January seems to be the time where we all put our lives in review. We look at our health and fitness levels, perhaps make resolutions to improve them in some way. We consider our life choices and maybe make big decisions to quit those habits or do something different. We look at our lives and hope that making goals will enable us to feel better and improve in some way. One of the biggest things people look at is their finances. You may be surprised to know that we have more control over our financial life than we thought as there are plenty of ways we can improve them, be that small or big changes. So I thought I would share with you some tips that will help you do that.
Reduce that food shopping bill for good
After a mortgage or rent payment, your food shopping bill can be your biggest expense. You may do that major weekly shop but does that stop you going into store and restocking during the week because you forgot or ran out of something? The likely answer is no. Food shopping can be reduced and offer you huge savings by just changing the way you do things. Meal planning and writing a list is one way, as well as changing where you shop and using coupons or vouchers. You may be surprised by how much you save, and how little you waste during the week.
Get a plan in place for those debts
Paying off debts like credit cards can also take up a huge chunk of our income, so it’s important to try and take hold of that side of things a little more and put a plan in place to get them paid off for good. There are a few different ways you can get out of debt and one of which is simply consolidating all the balances into one loan. Offering you one payment, one interest change, and a schedule to pay off for good. Other things would be transferring balances to zero interest accounts where what you pay will actually pay off debt instead of going towards an interest charge.
Utilise your spare time
Many of us have hobbies or skills that we could be monetising in some way. Even if it is simply decluttering your home and selling unwanted items online. There are a vast amount of ways you can improve your finances simply by putting your spare time to good use. Perhaps you could try trading stocks and shares, and with a bit of extra research, you could become good at it. Platforms like CMC markets can help you get started. You could also consider filling in online surveys can pay you small amounts for your time, starting a blog could provide you with a steady advertising income and even selling things you make or offering your services if you have a talent. Simple yet effective ways to boost your financial life.
Give your bank balance the health check it needs
When was the last time you analyzed your spending habits? Probably not for a while as many of us don’t like to be faced with the truth. Things like lunch out each week, takeout coffee and even gym membership can all add up. But if there are cheaper alternatives or even options of cancelling those payments they could all help towards boosting your income.
Save little and often
Finally, saving little and often will really build up a nice pot for you in time. A small change will mount up in twelve months, especially if you don’t miss the amount and be motivated by watching your bank balance rise.
I hope these tips help you improve your financial life.
Photo Credit: Kat Yukawa