Now that we’ve passed the first few months of a new year, let me ask you: how well are you following your new year’s resolutions? It’s so easy to fall into bad habits again, right? Especially when it comes to trying to save money.
Whether you’re using money to shop when you start stressing or you believe you simply must have one of the latest gadgets on the 2020 market, money is a major aspect of modern life. And it’s one you need to learn to manage.
The problem is that modern technology makes it so easy to spend it: online shopping, swiping a plastic card or transferring via PayPal.
So, let’s take a step back and reassess. Being smart about your money doesn’t have to be a daunting task as many new year’s resolutions are. We’ll walk you through four easy money management steps that can make a huge difference.
There’s an App for That! And Don’t Forget to Automate
One of the many reasons consumers tend to overspend is a lack of control. You spend during the month and only when payday draws closer do you realize that you don’t have enough cash left to keep until the end of the month.
Worst case scenario: you forget to pay a certain account which means you end up paying more interest than you need to.
In reality, no one has an excuse for this anymore. An app on your mobile phone can effortlessly keep track of your spending. Also, many banks offer automated services so you can be reminded of payment dates.
Use technology to your benefit and money management becomes easier!
Reconsider All Your Rates
If you’re currently paying for a home or car loan you took out a few years ago, it may be time to have another look at the insurance costs. Chances are you can get a better quote from another vendor. Your current vendor may not be the best in the business anymore!
Consider a Unique Investment
Another thing you can do with modern technology is effortless research. So, find out about unique investment opportunities that can pay off in a few years’ time.
Investing can seem daunting, but if you get to know a certain niche such as art or precious metals, you may discover a market you’ll enjoy being part of for the rest of your life. Also, why not partner with others to invest in real estate? So much happens online that a new venture doesn’t have to rob you of time out of your busy schedule.
Disable the Power Debt Has Over You
If it’s nagging debt that’s keeping you up at night, read up on loan advice or watch a few videos on the topic. Many of them will mention consolidating debt. For example, if you’ve taken on smaller loans to pay for college, a car or a holiday, why not combine them? It’s easier to manage and you may save money on repayments.
Remember, this will impact your credit score and as easy as it is for you to find information these days, banks can also access all your details. So, work at your debt so you get an excellent credit score and you’ll enjoy low interest rates soon.
It’s NOT too late to make a change! When it comes to money, ANY time is a good time to start introducing new, smarter money habits. And unlike trying a new diet, many of the results are guaranteed: your credit rating will improve and you’ll face money challenges with enough savings to handle unplanned expenses.
There’s no excuse: next year this time you should be in a better financial position than you are now.