Anyone who has been following my FREE Debt Busting – Get Set for Success! Course , will know that the final email in the series gives you hints and tips to help you stay motivated and make sure that your money is working its hardest. Here's some Easy Things to do to Make the most of your Money.
Easy Things to do to Make the most of Your Money
Even if you are not in debt but instead want to save money, there are some easy things to do to make the most of your money. Don’t make the mistake of trying to do them all at once. Trying to do too much too soon is a sure way to failure. Pick one area which you would like to try out and give it your full attention.
To make it easier for you to choose which you would like to focus on first, I have listed these in categories so that you can pick and choose the areas which you feel you may be able to improve on.
Budgeting is dynamic. It is a constantly moving and changing entity. It pays to regularly check your budget for things like increases in payments, additional payments you may need to make etc. Make sure you don’t get caught out.
Reserve Money Budget
I have two budgets. My main budget and my reserve budget . My reserve budget contains items that I know I will have to pay annually, rather than monthly, or things that I expect to happen, like needing money for school trips. I save for all of these to try and ensure that I don’t get hit with an unexpected bill.
An emergency fund is a pot of money that you only use in an emergency. I would use my emergency fund for something along the lines of an appliance breakdown, being ill and unable to work for a short time, or getting a larger utility bill than you expected.
Emergency funds can be any size but in a perfect world they would contain enough money for you to live on for at least 3 months if you lost your job, were unable to work for any reason or money just wasn’t available.
Savings can be made in a multitude of places but you need to know where to look. If having a takeaway every Friday night has become the norm, you may not have thought about how much you are spending here.
Take meal planning, not only does it reduce waste but it reduces the amount you spend on groceries in the first place.
It can be difficult to know where to start when you first think about meal planning. Start slowly and build up as you go.
The basis of meal planning is to plan out each meal for a week (you can do longer, but I recommend starting with a week at a time). You can then think about what items you would need to buy, check to see if you already have those items in and only purchase what is needed and the amounts needed.
Back to the Friday night takeaway, it is not always easy to break a habit but try working out how much that takeaway is costing you over the course of a year. Let’s say you spend £15 each week. That is a whopping £780 over the year. What could you do with this money – repay debt, go on holiday?
In the same way you could do a savings challenge, you could also try a spending challenge. Anything that can help to prevent un-necessary spending is worth a try.
No Spend Challenges
There are all sorts of no spend challenges you could do. From counting the number of no spend days you have in a month, to having no spend weeks, months or a year – if you are really brave!
When you do spend money, a spending diary is a great way of identifying exactly where the money is going. This could take the form of a simple list to something more detailed, broken down into categories.
Increasing your Income
There are a multitude of ways to increase your income. There are lots of side hustles you can do. I have tried some of them out and I have found the following to be the easiest to start with.
There are lots of survey companies out there. The best thing about surveys is many of them can be done on a mobile phone, meaning you can do them anywhere. Others can be done using a pc or laptop.
My favourite survey site has to be Prolific Academic (referral). By logging on every day for three weeks, I managed to earn £27.03. It’s not like this all the time but I can usually guarantee at least one survey per day. In fact, when I logged on just now to get the link, there was a survey waiting for me. It took 5 minutes and I earned another £1.
Selling your unwanted items
As the saying goes, one man’s rubbish is another man’s gold. If you are decluttering, consider selling your items on ebay or Facebook. Even if you only get a few pounds, it will soon mount up.
This is only a small list of all the possible ways you could increase the amount of money you are able to save.
If you are new to these ideas, pick one at a time to try. Start with your favourite first, as this will help you to stay motivated.
I’d love to hear which you are going to try and all about how much you manage to save or make. Pop it in the comments or, even better, email me.
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