We all work hard. When you set up your family home, at first, making ends meet seems impossible. But, usually, with hard work and time, things do get easier. Perhaps one of you gets a promotion, or once the kids are old enough to look after themselves more, you can pick up extra hours.
When that happens, you can start to save and eventually consider opening an investment account like the ones you can find here. But I know that getting to that stage can be a frustratingly slow process.
Fortunately, there are ways to speed things up a bit. Ways to get extra cash flowing into the family home to allow you to save and later invest for your family’s future.
Here are some of the most effective ways to do just that.
Minimise what you spend
The first step is to get your current spending habits under control. If it has been a while since you last sat down and cast a critical eye over where your money goes, do that now. The sooner you do the better. Without realising it we all slide into wasteful habits.
For example, buying a snack every time you purchase a takeaway coffee instead of eating one you brought from home. That habit alone can easily cost you £1.50 or more every workday. Depending on how many days you work that comes to about £360 a year. If you are both doing this, you are basically frittering away £720, every year, probably, much more.
So, sit down, identify where the money goes for a month or two and save where you can. There are plenty of really good budgeting phone apps out there that make doing this really easy. Mint is a particularly good one, but it does not yet work with UK bank accounts. A good alternative is Money Dashboard, it is not as widely used, yet, but, it has all of the features you will need.
Live to a budget
Once you have done this, you can take the next step and set yourself a budget. Then all you have to do is to stick to it. Doing this will help you to build up a pot of money far faster than if you just carried on spending as you were before.
Maximise what you earn
You also need to maximise what you earn. If you have not had a pay rise for some time, ask for one or look for a better paying job.
We all get stuck in a rut without realising it and just settle for what we already have. But, we really shouldn’t. The chances are you are far more skilled now than you were a couple of years ago. So, why not capitalise on that fact and get yourself a pay rise, promotion or better job? You can find out more about the right way to go about doing this by clicking here.
Starting a side business is another way to increase your income. The fact that you can reach a global market means that anyone can sell online. That may mean selling services like writing and website design or selling items that you make. Either way, you can make quite a bit of extra money.
Disclaimer: this is a collaborative post