Are you feeling like you’ll never get financially sorted? Maybe you thought you’d finally ‘have it all together by this age’ or you simply can’t seem to get ahead, even though you feel like you’re relatively good with money.
Don’t worry- I feel you. After years of living in developing countries where I could live like a queen on very little income, moving back was a shock to my system. It also meant that I needed to get real about my finances. Here are a few ways I did it:
Creating a budget
I know, this doesn’t sound fun, but it really is crucial. That’s because a budget will allow you to still have fun, while also managing your money. Basically, take a look at all your outgoings, and the things that you absolutely need to pay for. Then, look at how much you have left and divide it up into categories. These categories could include debt payments, entertainment, shopping, and of course, savings. Choose a particular amount for each category, and most importantly- stick to that budget.
Cut your expenses
Not sure if budgeting is enough? It can be tough when you don’t feel like you’re even earning enough for that to make a difference. But believe me, there are probably a lot of ways that you can cut down on the amount you’re spending. For example, we often simply pay the same amount for our utilities and other bills year after year without questioning if they really meet our needs, or if we could possibly get a better deal.
You may find that you can get a much better deal on your fibre broadband by looking for different options. For example, many plans offer unlimited monthly downloads, fast speeds, and zero set-up costs, so it can be well worth switching. Fibre broadband is faster, better, and much more reliable than the old internet which is delivered to businesses and homes through fibre optic cables. Not only is fibre a better choice, but it’s cost-effective, and you can find plans for just 23 pounds a month with unlimited downloads. This makes it a good idea to explore your options.
One day, in the next five years or so, I’d like to buy a house. Sure, that seems like a big goal, but I’ve broken that down into small steps. First, I need to make sure my credit rating is in tip-top shape and continues to increase. Then, I need to consistently be putting money away each month. Of course, I also have shorter-term saving goals, like vacations and new furniture. What’s important is to think about how you want your money to work for you- and make it happen.