Things have been incredibly difficult over the last couple of years. We are all looking for ways that we can look after our finances better in the months ahead. Here are a few tips to help you get started.
Know Where Your Money Is Going
Sit down with the last six months of your bank records. Go over every transaction. Be certain that you understand each one. Start with the big expenses like your mortgage or rent payments. Check when your direct debits come out and when your utility bills are due. Look at how much you are spending on smaller costs such as coffee on the way to work. Alert your bank about any payments that you don’t recognize.
Make Sensible Cuts
Identify savings that you can make without impacting your lifestyle too much. Make a shopping list at the start of the week. Plan your weekly meals to avoid impulse purchases. Buy in bulk where you can and buy own store brands instead of name ones. Talk to your partner about whether you need two cars. Take public transport or walk instead of driving to save on gas with the recent price increases. Look at how much you are spending on film and TV subscription services and cancel anything you are not using.
Plan For Your Retirement
Start saving now if you do not have a retirement plan. Look at what pension plan your employer offers. Take advantage of any contribution matching schemes. Avoid investing in high-risk stocks if you do not have enough time to manage them properly. Research real estate investments carefully to be sure that they will not drop in value. Diversify your portfolio to avoid putting all your eggs in one basket. Learn more about IRA resources by contacting the IRAR Trust Company. This will helpgrow your IRA investments and access more options and assets.
Stay On Top Of Your Debts
Pay your debts on time to avoid facing penalties and impacting your credit score. Make a spreadsheet detailing repayment schedules and interest rates. Find out if you could save money on some debts by paying them off sooner. Pay off smaller debts quickly to avoid being overwhelmed. Look at debt consolidation services to reduce the number of payments you are making every month.
Take On A Side Hustle
Find out if you could make money as a part-time freelancer. Look at job sites to see what the rates are. Create an online portfolio of your work to demonstrate your skills. Understand the opportunities and challenges of the recent freelance boom. Research which positions are in high demand right now. Reach out to your professional network for advice. Be confident and sell yourself.