Money is the leading cause of problems in relationships, and the number one cause of stress for an individual. If you are wanting to make the most of your 2018, it is a smart idea to get your finances in a sustainable order to ensure you eliminate one of the main worries that has the power to turn your year sour. Below are some tips on how you can do just that.
Everyone would like to make money from the money they already have, and the number one way to do this is to invest. Whether it is in the stock market, property or collectable items such as classic cars and antiques, you could find yourself earning a considerable amount from well-researched choices. The key thing to ensure success is to think long term. You are unlikely to earn a regular living from investing, but it could be a safe way to add a sizable amount to your pension.
If you are someone who has multiple credit cards, it may be worth researching into credit card debt consolidation. This means all your debt will be in one place which has proven to be a lot more manageable due to it not being spread across several different banks and private companies.
If your debt is spread out, it can be difficult to get your head around all the different interest rates, the amount and date of each different payment, and it could mean you end up missing a payment and falling further behind. Putting it all in one place could relieve some of the pressure, and potentially help you to pay it off quicker, even though it will seem a much larger amount to deal with at first.
A budget is an ever-evolving process that coincides with changes in your lifestyle. One of these changes could potentially be that you are getting older and your priorities have changed slightly. In addition to investing in your pension as previously mentioned, saving for a contingency fund or for events that occur as your children grow older may be a smart move you will want to consider.
Therefore, your budget will need to be recalculated to allow for putting excess money aside, especially if you are paying off any debt you have alongside. Another priority may be that you want to get onto the property ladder either in 2018 or by 2019. Thus, you will have a large pot of money to acquire for a deposit. Any debt you have will also be taken into account when applying for a mortgage, so paying good attention to the previous paragraph and managing your debt properly is essential.
Whatever your priorities for the year of 2018, breaking down a monthly budget for food, fuel, bills, rent and monthly treats will give you a realistic idea of how much you can save each month, and how quickly you will be able to reach your saving goals.
Hopefully, this has given you some food for thought on how you can have your best financial year in 2018.