The cold hard truth of life is that many of us need to head out to work each day to earn an income to live our lives. That money then goes towards paying your bills, putting meals on the table and experiences you get from holidays to days out. While money doesn’t make you happy it certainly makes life a little more content when you are not worrying about where your next meal is coming from. However, we can all be guilty of getting a little complacent with our monthly salary. But, the question is, why shouldn’t we make our money work that bit harder? After all, we all work incredibly hard each day perhaps doing jobs that we really don’t like. So I thought I would share with you some top tips to help you make your money go that bit further.
Get your debts in order
Sometimes we can be paying out for credit card bills and overdrafts and be happy to let those minimum repayments leave our account each month. But whether you have one or two debts or more, you are paying a relatively high-interest rate to several different providers. Meaning what you pay isn’t going too far to reducing the overall debt. A quick fix could be to consider consolidating all your debt balances into one and then getting a loan to cover it. This provides you with just one payment and a fixed schedule of repayment. Thankfully, going online and checking out loan calculators will give you an idea of exactly how much it could cost. It could potentially free up some disposable income and set you on track to becoming debt free.
Take a look at your regular bills
There are some bills that we just don’t have control over, your mortgage or rent payment for one. But there are also bills that we could reduce, change or even save on if we invested a bit of our time to make it work a bit harder. Firstly, your food bill is one of the biggest outgoings you will have, and yet the power of what you spend is purely in your hands. Reducing the shopping bill can be done by simply meal planning and writing a list, or even changing the store you shop in and using coupons or vouchers. Energy is also another bill you could try and reduce just by changing the habits in which you use appliances, electric and gas in your home. Turning things off instead of leaving them on standby, switching lights off when you are not in the room and even reducing the temperature down a few degrees on the thermostat. However, even switching providers can also offer you a big saving as many great deals are reserved for new customers.
Give your bank balance a little health check
Sometimes it’s worth spending a few minutes to go over your last month’s transactions to really see where your money is going, where it might be wasted and if you really need to spend as much as you do. That takeout coffee every morning could easily be replaced with a home one, that gym membership that leaves your account when you haven’t been in six months. All of the small things can add up to create huge savings, that could then be used for holidays or days out.
I hope these tips help you make your monthly income work that bit harder for you.