Whether or not you’re where you want to be financially, it’s always worth taking a good look at your current financial status. Often, there are things we can do to give our finances a boost in the right direction, no matter how big or small. Here are a few of the best ways to grow your money and achieve better financial stability.
Investing is a perfect way to grow your finances, and one of the best and most reliable assets is property. Not only does property investment help you generate consistent rental returns, but the right investment can also bring you wealth later on in life, especially if the property appreciates in value by the time you sell it.
If you do decide that investing is for you, then make sure you research the best locations for buy to let and look for the best opportunities. RW Invest is a Liverpool based property company offering buy to let student and residential properties in the most desirable areas of the north-west. Properties in Liverpool and Manchester bring in some of the highest rental yields, while the strong rates of house price growth in this region increase the likelihood of capital appreciation.
Get serious about budgeting
Budgeting is an essential element of maintaining a healthy financial status. Without doing so, you could find yourself running out of money before your next payday and mindlessly overspending on non-essential items. To organize your monthly income more effectively, try the 50/30/20 rule. This is a budgeting method in which you split your income into three categories, with fifty per cent going on ‘needs’ like food and bills, thirty per cent going on ‘wants’, and twenty per cent going towards your savings. Practicing this method could help you grow your long-term savings, and help give you better clarity on where your money is going each month.
If you find that you’re spending too much money on unnecessary items, think of ways you can cut down on little luxuries. Prepare a packed lunch for work every day, take homemade coffee on your morning commute, and cook dinner for your friends rather than eating out. Being vigilant of ways to cut your costs will benefit you if you’re struggling and generate more money for your savings.
Pay off your debt
If you’re in any type of debt, make it your mission to finally pay off what you owe. Whether this is from recent credit card use or your student loan from ten years ago, the sooner you pay your debts, the better. Start with the larger debts as these are usually the ones that are affecting your credit score the most. If you need to, seek out help from a financial advisor who will advise you on the best ways to get rid of your debts for good.
Earn some extra cash
There are a number of ways that you can earn some extra cash if you’re not making enough money as you’d like. If you’re skilled in a particular field like copywriting, graphic design, or web design, advertise your services as a freelancer. This way, you can boost your income and grow your finances while having control of when and how you work. Other money making ideas could be to sell any items and products you no longer need, and take advantage of cashback sites and refer a friend schemes.