Financial health is important, but like our bodily health, we often tend to ignore it until it becomes a looming problem. That doesn’t have to be the case. Here are six strategies to save money and improve your finances:
Pay off debt
Debt is such a terrifying word. However, it doesn’t have to be the black hole that it seems. Before committing to any debt such as payday or student loans, be sure to read the fine print, know what you are getting into and how you plan on paying it off. Make your regular payments and pay extra when you can to make the scary not so scary. Alternatively, there is a growing number of not-for-profit lenders that offer cash loans at low or no interest that may provide a viable alternative to help you avoid getting into unmanageable debt in the first place.
Set financial goals
Remember that student debt we talked about? Are you in the position where you can’t see the end of it? Rest assured by setting financial goals. This will help you feel in control of your debt and relieve you of the dreaded question, “when will this be paid?” With a financial plan set in place, you know when and how it will be paid off. Not in debt but still have high hopes such as owning a home? Make a plan with your goals laid out so you can improve your finances on a timeline that fits your needs.
Learning how to budget isn’t as intimidating as it is made out to be. No one likes having to pay attention to numbers but this number crunching is what is going to keep your spending in check and get you on the path to rich savings. Your budget is to your financial goals as is the sculptor’s chisel is to the masterful sculpture. It is the tool to get you to what you want. Want to be debt free in five years? Adjust your budget so that your spending and savings report reflects the math that will make it happen. No, budgeting isn’t sexy, but if you aren’t mindful of your spending, it can continue to get out of control.
Invest in yourself – read
There are so many financial advisors out there and lucky for you, many of them write. Check out this list of great reads that can get you thinking more about how you can start saving and getting a better handle on your finances. Bonus points if you can read them for free! Many of these books can be borrowed from your local library. (By the way, if you haven’t been in a while, you should know the library is an amazing resource for saving on the entertainment column in your budget). Crack open a book today to keep the conversation in your head going.
By downsizing your home and/or expenses, you’re able to live a sustainable lifestyle that makes it easy to save. No, you don’t have to go back to your parent’s or live in a to make this work either. Find smaller solutions in your budget so you can achieve the financial goals you want.
Find a side hustle
Life doesn’t always go according to plan and you never know when a layoff may hit. That’s why it’s important to have multiple streams of income. Find a side hustle that works for you in your season of life to pay off bills and save for rainy days.
These six strategies, when made your own, are sure to help you find the savings you need and keep your financial health in check today. Which one will you try first?