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8 Personal Finance Tips That Will Change The Way You’ve Been Thinking

September 30, 2017 Financial No Comments Email Email

In the consumerist world we are living today, the art of saving money is a skill that everyone will have to master in order to make ends meet.

Do you feel under pressure because of the debt that you still have to pay off? Or do you have the feeling that you’re not making enough money to afford everything that you need?

Don’t be too stressed about that! You are not the first nor the last person feeling that way. Luckily enough, here we have 8 neat tips that will make your wallet become thick again.

1. Put pen to paper.

Like – always! Going out shopping without a clear idea what you really need to buy can waste a lot of your money before you even know it. Make sure to always write down what needs to be bought before you even go shopping.

A good example of making a shopping list would be to separate the list into what’s essential to buy and what you can buy if you find those products for the good price.

This means that you will leave enough time and space for you to come back at a later date and buy those non-essential products when their prices are on the low.

Restraining from an immediate spending and prolonging buying of certain items can save a lot of your money in the long-term.

2. Restrain from compulsive spending.

One of the nastiest tricks marketers have in their sleeve today is product placement. They know what you want to buy and they will put it right in front of your eyes. It’s ok to treat yourself here and there but try to resist compulsive shopping as much as you can.

However, this doesn’t mean that you’ll always need to restrain from this type of spending.

You are free to treat yourself here and there. After all, that’s what money is for – spending! Just make sure to not go out and buy all them little things around the counter that you don’t actually need.

3. Leave your credit card at home.

I know this may sound funny to most of you but believe me this one can prove to be a lifesaver. Most of the people today don’t know when to use their credit card.

Don’t forget – there are fees and interests associated when using your credit card so it’s not really smart using it to pay for something that you can pay for in cash.

As we all know, some of the fees associated with using credit card functionalities are fixed no matter if you’re shopping groceries or you’re buying a new furniture using credit card. Whenever you can, you should use cash to surpass the fees.

4. Sell stuff you don’t need.

Let’s be honest now, how many old rusty things you have in your basement or in the attic? Don’t you think that some other people may find use for them?

If you haven’t used that bike for years, please post it on eBay and make some money out of it while you still can.

5. Get busy with your money.

This one is not so easy here, but still not so complicated.

Did you ever think of multiplying your money? Maybe try investing in stuff? Stocks, shares, mutual funds, real estate.. Or maybe try something little more unconventional like rentvesting?

For instance, if you have a little knowledge in economics and you know how to follow and read economic trends, you can make a decent amount of money just by investing in shares of some companies you believe will perform well in the forthcoming period.

6. Negotiate your income.

If you feel like you’re being underpaid for your services – feel free to step up and negotiate your salary. Or at least try to negotiate benefits with your employer.

Skill of negotiating your salary requires knowing how to deal with possible negative reaction from your employer.

Important thing to know here is that you can negotiate a non-material part of your salary package. By saying this we think all those benefits that can be added to your salary.

So, if you don’t manage to negotiate an actual money-increase, shift your demands towards adding certain benefits to your compensation package.

7. Take control over your debt.

If you’re struggling with paying off your debt and it eats up great chunk of your monthly income, maybe you should think of the ways to speed up the process of paying off your debt. Get familiar with possibilities to refinance or consolidate your debt.

Practically speaking, consolidating your debt would mean paying all your loans at once as one loan with one determined interest rate. Main advantage of this would be negotiating the desired dynamics for paying off entire loan so you can calculate and manage your money more effectively.

8. Pay attention to inflation.

While overspending can be a problem for some, many people tend to save more money than they need. Keep in mind that money loses value with the passage of time, as inflation will pretty much hurt your finances if you’re holding off on them for too long.

And if you’re thinking that all of these are very small steps to really make a difference if undertaken, if they add up they certainly will. So, don’t lose your time and money and start making it this instant.

You’ll thank us later!

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