Happy end of February 2017 peeps! Today’s post is looking at accomplishing your money goals. I’ve talked about money before (click here) but in this post I wanted to share with you ways of controlling finances.
Change your mind
We all know the importance of money, just look at the emotions it evokes in people. Some people are fearful where money is concerned. Others invest very little emotion in it as they see it similar to a tool box. Some feel that it is like energy and it needs to be in constant circulation. Whatever your feelings or thoughts towards money you have to be the one in control of it, or you could end up being it’s slave. So your first tip is to stop viewing money as this scary thing. It’s a tool like the ones in your tool box and you control it.
We’re still in the first quarter of 2017 so it’s not too late to plan your finances for the year. Think about where you would like to be financially at the end of the year. Do you want to have a certain amount in your savings account by the 31st December 2017? Or do you want to purchase your first luxury item this year? Or create an emergency fund? Whatever if your financial goals are you need to plan for it. Write down your goals and look at how you will accomplish it.
Side note: what you choose to do with your money is nobody’s business. So if saving for a £5000 bag is your goal, go for it!
Every little helps
This tip I’m a big advocate of and it’s looking at the little ways of controlling spending. I have a sweet tooth and love hot chocolate during the colder months, so I restrict how many I buy by having it for free at work. Also, as an O2 customer I downloaded their O2 Priority app which currently gives a free hot drink at Caffe Nero on a Tuesday. Another thing I do is use cash back websites when online shopping and swapping out brand name food stuff with the generic brand. Now is also a good time to re-negotiate your utilities, or if your mobile phone is up for renewal call them up. It may be a few pennies but it adds to your savings, which is my next tip.
If you’re living from pay to pay each month, it can be really difficult to save large amounts. You can literally save your pennies. There’s something called the Penny Saving Challenge, which I started last year and managed to save over £500! I wasn’t earning a lot of money but I was able to save. The great thing about it is that you don’t ‘feel’ it because you start off with a penny! Click here for the Skint Dad version which is where I got mine from
I used to work in finance in Trinidad and prior to that I thought debt was a bad word. It is and isn’t; it’s all about perspective. There is such a thing as good debt. If one of your long-term goals is to buy your own home, then banks need to know that you’re a good risk. One way of doing this is to shop using a credit and paying it off in time. Credit cards are great at showing this. Or, if you have a loan ensure that you make the agreed payments each month.
Side note: get a credit card that gives you extra; whether it’s airmiles or cash back.
If you’re in the US, a student and looking for resourses or just some advice, Earnest is able to help you refinance your student loans and makes you student loan debt become manageable and allow you to pay it off quicker.
Here’s a look at how Earnest advised me regarding a few of my money challenges for 2017. For more ideas, click on the infographic below.
Do you have ways of controlling finances that I haven’t mentioned? Share them in the comments below. I am always looking for little ways to increase my financial portfolio.
As always thank you for reading and don’t forget to enter your email address to subscribe for more blog posts.
Until next time, be well