Making Your Money Go Further – Guest Post
Basic Money Management Skill
It seems strange to think of managing money as a skill, but that’s exactly what it is. If you write down your income amount and subtract from it the amount required for various bills and necessary purchases, the amount left is your disposable income. You decide where it goes. Make wise choices and your money goes further.
There’s a fixed amount to pay for your rent or mortgage. Not to mention your car loan, if you have one. If you lead a regular life, the amounts on monthly bills like Internet and electricity shouldn’t vary greatly from one month to another. That’s also true for the monthly grocery bill.
We may try to maintain our bills at a reasonable level. We avoid unnecessary wastage and choose our purchases carefully. However, it’s how we manage our disposable income that determines our money management success. When people complain they’ve ‘no money’, what they’re really saying is that they’ve less disposable income than they’d like. Save something every month, even if it’s only a tenner. Okay, a fiver. Bung it into a savings account with no ATM card. You may hate the idea, but that money could save your life one day. Your current account is the one from which you access ATM cash and write cheques to pay bills. But your savings account is sacrosanct. It will grow over time and accumulate interest. Trust me.
Everyone knows it’s sensible to stay within your credit limits and make timely credit card repayments. But sometimes life gets in the way. This is where your creativity helps. So you’re going to a family wedding next month? It’s the gathering of the clan and you have to look great. Therefore, an expensive, designer outfit is in order, right? Not necessarily. Remember that little black dress you picked up in the M&S winter sale? Get it out, get it cleaned and team it up with a nice jacket, shoes, bag and a hat. You don’t even have to buy them, except maybe the shoes. Ask around among your friends. Lots of people have hats and jackets they wear only occasionally. Promise to look after the item, get it cleaned afterwards if necessary and you’re good to go.
Whether you blow your cash on fine dining at the best restaurant in town or treat yourself to a bottle of plonk and a pizza in front of the television is your choice. But your choices will determine how far your money goes. Sometimes you’re lucky. My university student son loves premium blend coffee, but faced with a cash crunch, he recently snubbed his favorite and purchased a cheaper brand, Next day, he saw his favorite coffee on sale in a pound shop for a third of the price and purchased a pack immediately.
Putting Your Savings To Work
Common wisdom tells us not to speculate with more than you can comfortably afford to lose. If you’d like to put your savings to work and earn some extra money, find a company like CMC Markets, with long experience in share trading. Seek their guidance. While no guarantees can be made regarding making money, utilizing the expertise of experienced share traders is a good way of optimizing your chances.
Never Too Late
It’s never too late to learn or relearn money management skills. There are online courses available on the subject. Good money management optimises our income, improves the quality of life and even increases wealth. So it’s definitely a skill worth mastering.