Are you where you wish to be with your personal finances? If not, you can improve your situation, but it takes time and dedication to learn how to handle money properly.
Set Goals
Before you start planning your finances, the very first thing to set some goals. We can give you all the financial tips you might like, but if you don’t have your goals clearly established, it won’t matter.
Whether that goal is to save money for something, to get you debt under control or anything else, you need to know what you want to achieve before you can start to get on top of how to make it happen.
Save
If you haven’t already made savings a habit, 2020 should be the year you learn to be a saver and not just a spender. Begin by saving more and spending less. Set up a new savings account and make a commitment to put a little away each month towards a savings goal. Some banks will even allow you or round each purchase from your debit card to the nearer and automatically transfer those extra few pence from every transaction directly from your current account into your savings account – and you’d be surprised how quickly that can add up.
One crucial aspect of effectively managing your money is finding ways to save on your monthly bills. In that, often overlooked is your home’s energy efficiency. Reaping the heating tune-up benefits by conducting regular maintenance of your heating system includes a significant increase in its efficiency, a reduction of your energy consumption and, in turn, lowered energy bills. Also consider simple yet impactful changes like switching to energy-efficient light bulbs, adjusting your thermostat settings, or fixing any leaky faucets to reduce your water consumption. Shopping for better deals on internet, cable, or phone services can also yield significant savings.
Make Money (and Savings) In Other Ways
If you are short on cash, there are other ways that you can make some extra cash, vouchers or savings to help you out. For example, filling your online surveys can give you either a cash reward that can be saved up and withdraw, or you can be rewarded in vouchers that you can use to save money.
Nielsen Surveys is one such platform that you can use to earn money for filling out surveys. Regardless of the platform you choose, make sure it is legit and not a fraud. To help with that, you can refer to this Nielsen survey review (or similar resources available online), before you go ahead and invest your time on it. After all, time is money, isn’t it?
You can also use cashback sites like Quidco and Top Cashback to earn cashback on any online purchases you make with almost any retailer. This money can be saved up once it has been confirmed by the retailer and withdraw as cash.
Sort Out Your Taxes
An important part of maintaining healthy personal finances includes paying your taxes regularly. This applies to all forms of income you generate, and the properties you own. There are also taxes levied on the goods and services you consume, but tend to come along with their respective tariffs and fees when you purchase them. Paying your taxes regularly enables you to dedicate your energy towards other expenses and financial plans.
In addition to keeping up with your income taxes, homeowners should explore opportunities to reduce property taxes. This can be achieved by challenging property assessments or taking advantage of available exemptions for primary residences, seniors, or veterans. Local governments often provide programs that allow homeowners to appeal their property tax assessments, which could lead to significant savings over time. By proactively addressing property taxes, you can alleviate a portion of your overall tax burden and improve your financial standing.When your federal income tax and/or state tax are in check and recognised by the government authorities, you may also enjoy returns if you end up paying extra. Speaking of which, there is a chance that you may actually end up paying more than the stipulated amounts over time, especially when it comes to property tax. During such situations, it may be wise to reach out to a tax protest company that can leverage its experience and technological resources for an accurate valuation and protest process. This could help assure you a 3-5% reduction on average. Granted, the statistic may not come across as much, but this means that you could start with a lower value the following year.
Discuss with Your Partner
It is incredibly important that if you are in a serious relationship with someone you talk to your partner about your financial situation. This is even more vital if you are, or are planning to, get married or live together as by then your financial situation is going to have an impact on them as well as yourself. This will help your partner when they are deciding things like what engagement rings to look for, or a certain house price to keep an eye on.
Some people find it difficult to talk to their partner about money. However, there are resources out there to help you with this is if you are struggling to discuss money.
Check Your Credit Score
You can check your credit score and your credit report at any time if you are signed up to one of the main credit reporting bureaus: Clear Score, Equifax, FICO or Experian. These agencies all use slightly different metrics for determining your credit score, so this is worth keeping in mind if you check your score with multiple agencies as your score will be different from each bureau.
Getting on top of your finances is going to time and commitment on your part. However, once you have gotten your finances in control, you will notice positive changes in your life.
