While money isn’t everything, and it certainly isn’t the sole answer to feeling fulfilled in life, not feeling financially free or even stable at times can have an adverse, negative effect on your mental wellbeing, stopping you from having the freedom to go out, be sociable, and do the things that you want to do when you want.
Check out the following short guide, detailing some quick and key tips that you should think about following in order to lead a healthy financial lifestyle – which will then in turn positively affect your lifestyle in general.
Start with the basics – Spending and Saving
Many of us are aware of the fact that we spend a lot more than we probably should, and it can be difficult being frugal and stopping yourself from wasting money, but you should start by cutting back and sticking to what you need. Cancel your unwanted outgoing monthly payments, be a bit more frugal with your monthly shop, and by cutting a few corners in your spends, you’ll quickly amass a little extra cash and feel comfortable financially in the process.
Having clear financial rules and goals to keep you on track
If you want to build upon your finances and work towards something greater, one thing that you should work on is figuring out a long-term goal for your finances. Where do you want to be financially in the next five, ten, or fifteen years? Similarly, it would help if you also had a rigid ruleset in place, to stop yourself from overspending on stupid things that you don’t need, and to ultimately
Tip – Investing your money for the future can be a great way of setting yourself up financially, and having a bolstered portfolio that will support you long-term. RWinvest state that property investment, for example, is one of the most secure and lucrative investment strategies that you can make. There are tons of guides and videos online on the many different investment methods that are out there, so take a look if you want to find out more.
Making a game of it
Struggling to get going with your money, and could do with a bit of fun/inspiration to get you started? Why not try one of the following savings challenges, that are starting to gain traction and popularity online:
- The Envelope Challenge – Want to make an impulse purchase on something, but not sure if you actually need it or not? If you can help it, instead of buying the item straight away, put the money into an envelope, and store it away for a 30-day cooling-off period. If at the end of the 30 days you still want to buy what you were looking at then great, if not, you’ve got that money to save, and you shouldn’t miss it if you’ve been without it!
- 1P Savings Challenge – Here’s one that’s relatively simple, but can give you a nice little pot of cash at the end of the year to do what you want with – spend, save, or invest. The idea is you put 1p away each day, incrementally increasing until by the end of the year you’re saving £3.65. It can get hard in those December months when you’re in need of money for Christmas, but you can always flip it the opposite way round if you need to, and by the end of the year you could end up with a cool £670.