With our lives being more volatile now than they were fifty years ago, it is vital to ensure we have a solid strategy in place when it comes to money and personal finances. Recent research has shown that 57 million Americans have no emergency savings. Thirty-two percent of the population aged between 53 and 62 said they had no savings whatsoever, with this being the largest non-saving group.
If you feel like you are in a similar position and have little to no savings, now is the time for you to start putting a solid strategy in place for healthier finances. With the below guide, not only will you be in a position to finally pay off your debts, but you will also start saving money for any big project you have in mind.
Get a credit card
If you are due for a salary increase but it hasn’t come through yet, one of the best ways to make payments with money that you don’t yet have but you know will come in soon is by using your credit card. Do NOT go into your overdraft for the sake of making monthly payments if you know this will cost you big time. Instead, you can use your credit card and pay the balance (or at least the minimum amount) when your bill comes in the following month. If you are clueless about credit card schemes, look into these best credit card offers to help you make the choice that suits your lifestyle best.
Spend only on essentials
Hard as it might be, since temptation is all around us, the only way for us to ensure that we have enough cash at the end of the month is to restrict our impulse buying and focus instead on purchasing the bare essentials that we need to lead a balanced life. This means not hitting the shops when the working day is over to fish for bargains or deducted items, but sticking to a rigorous and well-managed plan that will see you cut the toxic spending in your life. If you would like to put in place a strict strategy that will see you manage your finances better, read this link for further advice.
Sell your stuff
Do you own a television that you no longer watch or a PC that is in excellent condition but is no longer being used? If you own things that you don’t need and would like to get rid of, why not do this while earning some extra cash? Online platforms like eBay and Amazon offer excellent ways of selling items like books and electronic goods that you no longer need in your surroundings. Arm yourself with strength and say goodbye to objects that have been with you for a while in order to earn yourself some fast and easy cash!