With prices continuing to climb and salaries remaining more or less stable, we often find ourselves at a loss of how to keep our heads above the water financially.
As the monthly bills arrive (and isnâ€™t it amazing that the charges never seem to go down?) how can we juggle our income to cover all our expenses and still have something left over to set aside for growth?
This is not an easy feat and we often have to rely on some clever tactics to reach our goals. After all is said and done, however, experience has shown that investing even the smallest amount of money each month is one of the key factors in eventually being able to move forward financially.
So first letâ€™s see what we can do to save a bit of money:
- Think modestly. Drive a car that gets you from A to B without breaking down. It doesnâ€™t have to be so old that the parts jangle, but with the choice of used cars available today, finding a 2 or 3-year old model in good working condition is not difficult. Having it inspected by someone in the know is a good idea before plunking down any money.
If you are looking to buy a house, donâ€™t go overboard. You donâ€™t need a separate bedroom for each child and the living room doesnâ€™t have to be big enough to host 30 people at one time.
The kitchen and bathrooms are the most important rooms in any home so if you find a suitable place and need to put in a bit of money to update these areas-that is a worthwhile endeavor. Leave the garden for another time in your life. It can wait. Or work on it yourself at a slow pace.
By buying a modest but comfortable home, you will reduce your mortgage payments as well as electric and heating bills. Any money saved on these expenses can go towards a savings or retirement fund.
It might also be smarter to rent a home for a while. Compare the monthly outlay and decide which works best for you.
- Never pay full price for anything. Supermarkets and other stores are always sending out wads of coupons. Use them. Also wait for the holiday and end-of-season sales to buy the items that are not immediately needed.
- Put away your credit cards and use cash. Take out a large amount of case as soon as you get paid and use this to pay for groceries and other items. If your cash runs out, it will force you to consider if further spending is really necessary. Try cutting down on your grocery bills. Impulse buying can lead us to purchase items we really donâ€™t want and we end up wasting a lot of food by throwing it away. Buy fruits and vegetables in season so as to avoid high prices on imported goods.
Try to use your credit cards as little as possible so the charges donâ€™t mount up. Most of us are not even aware of the interest rate we are being charged each month. If your credit is good, try asking your bank to reduce your rate.
- Cut down on entertainment and hosting. Eat at home more. Cancel your cable supplier. Borrow from the library instead of buying books. Research the least expensive mobile service and demand the cheapest rates.
- Stay active physically and mentally. Organize your time so you maximize your potential. Have an action plan in your head and stick to it. If things donâ€™t go quite the way you envisioned, donâ€™t get depressed and sit around waiting for something to change. Make it happen. Exert yourself. You can do more than you think you can. Learn new things-knowledge is power. Take risks if necessary but be smart about it. Look to someone you can trust to advise you in all facets of your life.
You should be able to save a small amount of money each month which, if placed in a good investment account, will start to add up. Select a reliable online broker, seek the advice of an experienced trader and choose an investment vehicle that you are comfortable with and understand. There are many new financial instruments on the market these days such as binary options and forex trading. There are many forex brokers that offer a combination of different assets .Check out the forex brokers review websites. If you feel more comfortable with individual stocks or mutual funds and can set up an account with monthly deposits then go for it.
Be frugal, but proceed wisely. Your slump wonâ€™t last forever.