Remember, saying no doesn’t make you a bad friend!
Finally, evaluate your budget
There are always savings to be made on your monthly budget. Revaluate your budget as often as possible to see where you can make your money go further. Whatever budgeting method you use, always evaluate it to see that you are using it to your advantage.
If you have more tips for us, please feel free to share it with us below. We all need tips that will help us to survive the economic slump.
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