Here we are, more than halfway into 2013, and there is certainly no better time to start having a look over our finances. It doesn’t matter whether you want to save some extra cash or simply want to make your monthly wage spread out further, the time is now to start thinking about your financial status! It’s not an easy task to figure out an appropriate budget or work out your interest rates – however it certainly is possible! Here are some tips to help save you money, pay off debts and stretch your paycheck just that little bit further.
Check your credit report
This seems quite obvious however it’s quite interesting to see how many of us have no idea what our credit report is showing in regards to our spending. If we want to save, we need to know what credit we have and the levels of our credit history. Yes this may seem daunting, but once you have a better idea of your credit score you can start planning how you can repair any damage there may be!
Plan to save
Simply ‘wanting’ to save unfortunately is not enough – too many times the plans in our heads don’t come to fruition because it is not set in stone. One of the most vital things you can do is start a savings plan – not in your head but written down. This makes things much more clear and holds you accountable for your actions. If your savings plan doesn’t allow you to buy that new pair of shoes, then so be it – in the end it will pay off. You should first focus on all the little things you buy, as these are the things that can very quickly add up and strip you of your hard earned cash. Things like bringing your own lunch to work instead of buying every day can save you a lot of money. Once you have even a small amount of savings make sure to open a savings account that is difficult to touch. Then you can keep adding to it monthly, and let the money gain interest – certainly a sound investment!
Set some reminders
It can be confusing keeping track of all direct debits coming from your account as well as when payments for bills are due. It’s very important to keep track of these things for two reasons – it ensures that you know how much money you will need to have in your account to cover the payments, and it also makes it more likely that you will pay your bills on time, avoiding extra late payment fees. Set reminders on your phone, write notes on your fridge – whatever works for you, do it!
Have fun with your savings plan
Most important make sure to have some fun when creating, planning and budgeting for your future savings. It may be a little daunting at the beginning, but having some savings for your future is a wonderful thing and will give you some much needed security in the future. You don’t need to spend a lot of money to have fun – there are plenty of excellent things to do for free! Go out and enjoy the nature, have a picnic in the park or watch the sunset at the beach. The world is your oyster!