Thursday 17 May 2018

Tiny Changes That Can Make You Richer

Often, we think that to increase our wealth significantly we have to make substantial financial moves. However, this is not the only way to acquire more wealth. In fact, minimal changes are often the way forward and can help you increase your wealth. 

With the sixth month of the year approaching, marking us halfway through the year, many of us will soon be starting to think of the new year saving resolutions we pledged at the beginning of the year, wondering how much we'd of saved if we had actually stuck to those resolutions. However, it's never too late to turn your finances around and to start saving right this minute!

Log Your Spending.
One sure fire way to ensure that you are richer at the end of the month is to log your spending. Every, last, bit of it! That's right if you bought a cup of coffee for £3.00, make sure that goes down in the log and what about that take out that you hadn't budgeted for? Well, that goes down as well! I truly do mean every cost, and outgoing as they are paid out gets logged.

Why, Is This So Useful?
Well, for one, it helps you feel way more in control of your money, something that on its own can help prevent you from overspending. It also helps you to be able to see where your spending patterns are occurring and can help you erase any unnecessary cost.

This is vital because you can then see if you are actually spending your money on the things you need, or whether you are frittering it away on rubbish that you could do without. This is something that can help you change your spending patterns over time and get more squirrelled away in that savings account.

Use An Investment App.
Next, an excellent method of increasing your wealth in a minor and straightforward way is to use an investment app. There is plenty of the market right now including Acorns or Stash, which both allow you to make small-scale investments throughout the month.

The Acorns app does this by rounding up money from purchases you make to the nearest pound. While Stash works with funds that you contribute, but still allows you to make micro-investments to ensure your money is working as hard as possible to make you as rich as possible.

Read some FIRE Books.
Don't forget that knowledge is power and to that end getting hold of some FIRE books is a fantastic idea. FIRE, in this case, stands for financial independence and retire early, and one of the most famous publish citation is The Four Hour Working Week. In this book, you will find ideas on how to create passive income streams that free you up to be able to pursue your passions, while still earning a decent wage. Something that can help you get rich but work less as well.

Cash Only.
Lastly, it's a classic money management tool, but avoiding using debit cards, and contactless payments can help you end up with more cash in your account at the end of the month. The way to succeed at this is to take out the cash for the week on Monday and refuse to use your card or go back to the machine until the following week. This action should make it harder to fritter away your hard earned money on unnecessary purchases. Something that will definitely help to ensure there is more cash in your accounts for saving at the end of each month.

Jada x

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