In a busy time of year like this, it’s easy to lose focus on on personal finances. On top of that, we could all do with a little extra money in our back pockets around this time of year, couldn’t we? A chance to splurge on vacations or buy those things we lust after in shop windows. The truth is, that many of us feel trapped because we are on a fixed paycheck each month with no room to grow. It is also important that we get to know how we can protect ourselves financially, through work and also personal finances. The good news is that there is a chance to boost that income by making small changes to your money mindset. Focusing on saving and earning extra, rather than accepting your current financial situation. With that in mind, here are some of the ways you can do that. 

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Take a look at your debt

One huge outgoing people have each month is the amount they pay to credit or store cards. These bills can add up, not to mention the individual interest charges being applied each month. This is when it is worth considering one loan to pay off all the little debts. It helps you manage the repayment on a fixed amount and also gives you an end date for when it will be paid off in full. It can save you a lot per month. Consolidating into one loan is quite possible, and potentially at a lower rate. You can apply for a personal loan from your bank or do a balance transfer to one of your lower interest credit cards. Doing so can save you money by lowering your interest rate (and thus paying less interest) and also making things easier to manage by only having one loan, instead of many.

Save money by paying less in interest

Figure out where you can save on other bills

There are always ways you can save on your monthly bills like utilities or insurance. One main thing to consider would be switching providers every few months. It doesn’t pay for loyalty anymore and many companies save their best deals and rates for new business. Switching can often save you a fair bit each month, and ensures you only pay for what you use. I’ve personally not done the best job at that but periodically (I like annually) I think it’s worth shopping around! Also – consider pausing or cancelling subscriptions that you aren’t using as often. It’s so easy to cancel and re-sign up and can be a quick way to save you $10…$15…$25 each month.

Save money by shopping around or cancelling subscriptions

Make sure your wages are protected

One thing you can do is ensure that your wages are protected. If you are self employed then you could look at insurances that protect and pay you when you are sick. If you are employed you may want to have a conversation with your employer about workers comp insurance cost and see if it is something that can be offered. Without wages, you can’t pay your bills, so do what you can to ensure they are protected where possible. 

Save money by having a better safety net

Sell unwanted things online

There will always be things in your home that you no longer want or need, So instead of folding it or locking it away in a cupboard or loft, sell it. Using websites like eBay can be useful for earning some extra income every now and again. What you may see as trash, could be another person’s treasures. 

Earn a little money by selling things around the house you don’t need anymore!

Be savvy when it comes to your spending

Often you may need to buy things like clothes or equipment. So make sure you are frugal by taking advantage of discount codes and vouchers. There are an abundance of websites that will offer you discounts if you search them out. Often this can reduce the checkout amount massively, meaning you save the money. I recently signed up for Capital One Shopping which is a free tool and it just googles and finds coupons automatically!

Save money with coupons

Take control of that food shopping bill

Finally, your shopping bill can be a huge portion of your spending each week. However, you have full control and there are some ways you can bring the cost down. Consider meal planning each week and writing a list of exactly what you need. This stops you from spending unnecessarily. Also we’ve found success with online grocery shopping – either for delivery or curbside pickup. It’s tough to have an impulse purchase and overspend if your pre-set list of groceries just show up!

Save money by meal planning

Let’s hope these tips help you refocus your money mindset! It can be a struggle with bills and expenses but with a little planning and little progress here and there we can all do a little bit better!

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