Money is a powerful thing. It may not be the answer to everything but it definitely is a reliable safety net for many of life’s difficult, practical situations. Therefore, if you do not have a lot of it, it is imperative to make some changes for the improvement of your money situation.
There are numerous ways that you can manage your money better and increase your savings; some you can implement right this minute, and some you can plan out more thoroughly to ensure your success. If you need clever and quick money strategies to make life more comfortable and devoid of stress, five are discussed below:
1. Learn to do things yourself
This is one of the best ways to reduce your expenses and tuck away more money into your savings account. “Service” always costs extra. So, if it is possible for you to do certain things yourself, such as minor home repairs, bookkeeping or even your morning café Americano, you can actually save more money.
It is worth noting that sometimes learning to do things yourself will cost you some. Applying for classes comes with a fee, after all. However, you can quickly recoup the money you doled out by doing without professional fees in the future.
Likewise, not all learning programs are expensive. Sites like SkillShare and Udemy offer classes for cheap.
2. Switch to a better credit or debit card program
It is always smart to have a card that “pays” you for the different transactions you use it for. A cash back credit card literally pays you money for the transactions you make using the card. Meanwhile, the best premium credit card does the same thing, and also provides you with a large selection of rewards and privileges.
If you use your credit or debit card regularly for paying your bills and basic needs, you can generate that free extra money more easily and other rewards to cover certain expenses.
It is important to mention that not all cash back credit card programs are created the same. So, compare your options carefully to secure the best benefits. If you need help comparing your options, there are sites that will do that for you such as souqalmal.com and yallacompare.com.
3. Take advantage of loans
Loans are some of the best solutions when you want to “live large” but do so in a more financially strategic manner.
If you wish to travel but are not keen on taking out a large chunk of your money from your savings in a single go, consider applying for a personal loan for a holiday getaway. You will be able to travel yet cover payments without depleting your savings and compromising other financial responsibilities.
There are other types of loans that you can take out for the other things you wish to do with your life such as marriage loans, car loans, and house loans. Visit your bank for a complete list of the loans that you can apply for.
4. Make your bank work for you even more
Keep your eyes peeled for banking services and privileges that you can use to manage your finances better. Grab those monthly freebies and special discounts and use them however you want, in ways that would enhance your life without busting your budget.
Also, if your banking representative is offering to assist you with financial activities, use that opportunity to learn as much as you can. Do not be afraid to ask questions about concepts you do not understand. Banking representatives are more than happy to provide you with information that will be useful to you.
5. Start saying “no”
Erin Lowry of the Broke Millennial discussed the importance of saying no when it comes to certain situations that require your money. “No” is such a powerful word, and it can do wonders in protecting your finances.
When you find yourself in social situations where other people are trying to dictate how you should use your money, such as brunch with your girlfriends, think about your financial standing and how that social situation will affect it. Muster up enough courage to say no once in a while if “being social” can negatively impact your finances.
Saying no puts you in complete charge of your finances, and it’s good for people to understand that. They may start thinking a certain way about you, but just console yourself with the fact that managing your finances well will prevent you from the more awkward situation of having to borrow money from other people.
Financial security is a must in this uncertain world. So, make it a habit to improve your financial situation and enjoy a more comfortable and stress-free life.