What financial position are you in at the minute? A lot of people are going to be reading this article because it isn’t the best, and probably hasn’t been the best for a few years. But we get that, and you’re not alone in the situation that you’re in. Plenty of people become stuck in a rut as soon as they leave home. Being in the safe embrace of home life doesn’t truly prepare you for how expensive things get when you move out.
No amount of money calculations can prepare you for bills, hidden costs, fixing things, running a car… the list could go on, and we don’t want to scare you. What we do want to do is show you there’s a way around it. Even if you have been in the same bad position for a while now, you can get to a point where you finally feel comfortable in life.
There are multiple different, and easy, ways of doing it. You just most likely haven’t been proactive enough to go out and do them. So this is where we’re here to help. We’ve got a few ideas to help you change your financial position. Read on to find out more.
Grabbing A Bargain
Some people are big spenders, and they aren’t afraid to admit that. Even if you feel as though you aren’t, if you have a family, you’re going to be a big spender whether you like it or not. Starting a family is one of the biggest blessings you can have, but it does come with a price tag. The more children you have, the more expensive it is going to get. So, you need to be finding ways that you can grab yourself a bargain.
The first is through internet hunting. People always head to the shops to find everything they need, so it is easy to forget the power that the internet holds. It is the first place you should be going to if you want to save yourself some money whilst spending money.
Auctions are a great way of getting bigger things for less. Absolutely everything goes through an auction. It could be a car, a new washing machine, a bed. You name it, auctions sell it. And there’s actually a lot of money to be saved on the products that pass through.
Dealdash is just one of the companies that lets you pay to participate in online auctions. You don’t even have to leave the comfort of your own home, and people actually get a thrill from taking part in them and winning a bid.
It is easy to get carried away with the whole situation of auctioning. People end up spending more money than they intend to purely due to the fact they find it all so exciting. So make sure you’re being careful and managing your money well. We’re here to try and change your financial situation, not make it worse!
Careful spending is something we’re sure you can all admit you might be a bit bad at doing. As soon as the paycheck lands in your account, all ideas of being careful with money seem to go out of the window. That takeaway becomes all to tempting, that new bag is suddenly a must have.
Remember that you need to spread your money out over four weeks, and have to pay bills at the same time. If you do a money plan things should become a lot easier. Think of all the things you know you’re going to have to pay out across the four weeks. A lot of people have bills that go out during different times in the month, so make sure you’re accounting for this.
Also make sure you’re putting some money aside before you even spend anything. We’ve mentioned those random unexpected payments, the potential to need to fix things etc. It isn’t going to be possible without having some form of savings. This is usually the most common way that people get into debt.
They’ll have a car that needs fixing to ensure they can get to work, no money to fix it, so the only option left is to get a loan. However, we do understand how tempting it is to touch savings. Some friends might ask you to go out for a fancy meal, some nice cocktails, or you could just be tempted to go on one massive shopping spree.
So try and put it in a locked ISA. Usually you can only withdraw a certain amount a year, you have to put in a certain amount each month, and you can only withdraw a certain amount of times a year. They’re the best way to keep your money safe when you might usually be the worst for dipping into your savings. Or, you could practice saying no to things that you can’t afford.
People are always so desperate to be included in absolutely everything that is going on even when they might not have the money for it. Missing out on a couple of outings a month to protect your finances is going to be more than worth it.
Make More Money
This is probably one of the biggest ways that you can change your financial position. Do you feel as though you’re overworked and underpaid? Well so do the rest of us. Well, the most of us. The price of living is just so high nowadays, and the wages we get paid just aren’t enough to fund a nice comfortable lifestyle.
Instead you’ll find yourself exhausted trying to get in all of the overtime you possibly can to make more money. This isn’t the way life should be, and there’s better jobs out there for you. Do you research and find some careers that truly interest you. Then find the companies that pay the best of that particular niche. Bigger companies either pay really well, or really rubbish.
Don’t be afraid of going to a smaller company just because they aren’t as well established. They sometimes offer a better salary, a better working environment, and a long term career worth having. Just make sure that whatever career you’re going to go for actually makes you happy.
You don’t want to spend your life being miserable just because it means you’re going to make more money.
Do You Need To Downsize?
When you bought your first home, you might have gone a bit overboard. Or perhaps the price of living just wasn’t as high as it is nowadays. Whatever it is, sometimes you need to think about downsizing to save yourself a bit of money. If you’ve got a spare room that you don’t use at all, and you’ve got no more plans to expand your money, then there’s no reason why you shouldn’t remortgage to another home.
The monthly mortgage payments will be a lot lower, and you’ll probably find you’re a lot more comfortable with not having to look after a bigger home. The price of living will dramatically reduce, and you’ll feel all the more confident with your money.
The price you need to pay for things like gas and electric should also reduce slightly. Plus, there are plenty of smaller homes that actually have more space where you actually need it.
They could have a bigger living room, kitchen, or even garden. We know moving is a big ball of stress, so consider whether you need to wisely, and think about whether the fees of moving is not going to outweigh the money you’d be able to save in the long run.
Investing In Your Future
Investing is a game most of you won’t have a clue how to play. But it is a great way to spend your money if you’re looking to change your financial position. To invest you already need to be in a pretty good position with money as it is. One of the best areas to invest in is other businesses.
But you need to have a bit of knowledge in the business world, and what is going to work and what won’t. This is where you could enlist the help of an investment advisor. They can equip you with all the knowledge you need to make sure you’re putting your money where it should be. But make no mistake, investing is risky, and it doesn’t always turn out the way you think it will.
You need to be prepared to lose some money along the way. That’s why it is important to make sure you’re only investing what money you can afford to lose. Don’t go taking out loans because you predict you’re going to make thousands. In a way, investing is a gamble, you’re either going to come out really good, make nothing, or lose everything.
So there you have it, a few ways in which we think you can change your financial position for the better. All it is going to take is a bit of smart thinking and patience to get where you want to be financially in life.