We all have very different lives and priorities within them, but most of us would enjoy being better off financially. To have no money worries at all would be on many people’s wishlists, but how can this actually be achieved? We all understand that it’s often a matter of managing our balance sheets correctly, so we either seek to increase the amount of money coming in, or we look to decrease the amount of money going out, thereby giving us a greater pot of money in the middle. We know this, but how do we go about actually doing this? Well, we have a few ideas, so here we share 3 change worth making in your life financially.
Switch or advance your career
This one can have a huge impact on your finances as this is all about your income.
Are there any opportunities for advancement within your current workplace? If you have hit your ceiling, would a move to another company offer you greater benefits with a more competitive salary or the potential for career advancement, offering a better salary in the longer term?
Alternatively, could now be the time for a complete career switch? Look around for something within a field that appeals to you and don’t be put off if there is retraining involved. Many people make one or two complete career changes within their lives, so a year or two of teacher training to start educating those children or working at wrapping your head around a shareholder protection cross option agreement whilst making the move to the insurance sector is nothing in the long term.
Buy your home
Renting offers us flexibility to move more easily, it can see us living somewhere new within a matter of days and it allows us to move around as and when we need to. It also takes the pressure of home ownership off us. It absolutely has its place, but buying your own home makes significantly more sense financially.
The greater the deposit that you can put down the safer your investment will be as you will be more comfortable riding any fluctuations in property values. However, this does not mean that you need large amounts of capital in order to invest in property, as there are plenty of mortgage deals out there that can make this an affordable option for you.
If you are looking to stay in your new home for several years, the loan to value ratio is much less relevant as property remains a strong investment option in the UK over the longer term.
Not only is this a more sustainable way of life, it is also a financially beneficial way of life. Along with playing your part in global efforts, by reducing your own carbon footprint you will no doubt be reducing your own outgoings.
Whether you choose to grow your own vegetables, walk or cycle to work, install solar panels, buy second hand or get your food shopping delivered, every single thing helps as you go greener and the pounds will soon mount up. The more green you go, the more you will find yourself saving.