Whatever you do with your life, and wherever you live, you have to sort out your finances.
Having enough money to live, to pay bills, to buy treats etc… is fundamental to being independent and being able to live a comfortable life.
Being able to maximize your money (whatever your income), and knowing how to get the most out of every penny is crucial because it frees you up to concentrate on the important things in life.
1. Create a budget
Begin by determining what your household income and expenses are.
2. Class savings as fixed outgoings
Just as water, gas, electricity etc.. are fundamental to living, so too is having savings.
3. Pay your bills on time
Often, if you pay late then you get billed for late fees – money for nothing for the company, and money simply wasted by you.
4. Avoid bank charges
Spend to your means as much as possible – and avoid the overdraft wherever you can.
5. Keep a good credit report
Ensuring your finances are in order every step of the way will make it easier for you to get loans, mortgages etc… – and usually with more preferential rates.
6. Be prepared
Just as with having savings, being prepared for the worst will help in the long run.
7. Be organised with your paperwork
For self employed people – keep all receipts so taxes are easy to do each year – keep them in a folder on the monthly basis so you can always put your hands on what you need.
8. Use technology
Online banking can help you keep up to date with whats going on and is accessible 24/7.
9. Beware of fraud
Shred any financial information you are getting rid of – be aware of identity thieves etc…. better to be safe than sorry.
10. Prioritize debt
Are you spending more than you earn? have you built up debt?
No-one knows what will happen tomorrow, and what if you lost your job, fell ill etc…. or simply if your car broke down and needed expensive repairs?
It is vitally important to ensure you have savings in case anything unexpected happens.
Having enough money to live, to pay bills, to buy treats etc… is fundamental to being independent and being able to live a comfortable life.
Being able to maximize your money (whatever your income), and knowing how to get the most out of every penny is crucial because it frees you up to concentrate on the important things in life.
1. Create a budget
Begin by determining what your household income and expenses are.
2. Class savings as fixed outgoings
Just as water, gas, electricity etc.. are fundamental to living, so too is having savings.
3. Pay your bills on time
Often, if you pay late then you get billed for late fees – money for nothing for the company, and money simply wasted by you.
4. Avoid bank charges
Spend to your means as much as possible – and avoid the overdraft wherever you can.
5. Keep a good credit report
Ensuring your finances are in order every step of the way will make it easier for you to get loans, mortgages etc… – and usually with more preferential rates.
6. Be prepared
Just as with having savings, being prepared for the worst will help in the long run.
7. Be organised with your paperwork
For self employed people – keep all receipts so taxes are easy to do each year – keep them in a folder on the monthly basis so you can always put your hands on what you need.
8. Use technology
Online banking can help you keep up to date with whats going on and is accessible 24/7.
9. Beware of fraud
Shred any financial information you are getting rid of – be aware of identity thieves etc…. better to be safe than sorry.
10. Prioritize debt
Are you spending more than you earn? have you built up debt?
No-one knows what will happen tomorrow, and what if you lost your job, fell ill etc…. or simply if your car broke down and needed expensive repairs?
It is vitally important to ensure you have savings in case anything unexpected happens.
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