Whether you are living paycheck to paycheck, or you would simply like to have more spare cash, there are ways that you can make money last longer. Doing this may take some dedication and effort but it’s worthwhile in the long run.
It may seem as though you already making the most of your finances, but is this really the case? the truth is that most of us could make some changes that would help us make money last longer. Here are 10 ways to make the most of your finances, that you may find useful.
Know where you stand financially
You are never going to be able to make the most of your money if you do not keep track of your financial situation. It’s important that you learn how to create a budget which takes into account your income and your outgoings. Once you have created this budget you need to stick to it and review it regularly.
Pay attention to the Latte factor
The Latte factor is very simple to understand. It relates to the amount of money that you spend on little things like buying a latte. It’s easy to think that these little costs have little impact on your financial well-being. This may not be the case as little costs soon add up. You need to think about what you actually need to spend your money on and what little extras you can do without.
Listen to the experts
As with most things in life, it helps to get advice from the professionals when it comes to managing your finances. You do not have to take all of this advice, but you can select the items which are of most use to you.
Create a vegetable garden
If you are tired of spending a lot of money on your food bills each week, there is something that you can do to change this. You can grow vegetables and fruit in your backyard. If you do not have the room for this, you can grow items such as herbs, on the window sills in your kitchen. Growing food items does not just save you money it also means that the food that you eat is free from pesticides.
Upcycle items in your home
Most of us are guilty of simply throwing things out when we get tired of them, or they start to look a little warn. Next time you are thinking of doing this you should consider whether you can simply upcycle the item. For instance, a suitcase that you are no longer going to use when travelling could be put to use as a storage unit in your home.
Get a second income
Getting a second income does not necessarily have to feel like a burden. Why not make use of a talent that you have, such as a gift for Music, to teach others and make some extra money at the same time.
A second income could come from investing. If you’ve never invested before, you may want to consider what’s called robo advisors. These platforms (this Betterment review provides a good outline on robo advisors) help you invest your money wisely.
Work out what you really need
Obviously, one of the best ways to make money last longer is to spend less. The problem is that it’s not always easy to do this. You need to sit down and analyze what you actually need from life and what you can do without. For instance, do you actually need the cable subscription package that you are currently paying for and do you need to buy a take out every Friday night? If you really want to optimize your finances you need to be strict with yourself and get rid of any unnecessary costs. There are many cheap things to do at night that will help you save money while having fun.
Learn when is the best time to shop
There are always going to be items that you need to buy. This is why you need to learn how to shop at the best time. Here are some tips that you may find helpful:
- Shop for Christmas items straight after Christmas so that you have them for the following year.
- Be prepared for items wearing out so that you can buy ahead and not have to panic buy at the last minute.
- Regularly check for sales online.
- Check online discount sites for vouchers and codes that you can use.
- Go into stores at the end of the day when some food items are often discounted.
Invest your money wisely
Speaking of investing earlier, making money last longer is not just about spending less. You also need to pay attention to how you save and invest the money you have. When done right, you could live off dividends. In most investments, there is likely to be some risk but if you get the right advice and information, you can make significant profits on the money that you invest.
These suggestions should help you to make money last longer. This in turn should help you to enjoy life more.