Winning financially and feeling ‘financially free’ in general can have a positive knock-on effect on many different aspects of your life, both professional and personal.
While it might be a bit shallow and incorrect to think of money as the most important thing in our lives, everyone can do with a little bit of extra income every now and then to help them get along.
We’ve compiled a shortlist of saving techniques and methods that you might want to try if stuck for inspiration. From cutting on impulse spending to investing for your future, there should at least be something that you haven’t considered before.
Read on to find out more!
Cut costs via your bank
To kickstart your newfound journey into financial stability, you should first sit down and take a look at your bank balance, and some of the things going out of it that you’re perhaps unfamiliar with.
Stopping direct debts and putting that money directly into a savings account can be a brilliant starting steppingstone, streamlining your financial situation whilst also giving you a little bit of extra money to play around with each month.
Tip – While it’s easy to go around cancelling all of your outgoing direct debits and monthly payments that you might not think you need, double-check to ensure that it isn’t a necessity.
Everyone has financial commitments, and so work around these rather than ignoring them completely.
Think of your future
Aside from the normal savings techniques, from piggy banks to long-term accounts, you might also decide if you’ve got a decent amount of capital that you want to invest.
There are many different investment types and asset classes, each with their own benefits and potential downsides, and so do some research and decide on what might be best for you.
Investment is increasingly becoming a popular go-to option for people who want to accrue more money over time, as long-term savings accounts are dwindling in their interest rates, and are no longer being looked upon as viable options.
Property investment in particular, if you have a sufficient level of capital to invest, is a great strategy.
As with buy-to-let, you can start making money back consistently through rental yield payments from a tenant. RWinvest, a property investment company from Liverpool, state that the Merseyside area is one of the best cities in the country currently in terms of rental yields and also affordability for
Train yourself to cut down on impulse spending
Impulse purchases can add up and be quite the drain on your funds, and while it’s important that you treat yourself every once in a while, you should try to train yourself to only buy things that you really need. You could try a savings challenge to help you with this if you’re struggling.
Tip – Got a bunch of old clothes or other stuff lying around in your home/flat and no longer have a use for it?
Consider selling it online using services such as Depop or eBay to get a bit of extra cash to get you started on your way, even if you’re just using the money to buy new things for yourself that you will actually use!
