If you can’t remember a time where you didn’t have money problems, then you may think there’s never going to be a better future for you and your family. However, contrary to what you believe, there are ways in which to climb monetary mountains and see success over the other side. These five tips might give you a fighting chance of financial freedom.
Smarter Borrowing
Every time you find yourself short of cash, it’s tempting to call upon the services of a loan shark for a payday loan. Unfortunately, it almost always puts you in a worse-off position. Instead of undesirable loan sharks, why not look into low interest loans? Not every money lender is out to make a quick buck. With a little bit of homework, you can find a provider who has your interests at heart and will offer reasonable repayment terms and clear lending criteria.
Budget Help
Money problems can often be the result of an inadequate budget or no budget at all. Don’t be one of the two-thirds of Americans with no money management skills. Find a financial advisor and seek advice on how to manage your money correctly. Sometimes, getting back on track can be as simple as being strict with your spending habits and saying a temporary goodbye to treats and luxury items.
Intelligent Savings
Part of learning how to budget can involve putting money into a savings account to accumulate interest. However, some savings structures are better than others. The annual average percentage yield is a mere 0.08 percent – earning you almost nothing at all. However, if you shop around, you can discover that some banks offer savings account schemes with two percent or higher interest rates. However, they tend to have a few strings attached, such as minimum sums of $2,500 – $5,000 before earning premium interest.
Clip the Coupon
You might think that using coupons when you’re at the grocery store is a waste of time and money, but how much thought have you put into the process? The average shopper who makes the time to organize their coupon and discount usage can end up saving as much as $50 per week. If you stretched that out over a year, you could save over $2,000 – and that’s worthwhile for any family. Every year, consumers are missing out on over $465 billion of savings courtesy of grocery store coupons.
Earn Your Worth
Raising a family is hard work – even on two incomes. Some people find themselves working all sorts of crazy hours but never seeming to get ahead. If your money problems never seem to go away, no matter how hard you work, then it might be time to take a step back and evaluate your career choices. When was the last time your employer gave you a pay rise? Are you deserving of more money in your line of work? Could it be time to upskill so that you can earn more?
If you are not sure if you are reaching your full potential in your position, or whether your manager recognizes your value, then communicate with them. Find out if there’s room to grow or if you are overdue for a pay review.
There are many ways in which to improve your financial situation, but many of them require putting in the hard yards. If you’re tired of living paycheck to paycheck, it’s time to make a change. Try any of these tips above, and you will be on the right track to say goodbye to money problems forever.
