Politics and Business
How To Improve Your Financial Wellbeing
Do you feel in control of your finances? Many of us do not feel like we have true control over our money. Three of our top five financial worries include getting into debt, not being able to achieve our financial goals, and paying our household bills. This article is going to help you gain control over your financial worries and improve your financial wellbeing.
Get In Control Of Your Credit Card Debt
Do you know how much you owe? Working out how much debt you have and then taking steps to consolidate it will greatly improve your financial wellbeing. There are many card comparison sites, where you can compare credit cards and find the ones with the best offers. Find a credit card with an 18 month or more interest-free period and a good transfer rating, then consolidate your debt onto one card. Pay more than the minimum each month to start paying off your debt.
Start to put a small amount away each month and watch it build up over time. Be realistic with how much you can save. You’ll find that your financial confidence increases as you see that you are able to look after your money and not reach the end of the month with more debt. If you are struggling to save, set a financial goal and put money away to go towards it. Want to study a particular course? Save. Fancy a holiday in the sun? Save. If you set yourself a realistic goal of how much you need to save by a particular date, this will help you have something to work towards.
Create A Budget
A budget outlines how much you can spend each month. Firstly, track your expenditure over a given month, then set yourself a limit on how much you can spend on each item, like entertainment, food and drink, or toiletries. Evaluate your budget each month to see whether you’ve been able to stick to it, or whether it needs some adjustment.
Automate Your Finances
If you’re struggling to physically map out your debt, savings and budgets, try to automate your finances. Apps like Plum, or Chip can help you easily view your savings, save money on your bills, and even create an investment portfolio. The best thing about apps like Plum is that you can link up your bank account so money is automatically put away for you.
Get A Side Hustle
A side hustle is an excellent way to monetise your key skills. You might be good at writing, art, or even making necklaces. A side hustle lets you diversify your revenue stream and get some additional money on top of your regular day job. If you’re struggling to find the time or an idea for a side hustle, you can even fill out surveys through apps like Curious Cat to earn some additional money over time.
Through consolidating debt, creating a budget and saving small amounts over time, you can gain financial wellbeing. Setting financial goals is a great way to achieve this, through focusing your savings on a particular outcome. If you struggle to get to grips with finances, automating them through an app like Plum can help, as can obtaining an additional revenue stream through a side hustle.