The best methods for making your money go further
- Published on Tuesday, 05 March 2019 14:42
- Last Updated on 05 March 2019
- Monica Costa
- 0 Comments
Many people find managing their money an arduous task. However, this process can be made easier if you allow yourself to employ new strategies that will make a huge difference to the amount you save. Devising a clear plan can help you take your finances into your own hands and live a lot more comfortably. When you realise the potential of how much you can save each money, it may make the process easier. Here are some ways in which you can make your money go further, whilst still living an ordinary life.
What are your financial goals?
Start by evaluating what you need to spend your money on. There is a huge difference between what you need and what you want. As soon as you have outlined your financial goals,you will be able to work from that point forward. It will be easy to become disheartened if you feel your financial progress is slightly slumping or slowing down, and it is sometimes easy to beat yourself up if you fail to save as much as you would have hoped by a deadline date. However, this is all easily fixable and just means you may have to work that extra bit harder in order to fully meet your saving targets next time.
Start by budgeting
Budgeting fills many with dread. If you haven’t already started thinking about one, this is essential to ensure your money goes further. Choosing to write this down, as opposed to keeping it in your head, would produce better results as it is always a point to refer to. This way, you will never lose track of your desired outcome and the end goal will always be in sight.
This method may not seem like an obvious way to make your money go further, but if you plan it meticulously,you will have more financial freedom to spend your money on what you choose as opposed to what you need.
Ever thought about setting up a cash flow statement? In basic terms, this outlines what is coming in and what is going out. Having this in front of you can help to categorise everything into the necessities and the impulse buys. Not only will it aim to highlight any unnecessary spending, but it will paint an overall picture as to exactly where your money is flittering away to.
Reduce the use of credit cards
The use of credit cards is entering dangerous territory and one that should be fully explored before you commit yourself to a credit card agreement. Once you are aware of how much you are spending it is easy to make small changes that will eventually make a big difference. There is a huge element of self-trust associated with using credit cards. Do you trust yourself to not spend beyond your means? It is so easy to lose track of what you are spending, so when you are trying to make your money go further,it is crucial to be extra vigilant or avoid credit cards altogether.
Real estate can be a lucrative way of making money, therefore embarking on a property investment venture may secure yourself some strong returns that make your money go further. Property is the only asset that produces two different types of returns. Those from the appreciating value caused by regeneration and growing demands, and those from rental yields if you are using your property to rent out to tenants. RW Invest offers some of the highest quality developments located in top performing areas within the UK. By purchasing any of their properties,you have the potential to secure a regular long-term income through property investment.
Monica Costa founded London Mums in September 2006 after her son Diego’s birth together with a group of mothers who felt the need of meeting up regularly to share the challenges and joys of motherhood in metropolitan and multicultural London. London Mums is the FREE and independent peer support group for mums and mumpreneurs based in London https://londonmumsmagazine.com and you can connect on Twitter @londonmums