Everyone wants to have more money, right? It means less stress, more freedom and more fun. But unfortunately, most people never do the simple things that could make a massive difference to your family’s finances. Here are five simple tips to find some extra cash that you’re leaving on the table.
1. Make & stick to a monthly household budget ?
Sounds boring, right?
You would be amazed how many clients come to me with their heads in the sands about their monthly finances.
Do you know how much your expenses are on average per month over the last 12 months?
2. Add all your yearly household bills and divide by 12.
That figure is the amount that you need to put away each month to meet those bills just to run your home.
Then calculate how much you spent on luxuries, clothes, social outings, media subscriptions etc…
If your costs exceed the money you have coming in you have three choices….
1. Earn more
2. Cut costs
3. Continue worrying & struggling from paycheck to paycheck
? Check your loan & mortgage interest rates
Human nature dictates that once you have your mortgage approved, you let sleeping dogs lie.
Ultimately over the years, mortgage rates change and you may find that your lenders’ original rate or current advertised rate bears no resemblance to yours.
If your lender is uncompetitive you should check with your bank or alternatively look into the option of switching to another lender.
Don’t just read it, go and check them out now.
? Check your life & health cover
Are you over-insured?
You should review all of your insurances. Although some can be small monthly fees, these add up over time.
Have you given up smoking or had other changes to your circumstances.
Once you are smoke-free for 12 months you could save yourself up to 50% of the annual premium.
YES… 50 PER CENT!
? Shop around for better deals
A lot of people get annoyed by those new customer deals that many of the utility companies use to attract new customers from their competitors.
Why not reward current customers?
Well, the reason is that not many of us bother to switch. Although it’s really easy to switch most providers now, people still don’t take the time to do their research.
You could save €100’s/month.Shop Around!
Pull out your home insurance plan, car insurance, broadband, phone bill and shop around for a better deal.
There is no excuse now as this information in now only a click away through the various online brokers available.
? Save costs working from home
If you are self-employed, you can reclaim partial costs by working from at home, eg Electricity, Heat, and Phone.
I hope these tips help you create some savings, and please reach out if you need advice regarding your finances.
If you are starting to explore your financial future, need some advice on your current financial status or want to assess the performance of your investments just email us me or give me a call on 057-9335955.
PS. I’d love to see your money-saving tips in the comments too.