If you are looking to make some positive changes in 2019 and take control of your finances, then these money tips for a profitable 2019 will help get you on track. From easy ways to save every month to ways to cut down your spending, these money tips will help you craft the best financial future possible.
Know the Score
One of the most important money tips you can use is to take stock of what you are spending and make sure you know exactly what your current finances look like. Get all of your financial information together – receipts, bills, bank statements, insurance policies, credit card balances – and put them in a budget or spreadsheet. From knowing your mortgage balance to knowing your exact household income, it is important to do this as accurately as you can. Find out how much you are spending a month on household bills, your mortgage, electricity and gas and home insurance and see if there are any ways you can cut down your spending or increase loan repayments.
Invest in Property
Another lucrative money tip is to consider investing in property. Even if you are not sure whether you can afford it yet, you can always set it as a savings goal. UK Property investment experts RW Invest have a wide range of buy to let properties which are perfect for both gaining in value through capital appreciation and generating income through rent rates. Property is an asset that continues to rise in value, and many of the world’s most successful people have chosen property as the best way to make money from their savings. Property investment can also be more affordable than you might think, and UK cities like Liverpool and Manchester are perfect for first-time investment properties that will increase in value the longer you have it.
Set up a Standing Order for Savings
One absolutely essential money tip is to save without thinking. Make saving money part of your monthly routine, with a standing order just after you get paid going straight into your savings account. You never know when you might need some money which is put aside, and by setting up a standing order you don’t even have to think about it. Dependent on the terms of your savings account, if you are really struggling one month, it is okay to drop into your savings; just make sure you carry on with the standing order. Set the amount for just a little more than you think you can afford, for example some people choose to save 10% of their income, some people save £100 a month, whatever suits you.
Another money tip for those looking to cut down their outgoings is to be a bit thriftier and start making things instead of buying them. Try making a salad for lunch, which you can make at home far cheaper than buying pre-prepared. If you need new cushion covers, try making them instead of spending money you don’t have. Want a super snuggly scarf? Learn to knit! Saving money can be a great way to find new hobbies and spend less on things you don’t need. Chat to your grandparents about what they used to do in the past when making things was the only option. Embrace being thrifty and making the most of what you have.