Most people find themselves in some sort of financial difficulty at some point or another in their lives. Whether it’s a simple bill that you’ve missed a payment or two for, or you’re in over your head with a mountain of debt, there is always a way out. You might not even be struggling financially either. You might simply be looking for a way that you can better yourself so that your financial future is stronger and more reliable. With that in mind, let’s take a look at some tips on how you can do exactly that!
1. Look at your credit score
Lots of people avoid looking at their credit score because of the jargon associated with it, and that’s completely understandable. Being fed numbers and information you don’t understand isn’t going to help your financial situation. But, that doesn’t mean it’s not important either. Your credit score outlines all of your financial decisions, and it can affect your ability to lend money in any shape or form. Let’s dive into this a bit further;
Example 1: if you want to apply for finance on a car or a catalogue account, you need to have a good credit score. Even if you’ve never actually been in debt, it doesn’t mean your credit score will be good. Lenders need to physically see that you’re reliable with the money they’re lending you, and if you’ve never had even as much as a phone contract, they won’t be able to trust you. Sometimes it’s worth it taking out loans or contracts to help build it up.
Example 2: you can use tools like Clearscore to help improve your credit rating. Not only do they help break down where you’ve gone wrong with your financial past, but they also help find ways to improve your credit score. Even if you’ve got a really bad credit history, it can find ways to help you work your way back up to show lenders that you’re trustworthy.
Example 3: it’s not always about your financial history. While it plays most of the role, doing something simple like putting yourself on the electoral roll will also help improve your credit rating. This is because you have to list an address, which helps lenders see more into your history. If you’re serious about improving your credit rating, get some financial advice and stick to it.
2. Further your career
If you want to make more money, then you’ll need to take some steps into bettering yourself in your career. You might already be in the industry you want to be in, but could you take it a step further? Would it be worth going into business for yourself? Asking yourself all of these questions will help you make a plan for the future and stick to it.
However, if you’re in a dead end job and would be open to finding a new career, you could look into other options. Perhaps you’ve previously had ARF training and could get an arf certification renewal? Or maybe you want to look into getting a degree in a new sector. Remember that while a high paying job is the goal, you need to be happy with your career to truly be successful. Think about what it is you really want to do and work your way up to the top.
3. Are you overspending?
When you’re bombarded with new deals and hard to miss prices on things like a gym membership or a magazine subscription, it’s no wonder that you can find yourself overspending on things you probably don’t need. Take the time to sit down and look at everything that goes out of your account and remove anything that you don’t really need. You’ll be surprised at how much money you can free up each month, and even if it’s only a temporary cancellation, it gives you the chance to save some money for a rainy day.
4. Use coupons
While you might view clipping coupons as a poor person’s role, you’re missing a trick if you don’t try it. Some people spend time each day cutting coupons from magazines and newspapers which help shave massive amounts from their grocery bills. Who wouldn’t want to save money there? Keep your eyes open for deals in any publication you read, whether it’s on paper or online because you could save yourself some serious cash. Even if you’re not hard done by financially, another chance to save money is never a bad thing, right?
You might also find further deals by signing yourself up for a store card at your regular grocery store. Even if it’s just a few dollars off here and there, it all adds up!
5. Learn healthy financial habits
While everyone should be able to splurge every now and then, it can turn into a difficult habit to break if you’re doing it on a regular basis. That’s why it’s important to get yourself into healthy financial habits sooner rather than later. Even if it’s small things like saving a small percentage of your wage packet in case of an emergency, it will make a huge difference.
6. Shop around
You’ve probably heard the term “shop around” millions of times, but it really is worth doing. While it might take some effort on your part, there’s always a better deal waiting for you somewhere. That’s why when your car insurance is up for renewal, for example, you should take the time to look elsewhere. If you let the renewal rollover and stay with your current company, they can hike up the prices and you can end up paying more.
You can use comparison websites to help you with your search, but you could also ring around providers yourself. Learn a few haggling skills and you’ll land yourself the best deal possible and save even more money.
The same goes for any new purchase. Make sure you check prices at different stores so you don’t end up overspending on items that you could have got cheaper elsewhere.
As you can see, there are loads of ways to better yourself financially, so use this advice to make your future outlook more stable!