It really is odd that so many of us focus so little on money management; this in spite of the fact that it’s absolutely necessary for financial security and well being in modern society.
Tip#1 is to explore new ways of enjoying yourself without having to spend a lot of money. Biking, museums, parks, casual sports are great things you can do, and aside from some initial investment are perfectly free.
Tip#2 is to make sure that everyone in your household is on the same page with you with regards to money management. Trying to get a hold of your household finances while your family are free spending is an exercise in futility.
Tip#3 is to learn to cook and then do it regularly. Dining out can be a huge draw on a person’s personal budget and the fact is that cooking at home is entertaining, and delicious. Why not include some friends, and take turns at one an others homes.
Tip#4 is if you like to party, do so in moderation. Going out might be great fun at the time, but it doesn’t take a lot to spend a week’s wages in one big weekend.
Tip #5 is to include someone else in your savings plan. For instance, chances are good that you have a friend or relative who has an established track record for saving. Consider confiding in them, so they can help you track your progress.
Tip #6 is to drive an economical car. If you are like most people, you only really consider the cost of fuel when you drive. The fact is though that every kilometre you put on your vehicle has a cost in wear and the more expensive the car, the higher that cost is.
Tip #7 is to not gamble. Scratch cards, lotteries, casinos, you name it. Gambling is big business now, so it’s being promoted ever more online as well as in mainstream media. The truth be told, it’s just like pouring your money down a drain and can bleed you out over the years.
Tip #8 is to ensure that your loved one, partner or spouse is on the same page as yourself. Where appropriate, make sure they are contributing their fair share to the household pot.
Tip #9 is find a past time that you can earn some extra money at and it doesn’t have to be a lot because it’s better than being out spending. For instance, something like restoring and refinishing antique furniture is great fun and every piece you complete is like money in the bank. What about taking up painting?
Tip #10 is to study and learn from experienced people in the world who are expert savers. There are many famous wealthy people who gained a name for keeping their money safe and you can take inspiration from them. Just because you accumulate a substantial amount of wealth, doesn’t mean that you have to spend it.
Chesterton House Financial Planning Ltd is one of the leading independent planning firms in the UK. Money To Invest. Visit the website for more details: http://www.chestertonhouse.co.uk