Not having enough money can really put a spanner in the works. It can be the cause of a lot of heartache, stress, and relationship worries. It can force you to make some extremely difficult decisions. Not having enough money to get by in this world is not fun. The thing is, it doesn't always matter how much you earn; sometimes, those of us with larger salaries struggle more than someone earning half the amount. What really matters is what you do with the money you have. If you live within your means, save money, no matter how small a sum, then invest it, you are doing a fantastic job. Not getting into debt is the key, other than a mortgage, obviously. A bit of saving can really take the pressure off, reduce your stress, and improve your quality of life. So, let's take a look at a few ways you can start enhancing the money in your purse.
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Enhancing the money in your purse starts with a heightened awareness of how, what, where, and when you are spending your money. If money is tight, you simply cannot afford to be making mindless purchases anymore. This, however, is far easier to say than it is to do. For some people, it may mean you need to completely change your habits. But bad habits need to be broken, so now is the time. There are many ways you can do this. Perhaps you should start by becoming more aware of your daily routine. Do you just pop in this and that shop and pick things up here and there? Small purchases every day add up. You could write a little diary of the money you spend this will really show you what you are doing. Perhaps you could go to a cash machine and take out all the money you have to spend that month and only use that. This will mean no online purchases. If you haven't done so already, download your bank's app and use that. It is so easy to monitor your balance that way. You can even set alerts on your app to tell you when you are running close to your limit. Figure out a method or combination of methods that work for you.
Another thing you need to learn to increase that money in your purse is to practice delayed gratification. This is where you work hard at stopping yourself from buying that item that you really, impulsively want. Instead of telling yourself no, no way, say not now, later. Wait at least thirty days or until you have saved the money up, and go back to the store and see if you still want it then. If you still have the same urge, then you can permit yourself the buy if you have the money saved, obviously. If the urge has passed, you have some money to put into your saving account. Bonus.
Fight Your Corner
Most of us are wronged at song pin in our lives. Unfortunately, for some of us, this wrongdoing can result in permanent injury and illness. If this has happened to you, then you need to fight your corner. You may be owed money in compensation. If your son or daughter has an injury as a result of the way that they were delivered, you need to see someone about this too. You need to understand your situation and find out if you have a case; for example, understanding cerebral palsy birth injury may be exactly what you need to do. Other things you may need to fight your corner for are anything that goes wrong with any business. Even small things can result in money off coupons. The world is getting more expensive, and most wages are not rising with it, so you need to get smart and take advantage when things go wrong.
One positive thing with the interest rates rising is the fact that savings accounts are now – in December 2022 – higher than they have been for a long time. So, if you have savings, and are looking for a relatively safe form of investment, then consider a savings account. Some of the best interest rates are found in accounts, which means you have to tie your money in for a set period of time. This is obviously not a good idea if there is any chance you may need it. So, do your research and discover accounts that work for you and your individual circumstances.
Stocks and Shares
If investing interests you, then you could always invest in the stock market. The stock market can be great for first-time investors and more seasoned investors alike. Investing in the stock market is actually investing in companies. This means it is far more complex than looking at a load of graphs. You can develop a deeper understanding of what is likely to occur with a stock if you research the companies that interest you. Read as much as you can to gather data on their future. Cross-reference these with how long you intend on investing for. Consider also dividend. These are payments shareholders receive for holding shares.
Start a Side Hustle
A side hustle is a mini business or venture that you set up alongside your current role. It is a way to make some extra income using one of your talents if you have one. Perhaps you are an artist; well, why not try selling some art? You can easily make a website using a content management system platform like WordPress or Wix. You could also buy and sell things. This can turn into a lucrative side hustle if you know where to get things cheaply and have some buyers in mind. Do you have any in-depth knowledge about a subject? Could you find a magazine to sell articles to? Or could you help people with this knowledge? Maybe you are amazing at growing certain difficult-to-grow plants. You can find a way to make money in many different things, so do a little research and discover if any avenues are open to you.
This is a contributed post.
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