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Money makes the world go round, but if you don’t have enough of it, you might not be living your best life. As the global economic situation takes a turn with prices rising across the board, it is wise to do everything in your power to try to keep more of your money. The good news is when it comes to money, it’s not necessarily how much money you have; it is what you do with it that counts. Let’s look at these 9 hot tips to help with your money!
1. Develop Awareness
One way to take better care of your money is to become more aware of where it is going. It is very easy to allow money to slip through your fingers in this day and age. It was easy to make purchases before contactless payments, but now with card tapping a thing, it is even easier. Tapping your card can be easy to forget. You have no idea how much you have spent and are shocked when you see your account. If you have a banking app, you can always check this every day. Then you will know how you are doing. If this doesn’t help you, then perhaps drawing all your money out is another option. At the beginning of the month, take all the money you want to spend out and only use that until next payday. This may really make you aware of how much you are spending as you can physically see the money disappearing from your purse or wallet. Another thing you can do is to disable the contactless feature on your card. You can also set up an alert on your bank account to tell you when you are running low. Developing an awareness about your spending is essential to taking care of your money and there are many easy you can build up this awareness.
2. Use Reputable Sources
If you do need to borrow money, then you need to ensure that where you borrow money from is a reputable source and the interest rate is not excessive. Some of the payday loan companies have extremely high internet rates, and this can make whatever financial situation you are in worse. When it comes to borrowing money, it helps if you think clearly and do not panic. If you owe a company money, why not speak to them and see about repayments rather than getting a loan to cover you? There are always more options available if you are prepared to investigate and ask for help. Even if you need something like bail bonds, there are plenty of reputable lenders. If you use a reputable source and you are struggling with the repayments, you should be able to negotiate a longer repayment scheme. 
3. Live Within Your Means
Perhaps one of your major issues is that you are not being honest with yourself. Maybe you are trying to live a champagne lifestyle on gingerbread money, and it is time you made some changes. Remember that there is nothing wrong with gingerbread, and you can get something perfectly acceptable in your budget. Maybe you need to stop going on those expensive nights out and go somewhere more local. Perhaps you even need to move from your expensive apartment and find something more affordable. Or maybe it is time to swoop that car. Why don’t you take a look at your bank statement and discover everything that is nice to have, like those hair appointments every fortnight and an essential? Make some lists and think about cutting stuff out of your life or swapping them for more affordable options. This even includes shopping at budget supermarkets over higher-end supermarkets.
4. Pay Off Debts
Debts are like a ball and chain around your ankle, and the quicker you pay them off, the sooner you will be able to breathe easily. Suppose you are managing your repayments and have money to spare. In that case, it is probably wise to put more money on your debts, as ultimately, with interest nog your debts, it is probably less economical to save while you have debts than it is to just pay off your debts. Interest on debts are pretty much always higher than any savings account. So, call up the banks and all your creditors and see if you can increase your payment. As long as this is manageable and you are not losing out somewhere else, this can save you money and stress in the long run.
5. Make A Budget
If you want to save money, then you need to start by creating a budget. Include on this all the bill soy know you have to pay, amounts you want to spend on shopping, transport, and any special treats you can afford while staying within budget. It is very important that you remember all the things you have to pay for. So, check your bank statement and ensure that everything is ticked off. As part of sticking to a budget, you may discover a few first debits on your account that you can cancel, like that gym membership or subscription. A lot of people do forget abt these things, don’t let it be you. A strict budget is the cornerstone of all savings. Without it, you are unlikely to succeed in your financial goals.
6. Utilities
When was the last time you looked for a better deal on your gas, electricity, and internet? A lot of companies do offer discounts when you sign up. Some even offer money on your accounts. It may be time to do a little investigation and discover if you can get a better deal elsewhere. If you have an electric car, for example, some companies offer great electric vehicle tariffs, which may save you a lot of money. It does not always pay to remain loyal, so go and compare utilities.
7. Insurance
Insurance is another great way to protect your money. If you don’t have insurance, then maybe you should think about getting a policy to protect your valuables. If you do have policies, don’t always blindly renew the policy. It is important that you read the small print. Insurance polices change over time, and you may be being charged for something you don’t need. Also, you need to do some research and see if you can get the cover you need elsewhere cheaper. You may have to pay less excess on your car insurance with another company as opposed to the one you are with at the moment. So, like your utilities, don’t be loyal, as you are not always rewarded for it.
8. Savings Accounts
If there are any positives about the interest rates rising, then it is that savers might benefit from higher interest rates in saving accounts. If you are in the fortunate position of having money saved, it may be time to take a look and discover where you can place your money to benefit from the best rates. It is possible that you can earn as much as 3% now or higher with some banks. Just do your research. But, you may as well make the most of current interest rates.
9. Consider Investing
One of the best ways to maximize your money is to make sound investment choices. Investing is generally far more lucrative than a saving account. One thing with investing that you should keep in mind is that you should never get into any investment that you do not understand. And, never take someone’s word for it, even if they are well-meaning. Always do your own research before putting your hard-earned money into anything.
Investments come in many forms, such as bonds, stocks, property, cryptocurrency, collectibles, etc. However, anything can be risky so take your time and make the best decision for your money and your situation.
You got this!
