How to make your money work for you

2017-12-06 06:00

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YOU’RE at the prime of your life - you have a job that pays well, you’re driving your dream car and treating yourself to weekend getaways.

But, towards the end of the month, you find yourself scrapping the cents together just to get by, and would rather skip dinner, than miss out on brunch with the girls every Saturday.

Sound familiar? Chances are you are living beyond your means, and living a life that you can’t really afford.

We’ve all heard the saying “make your money work for you” but if you aren’t in the financial industry and managing investments it sounds a little complicated to be honest.

The truth is, it’s not. What if we told you that there are some easy ways to make your money work better for you? What if you can still treat yourself to small pleasures and not feel too hard done by if you can’t take that long weekend this month – but can reap the future rewards of financial freedom?

Sound good? Well here are a few key tips to pull this off:

Firstly, set up a budget – and very importantly stick to it

It’s important to be honest with yourself about how much money you have available to spend and how it is going to be used.

Cut out those added, unnecessary luxuries

While it may feel like you are punishing yourself as there is no instant gratification, stick to buying what you need now and start saving for bigger ticket items like a weekend getaway for example. You will only be rewarding your future self and when you do get to take that weekend away – not only will you be financially comfortable to do it, the reward of having to work for it will be even sweeter.

Saving in a basic building block to making your money work for you – but let’s be honest, you can’t save if you are in debt

So stick to your budget and live within your means and the second you have some extra money, start paying off those shopping accounts. Depending on the amount of debt you have, it could take some time to dig your way out – but don’t despair. Have a debt plan – consolidate if you need to, work with creditors to put together a proper re-payment plan and be consistent with your payments. Don’t ignore your debt – rather take active steps to get on top of it, so your extra money can then go towards your savings

Jot down a few financial goals and how you plan to achieve them

Just like you make New Year resolutions, make financial resolutions and goals as this will help you be realistic about your current financial situation and help you save money now for the future. And like New Year resolutions – if you have a wobble, don’t be too hard on yourself. Pick yourself up, regain your focus and keep going – financial freedom is a long game.

Still struggling?

Consider a financial education course such as Truth About Money which encourages financial skills that assist in financial freedom through a variety of measurable platforms that tackle the issue at its root cause – financial habits. Having such access to financial education, debt management and additional tools and tips for free can help you take control of your finances and more informed decisions that can change your life – one step at a time.

So, ladies, there you have it – it’s not that difficult to empower yourself to be financially free. With a few key steps, you can get rid of those extra expenses, start living within your means and still spoil yourself when the time is right. Make your money work for you for a better and more comfortable financial future.

- Women24

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