With the cost of living crisis and rising inflation, more people than ever are turning to looking for financial solutions to bolster their income, or help their savings stretch further.
If you want to improve your financial forecast for the future, here are 5 ways to help your money go further.
1. Examine Your Credit Card Options Carefully
Credit cards are often depicted as a bad option for reckless spending and are associated with high levels of debt. However, credit cards when used correctly can help you boost your credit score and some credit cards will even allow you to earn rewards for your spending.
Some supermarket cards will offer additional points or rewards for shopping with them, and other cards may be linked with flight companies to provide you with free air miles to put towards tickets.
Alternatively, if you’re a shopping fiend, or fancy some additional cash for your annual holiday shopping, some credit cards even offer cashback.
However, there are terms and conditions to these cards that you should read and consider carefully before signing up. Websites like Money Saving Expert can help you decide which credit card is the right fit for you and form a comparison of each one to help you make a judgement on your spending habits.
2. Complete a Degree
If you want to work on earning more money in the long term, completing a degree may be a stepping stone to securing a higher income. Providers like Signum Magnum College offer a range of courses for every level of higher education including a bachelor’s degree, master’s and doctorate.
Completing a degree, especially one as high level as a doctorate, helps you to be thought of as an expert, which can be useful for jobs in law and science. Having a degree may also provide you with valuable additional knowledge that will set you above and apart from your peers in a job interview.
3. Live Below Your Means
This is the key to living in a way that is favourable to saving money and reducing your outgoings.
Living below your means usually involves trying not to use credit to purchase things you don’t need, as well as using “pay later” schemes like Klarna or ClearPay.
Pay later schemes are usually bad for your credit rating if you cannot pay back the minimum amount each month, and can have sky-high interest rates. These can quickly steep you further into debt.
If you need help managing your money between paydays, you can use savings accounts from banks who allow you to create easy savings accounts in seconds. Use these to save towards your favourite big purchases or long term savings towards holidays.
4. Make Clever Investments
Investing your money is one of the riskiest, but also one of the most fruitful ways of establishing a secure financial forecast.
Whether you open an ISA, or begin investing in the stock market, researching your options prior to investing your money will help you in the long term.
Do you have any tips for improving your financial forecast? Share your thoughts in the comments section below!
