3 Simple Tips That Will Change The Way You Think About Your Finances
It is very common, these days, that most people are paying off at least one loan they took some time in the past. The truth is that it’s not great to have to set aside a huge chunk of your paycheck just to pay the bank back. Plus interest!
Overcoming financial obstacles and mastering your financials isn’t easy, but it is achievable. It can be done!
In this article, we share some tips and financial tricks that have proved to be a real financial lifesaver for many consumers.
Master the Game
First of all, if you intend to be completely independent and debt free, you need to know the rules of the game. Interest rates, compounding of interest, the upsides and downturns of the market, knowing how to listen to the market… these are just some of the things you’ll have to read up on and know about. To be a master you cannot be lazy! So, Google some of those new financial services and trends you heard about on the TV or on the radio. Who knows, maybe it’s just the right thing for you?
Let’s presume that you took out several loans and are now paying all of them off from your thinly stretched salary each month. The debit orders fly off at the end of the month and before you know it the account is almost empty. Sounds pretty tough, doesn’t it? Sadly, this is where most of us find ourselves these days. Our debt is mastering us.
Well, seeing all your salary disappear like this can give you a headache. Luckily though, many of today’s financial institutions offer you a number of ways to consolidate your debt by applying for a debt consolidation loan. Rather than pay small fees all over the place you can just make one payment each month. Another option that credit providers may offer, is for you to refinance your debt over a longer term. Paying it back over a longer time period will drop the monthly repayment amount (but watch those interest rates). Alternatively, you may want to look into things like debt counselling in order to settle your debts.
There are some fantastic options out there that’ll be good for you to consider and possibly apply for. Explore your options. Earn your financial blackbelt.
Do Crunches – Number Crunches
Think that you’re saving the most that you can? Not saving at all? Are you spending too much? Or maybe you have simply fallen into thinking that your salary is just too little to afford everything you actually need. But is that so?
In order to be truly well-versed with your money, you should seriously learn to differentiate your wants from your needs. By doing this, you will clearly see what is it you really need to get comfortably throughout the day. Hopefully, you’ll also end up spending much less than before by simply not buying some things that you don’t really need.
Making lists can help
Impulse shopping is one of those little things that eats up lots of your money at the end of the day. Sticking to pre-made shopping lists will help you avoid it and ultimately save you money to use it for something else.
Keep track of your income and your expenses
Keep a record of where you spent your money and set aside an hour a week (at least) to go through and review your spending. You’ll be surprised how much money you’re giving away needlessly. Checking up on your self every week will help you shift your spending habits over time.
One of the things that most of the people are too shy to do today is bargain. In ancient times, when there were no solid currencies, people just bartered things with each other and while they did so, they negotiated for the best possible deal. Today is pretty much the same even though we have set currencies in each country. The principle hasn’t actually changed. If you feel ashamed of going out and bargaining for a lower price, then just think of it as a way of negotiating.
Do you feel that you are paid fairly?
If the answer is no, then you are the one to blame for not stepping up for yourself and negotiating a better wage or some additional benefits from your employer. If you are worth more then make sure you get more.
Do you think that the product is overpriced?
If so, then why not try speaking out about what you think of the product price? After all, it’s a free market and it’s your money on the table. They not willing to budge and you still think it is overpriced? Then, go search for other vendors distributing that same (or very similar) product for a better price. Compare prices, shop around and don’t be shy to negotiate a better price with the shop owner or vendor if you are not prepared to pay what they are asking.
So, learn to master the game, in fact, first learn the rules of the game. Next, keep track of your numbers. Get to know what it is that you are spending and figure out: if you just want it or if you really need it. Finally, don’t be shy to negotiate. Practice bargaining in all areas of your life and you will soon find you are saving a bundle. These simple tips can make a big financial impact over time. Soon the student will become the master.