Want to make your money go further as you come out of lockdown and into the remainder of 2020? The amount of people with competent saving plans in place seems to be continually diminishing, and it can often be bewildering trying to figure out what your money gets spent on each month.
To help get you out of a financial rut and into a better position with your income, we’ve compiled a short list of tips and ideas that you might want to consider. Read on to find out more!
Starting with a plan
If you’re struggling to get to payday each month, or getting by ok but wondering how you could be saving a little more of that money, a good place to start would be with a decent financial plan. Start by sitting down and figuring out how much you pay out in bills/expenses each month, and then budget the remaining cost, perhaps accounting for some savings, too. If you’re struggling to curb bad spending habits at first, then you might like to try some different saving challenges to help get yourself into the right mindset.
Investing your money
Investment can be a daunting challenge to tackle when you’ve got no experience, and rightfully so, as there is always risk involved. Rather than wasting all of your free time scrolling through your phone or playing games, check out one of the many free investment apps out there and start getting to grips with small bits and bobs first. Things like MoneyBox are a great way to start out, rounding up your spending and investing it on your behalf.
Sick and tired of making miniscule profits? If you’ve got a little bit more capital that you can comfortably afford to allocate to an investment strategy, perhaps you could consider a buy to let property investment. Much like with the apps that are easy to get involved with, RWinvest offers a range of podcasts, videos, and mobile-friendly guides, so you can start learning about the best areas and the ins-and-outs without even making a solid commitment.
At the very least, having a basis of investment knowledge could prove useful to you down the line, and you never know, you might even find it interesting. If you don’t, you can always go back to the mindless games and cat videos.
Sell your old stuff
Getting sick of overbearing furniture that you no longer have a use for? Keep tripping over that brand-new skateboard that you bought and never used? Do yourself a favour and have a bit of a clear out, selling that stuff on and making a bit of money in the process. Once again, your smartphone should be able to help you with this. With apps such as eBay, Gumtree and even the ‘Marketplace’ option through Facebook, it’s easier than ever to take some simple snaps of your unwanted stuff and turn it into profit.
Old clothes are also a business that you could get into to try and make a small fortune, especially if you’ve got a wardrobe that needs a sort-through. Apps like Depop have become extremely popular in recent years as the ‘vintage’ craze grows, and again it’s extremely easy to list your old stuff on here for others to enjoy.