Managing your finances effectively is essential for a secure and stress-free future. We have ideas that will introduce you to 6 ways to get ahead of your finances. Whether you’re looking to pay off debt or save for a major life goal, taking proactive steps to get ahead financially is crucial. In this blog, we explore two effective strategies that can help you take control of your financial situation and set yourself up for long-term success.
Ways to Get Ahead of Your Finances
Take a large step ahead by using unplanned windfalls as a way to boost savings. Let’s say you are lucky enough to receive a bonus, gift, or any extra cash, for a birthday or contest. You should use the rule of thirds to determine how to use it. Use one third to pay down debt. Put the second third immediately into savings or an investment. Use the final third to make a personal improvement or purchase you want. If you follow this rule, you’ll see your debt shrink and your savings grow. This is a great way to get ahead of your finances.
GIVE YOUR ATM/DEBIT CARD A BREAK
It’s too easy to use your card for little purchases that add up to a lot of money. Every time you buy coffee, work lunches, anytime snacks, or cigarettes it adds up. Instead, decide how much money you really want to spend for these items each week, then take out the cash, leave your card home and only spend that allotted cash. With a finite amount of cash, you’ll control your spending and save a lot. It’s all about tricking your mind to spend less and get ahead of your finances.
MAKE PAYING OFF DEBT A PRIORITY
No matter how high or low your interest rates are, those monthly interest charges add up to a lot of money short-term, and are ridiculously expensive in the long run. Start paying off the accounts that carry the highest interest rates first, and work your way down from there. Paying down debt has another added benefit: Your credit score goes up and you will get ahead of your finances more quickly.
QUIT SMOKING, SAVE THOUSANDS OF $$$
Statistics say that nationally, a pack-a-day smoker averages $2,000+ annually on cigarettes. Quitting will put that money back in your pocket while also lowering your insurance premiums. Did you know smokers pay a lot more for health insurance premiums, and even more than that for life insurance? If you successfully quit smoking, you’ll get nonsmoker rates!
KILL 2 GOALS WITH 1 STONE: EAT HEALTHY!
Lose weight AND save money? It’s a myth that healthy food costs more. Think about how many potatoes you can buy for what you pay for 1 bag of potato chips – enough potatoes for a family meal! And when you add putting a stop to spending money on fast food snacks, drinks or meals, you’ll have a lot more money in your pocket an a lot less weight on your body. It’s an easy way to get ahead of your finances.
COMPARE INSURANCE QUOTES
Being with the same insurance company for years does not mean you are getting the best rate. Shop around every year or two to compare rates. There are even online comparison tools available to make the process easy.
FIND A GREAT APARTMENT
Southern New Hampshire and the city of Manchester are great places to live. Need an apartment? Red Oak Apartment Homes can help you find your perfect place. With over 1800 apartments to choose from we can offer you the best prices, variety and locations in southern NH.
