The Christmas holidays are always a time where we can end up spending a lot of money and things might be a bit tighter than usual in January. It could be worth setting a goal to help your finances go further in the next year so you have a bit more financial freedom and are in a better financial position overall. There are a few ways you can do this, here are a few things you can try to give yourself a head start in the new year.
Look At Different Investments
Investing your money is a great way to make it go further. There is however some risk with it but you can choose how much you invest and how risky you want it to be. You could try simple investments in stocks and shares. You are able todo these now on apps on your phone and start investing from a tiny amount to as much as you want. You can invest and sell stock as and when you please, so you will have more control over this type of investment. A bigger investment opportunity would be to do something like investing in rental properties to give yourself a passive rental income stream.
Claim Money Back
One way of making your money go further is by getting any extra money you are entitled to or that you can claim to help reduce any debt you may have. There are several different ways you can claim money back. You may be able to claim money back on your taxes if you have overpaid or if you are self-employed. You may also be able to download a cashback app where you can claim money back on things you buy in-store. If you have had an accident or been subject to any negligence you can also claim money back that way from road accident claims to council claims.
Budget Your Money Better
One of the simplest ways to make your money go further is sometimes the most effective. By regularly budgeting and organising your income and outgoings, you can save money every month by being clever with it. Track your income and outgoings for each month, and make sure everything is paid on time so you aren’t making the payments higher with late payment fees. You can buy or even download free budgeting spreadsheets and apps to help you do this. By regularly assessing your outgoings you can also check if things like your cable or utilities are on a lower price plan or a standard rate and make sure you are getting the cheapest price possible on your accounts. You will also see any potential subscriptions you are still paying for and no longer using and can cancel them to save money straight away. Especially making sure to check things like games on your children’s ipads as they can all add up quite quickly to a significant amount and go out every month without you realising.
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