TRICKS TO IMPROVE FINANCES

• Posted by Kirui Amos November 3, 2017 - Filed in Business - 2,403 views

  TRICKS TO IMPROVE YOUR FINANCES

  Every single person would like to be able to have a few coins around, saved for a rainy day. In this case, here a few tips and tricks on how you can improve your finances on a day to day basis.

  1. Avoid the use of Credit cards

  Any time you can, avoid billing stuff to both your credit card and debit cards. This way you will be forced to use the cash on you. In this way also, you’ll be able to save your money in the bank as this will go untouched. Also not using your credit card allows you to go debt free.

  1. Adopt a weekly savings attitude

  Every week attempt to put aside a few shillings. Either at the beginning of your week or at the end of the week. The best idea though would be at the beginning before you get to use any money. This would not necessarily be a large amount but a small sacrifice that will ultimately go a long way.

  1. Introduce a spending plan and stick to it.

  If you happen to be married or living with a significant other it would be wise to introduce a spending plan. A spending plan allows you to prioritize and spend within your means. It will enable you to avoid any impulse buying and stick to the budget you allocated yourselves to.

  1. Set specific financial goals

  Instead of just putting down plans and dreams of what you would like to happen with your money, set actual targets. Set specific dates and amounts in regards to what you hope to accomplish with what amount and at what date. This will enable you plan well.

  1. Create small size money goals.

  From the point above, we mentioned setting targets as to what you would like your money to do for you. In addition to this, it is important to set smaller goals that are easy to achieve. In this way, getting to reach the smaller goals, creates in you a motivation to reach the much bigger goals e.g. buying your own home.

  1. Be wary about Co-signing a loan

  From time to time, a friend, sibling or relative will come forward and ask you to be their guarantor while they borrow a substantial amount of money. Times like these, you should be alert and fully think about what you are getting yourself into. It is not bad to help out a family member but do not co-sign yourself into a mess you cannot get out of.

  1. Value Purchases by cost per use

  What this means is simply before making a purchase think about the number of times you will be using it. No need to spend a thrifty price on a gadget, you’ll probably use once a year. If this is something you’ll be using from time to time, also be sure to make a wise purchase.

   

  You do not necessarily have to put all these tips in your “right-away, to do list” but you can choose what to pick out and stick to it. You should see some of your savings grow!