Money makes the world go round. Soaring fuel prices. Increasing food prices. Rising inflation. Everything has become more expensive and has forced many consumers to tighten their belts. Incomes remain the same, yet interest rates are steadily rising and we all find ourselves paying much more for essential goods and services. Having to decide what to pay for or what to risk defaulting on in any given month is no situation anyone should find themselves in. Times are tough for everyone and we’ve put together six different ways to make your money go further.
Six Ways To Make Your Money Go Further
Money is more than just your monthly income coming in. There are many other areas that you need to become knowledgeable about to know how to manage your money well. Taxes, retirement, investments, wealth creation, financial planning, and saving are just some of the topics to learn about. If you can’t book a session with a financial planner to teach you about money, Alison has a number of financial literacy courses you can enrol in that will equip you with everything you need to know to get a better handle of your finances.
2. Create A Budget
And stick to it. This is not always easy to do but it’s a simple and very worthwhile exercise. Your monthly budget is a spending plan that keeps an account of your current and future expenses as well as your income. Creating a budget also helps you keep an eye on your spending.
3. Create An Emergency Fund
A burst geyser, an unplanned emergency, a hospital bill medical aid doesn’t cover. None of us wants to think of the worst that can happen, but life can be unpredictable. Prepare for the unforeseen and unexpected. Having an emergency fund that you can dip into when times get tough will prevent you from taking out loans that will give your finances an even bigger knock.
4. Determine Your Needs And Wants
That cute top or pair of sneakers that just dropped that you simply must have versus paying off your debts. You don’t want to use your credit to splurge or make unnecessary purchases. Your heart may scream “I need this” but unless you’ve planned and saved up for these types of purchases, you must become disciplined in using your credit and money to buy your wants or needs. The good news is that this is not for forever. Once you’ve established a solid financial plan and budget, you will be able to spoil yourself occasionally with things you like and not just need.
5. Find New Ways To Make Money
The changing global economic tides mean we have to find new and creative ways to stretch our money and make passive income. Start a side business, get a part-time job, or join Alison’s Affiliate Programme. This is an easy way to earn money while you’re learning, empowering yourself and taking steps to advance your career. Just share your affiliate links with your friends, family and everyone else in your circle and make money with every new learner that enrols with that link.
6. Get Financially Creative
Shop around for bargains, buy in bulk or as a collective. Retailers have plenty of these deals and specials available that allow you to stretch your finances a little bit further. Find and make use of credit card alternatives like lay-bye, interest-free purchases, saving up for a few months for big buys or buy-now-pay-later. These options allow you to have better control of your cash flow and creates more flexibility within your budget to meet all your other obligations.
Financial management and wellness is not limited to big businesses and corporations. No matter how good or bad your financial situation may seem, there are ways and means to improve your future financial outlook. When you know and understand how money works, you empower yourself to recreate a healthier future and make your money work for you. With a few short courses on Alison, you can learn how to change your life.