If you are keen to try and keep on top of your finances and make sure that they are in the best possible position, there are many things you can do. It is generally wise to try and look after your financial budget, and to carry out whatever necessary tasks you can which can help you to have a better financial life. In this post, we are going to take a look at some of the big changes you can make to your finances this year, which are likely to bring about some really important differences for you. Any of these will be worth looking into.
Use A Tracking App
It used to be that using cash rather than cards was one of the best ways to manage your money. However, the pandemic of the past year has appeared to hasten the use of cashless ways of spending, and it looks like that we will have a completely cashless society before too long – for better or for worse. However, you can still maintain a decent control over what you are spending by downloading and using a tracking app. These apps can come in many forms, with the best of them linking up safely and directly to your bank to monitor what you spend. You can even set alerts for when you reach a certain spending threshold, ensuring that you are not going over your monthly budget.
Refinance Your Mortgage
If you have a mortgage, then this is almost certainly one of the biggest expenses in your life. For most people it is the single biggest debt they will ever have, in fact. If you are keen to make sure you are not overspending on the repayments, there is one important option that you can look into this year: refinancing the mortgage. This is simply where you pay the rest of your loan by taking out a new one, ideally one with a lower interest rate or which has fewer charges you need to worry about. By refinancing your mortgage, you could be paying a lot less each month, and saving a lot more without having to really make any other considerable changes.
Cancel Some Of Your Subscriptions
It’s amazing how easy it is to pile up the subscriptions month after month. Whether it’s your Amazon Prime account, your Netflix subscription or a wine club, all of it adds up. Often, you might forget that you have a payment due, until suddenly it is leaving your account. It’s best to keep on top of these, and one of the most sensible things you can do here is to take the time to cancel some of the biggest subscriptions that you have going out each month. Be sure to also check those that go out less frequently, such as quarterly magazine subscriptions – these can be an especially nasty surprise.
Ask For A Raise
How long has it been since you last asked for a raise? You might be waiting on your employer simply asking you if you want more money, but the truth is that you are unlikely to get it that way, and it is generally better to take the matter into your own hands instead. By asking for a raise, you are more likely to actually get it, and if you succeed then it could be the single most important financial change you make this financial year. If you are worried about the process of actually asking for it, just remind yourself that it is one of those things that you are deserving of, and by developing a little personal confidence you should be able to make it go pretty smoothly.
Automate Your Investments
Chances are, you have a few key investments that you are keen on growing and growing. But if you are not an expert investor, you might be finding yourself wondering exactly how to make it all work out as well as possible. One option that you might want to consider is to try automating your investments, which is easier to do than you might think. With a robo-investor, your money is automatically put where it makes the most sense, and as such you are much more likely to end up on top. This is the kind of smart move that could make all the difference in the world.
As you can see, there are a few key things that you might want to think about if you are keen to make this fiscal year a success for you. As long as you have tried the options above, you should find that you can achieve so much more.