Managing your money is so important, but it doesn't need to be as complicated as you might think. Spending carefully in the here and now while thinking of the future means you’ll never end up in a sticky situation financially. Here’s how to go about keeping your cash in check.
Create new income streams
What would you do if you lost your job tomorrow? Would you be able to cover your rent or mortgage and pay your bills until you found something else? It’s a stressful situation that no one wants to find themselves in, but it can (and does) happen all the time. Having additional income streams to fall back on during hard times can be a lifesaver. It could be a blog that generates income from ads and sponsors. You could work on a freelancing site taking on projects for cash. It could be a business that you run from home, or even investments you’ve made which earn you money. Find new ways to earn money on the side, not only is it extra cash in the here and now but could be a lifesaver if you lose your main job.
Save up
Saving up money and giving yourself a ‘buffer’ against unexpected bills and expenses is always a smart move. If your car broke down, your washing machine gave up or you had a large bill land on your doormat right now- how would you cope? If you’d need to borrow money, take out loans or credit cards or just go without then this is a huge problem. A small amount of money put away each week or month will quickly add up and you’ll have that lump of cash if you really need it.
Get insured
Getting insured protects you from financial harm, if the worst were to happen then you know you won’t be left out of pocket. Home insurance, boiler insurance, pet insurance and mobile phone insurance are all examples. The policies you’ll need will all depend on your lifestyle but have a think about what would be best for you. It’s extra money that you’ll need to add into your monthly budget, but if you ever need to use them you’ll be so glad that you were prepared.
Claim all the money you’re entitled to
If you’ve had an accident then you might be entitled to compensation, disability insurance lawyers would be able to get you the money you’re owed. If you’re on a low income, you might be entitled to help from the government too- be sure to do benefits/ welfare checks to you can find out. Don’t be too proud to accept it, it’s money that’s owed to you so claim it if you’re entitled to it.
Stick to a budget
Finally, sticking to a budget helps you to stay within your means in life. If you’re constantly overspending (even if it’s only by a little) then you’re going to slowly work your way into debt. Set a budget and stick with it, all of your bills should be covered before you start spending on extras and luxuries!
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