Let’s just talk financial goals (and our best advice before we dig in, is that you should always check in with yourself every 90 days to see how – or even if – you’re making progress).
1.Start paying a little into an emergency fund
One in four UK adults have no savings at all, which leaves the vast majority of us only one emergency away from serious financial problems.
Having an emergency fund could provide you with peace of mind that you’d cope if you lost your job or had to pay for an expensive repair. But, inevitably, if you’re like the majority of Brits, you may not have a lot (or any) spare money lying around after your bills have gone out. Which is where our next tip steps in…
2. Make certain you’re spending less than you earn
One in 10 Brits say that they usually spend more than they earn. But do you know how much your outgoings are? Any idea, at all? In order to improve the health of your finances, you first need to know what you’re dealing with by creating an income, expenditure and debt breakdown.
3. Cut your living costs
Next, work through each of your outgoings and see whether switching could make your everyday life cheaper. Use comparison sites to compare your insurance, gas, electricity, and internet and mobile phone contracts.
You should also go through three months’ worth of bank statements and your list of direct debits to see whether there are any outgoings that you no longer need, or perhaps weren’t even aware of!
4. Overcome your addictions
From two takeaways a week, to clothes, onto gambling and general retail therapy, there’s a long list of things that could form the focus of an expensive addiction. Do yourself a favour and before you even think about your finances, think about whether this resonates with you, and what you’ll do to at least reduce your spending on whatever it is.
If you buy too many things on wild shopping sprees, start with a de-clutter. Chances are you’re sitting on a mini goldmine and websites such as eBay and Gumtree makes selling them a snap.
5. Create More than One Revenue Stream
Love your job? Great! But there’s always plenty of reason to look for other revenue streams to boost your income. Some ideas include:
If you have an area of expertise, publish an eBook (self-publishing is super cheap nowadays)
Filling out paid surveys
Using cash-back websites to save on the purchases you make
Blogging on a topic you know well
6. Fight, Climb and Drag Yourself out of Debt
If you’re struggling with serious debt problems then you can read all the blogs and financial guru advice in the world, and still be facing piles of final demand letters each month.
Our advice is to tackle your debt by speaking with an impartial debt agency(https://www.national-debt-help.co.uk) – they’ll be able to provide tailored advice that you rarely find online.
7. Itchy feet in your current job role? Go career hunting
Full-time employees who switch jobs gain a 5.2% increase in salary on average. So if you’re feeling that it’s time for a change, why not review your career options?
But remember – always balance any spike in income with the enjoyment of the job. You spend 35% of your waking hours at work, it’s essential you enjoy them – otherwise what’s the point?
8. Get organised for the future (no matter how distant)
Nobody likes to talk about it, but equally none of us will live forever. Yet 60% of people don’t have a will – are you among them? Arrange this now, and you won’t have to deal with it again (unless your financial circumstance change, that is). You’ll also be doing your loved ones a huge favour (after all, nobody likes to wade through red tape and paperwork after losing someone close to them).
9. Plan (way) ahead for early retirement
You’re never too young to start saving towards your pension pot. Shockingly 43% of the population have no idea as to how much they’ll need for a comfortable retirement, while 55% think that £100,000 is the magic number. If you’re yet to consider your retirement, start with a little online research from an independent, non-biased source.
10. Get insured (just in case)
A serious injury or illness could sabotage all the hard-work you’ve done following the nine tips above. So our final bit of advice would be to at least get yourself income protection insurance (starting at around £3 per month, this may be the cheapest wise move you’ve ever made).
Read more at https://www.national-debt-help.co.uk