Money makes the world go round, at least that’s what the song says and while we all need cash, some manage their finances better than others. We live in a world where material things matter and as we are all bombarded by non-stop advertising, it does take a degree of self-discipline to stick within your financial boundaries.
Here are a few money-management tips to help you stay in the black with your personal expenses in 2023.
- Get a coin jar – They come in a range of sizes; leave the jar in the hall and drop all your change in every time you come home. You will be surprised at how much money you can accumulate with this hack and don’t be tempted to dip into your nest egg; wait until the jar is full and you’ll have a nice surprise when you count the money. It might take a few weeks before you get into the habit but it will soon become second nature to empty your pockets as soon as get home. Of course, you could use a traditional piggy bank to store all coinage
- Paying multiple credit card payments – If you are struggling to meet multiple repayment deadlines, why not contact https://cashifyloans.com about a debt consolidation loan? This allows you to pay off all your debts and you have a single, affordable monthly payment and no more stress. Debt consolidation is not for everyone; talk to a financial expert regarding credit card debt and see what they recommend. If you recognise that you are heading for a situation whereby meeting all your payments is going to be tough, address the issue now and that should prevent you losing your good credit score.
- List all outgoings – Yes, it is a tedious task to log every expense you have, but it’s the only way to really know where your money is going. Once you have a list, you can begin to remove non-essential costs and that will leave you with money left over at the end of the month. The core of money management is knowing what you have coming in and going out and you can clearly see how much you are able to save by cutting out certain things from your list. If you are interested in video production, check out this amazing article.
- Interest-free credit – Competition is high and many retailers offer interest-free loans, which can save you a lot of money. The great thing about the Internet is you can find the best deals using a search engine; buying products online means lower prices and many products are on special offer. If you pay off your credit card bills on time, you shouldn’t pay any interest, which is the best way to utilise plastic. Some people refuse to borrow money, other than their mortgage, as they do not want to pay interest and in some ways, this is perfectly understandable. The banking system is built on debt; buy a new car and pay over 5 years, which means you could have purchased two!
- Limit car use – The price of fuel should be incentive enough to minimize car use; invest in a mountain bike and use that for short trips and see your fuel costs drop dramatically. Share cars with work colleagues and you’ll notice that you aren’t putting your hand in your pocket as much. The future’s looking grim for fossil fuels and EVs are the next step towards a cleaner environment; next time you change cars, go for an EV and you will be part of the solution, not the problem. Mass transportation systems are another travel alternative; work out how much it would cost you to take the train to work and balance that against your motoring costs.
The global economy took a dive during the pandemic and it still hasn’t recovered; inflation is on the up and that means we should all be looking for ways to cut our living costs. Little luxuries that we once enjoyed should be put on hold, at least until things improve, which might not be for a few years.
We hope that the above information helps you to reduce your living expenses and you manage to put something aside for a rainy day.