2019 has been a turbulent year for many of us with big political issues such as brexit dominating the agenda as well as large businesses collapsing and inflation rising affecting fuel and food prices and driving up the cost of living. To make things even more difficult wages are not rising in-line with inflation. In this guide I will give you some tips on how you can successfully save up money for the near future.
Saving Money
Saving money is probably one of the most important and fundamental things that you can do in order to save money and improve your finances. One way through which you can save money is by setting up a standing order to a savings account. Setting up a standing order to a savings account means that you can put money aside that you could otherwise spend.
This ensures that you are saving money effectively. An important part of saving money which you should definitely consider is budgeting. budgeting is the process of looking over your spending as well as bills and income and dividing it up to understand how much you spend each month and on what.
Budgeting gives you an overview of what you are spending and therefore improves your overall saving habits as well as keeping you aware of what you have spent.
Finding The Right Role
Finding a job that suits you based on pay as well as day to day tasks is a really important factor in you being able to save money for the future. One big issue for younger professionals or graduates is that they are often on the lower end of the pay scale due to a lack of experience. However , having said this salary is definitely not everything and often companies that claim to pay large salaries for little experience are very demanding and are likely to have high expectations.
When finding the right role it is important to find something that you will be confident working as and that you will feel engaged and fulfilled with. This can sometimes mean sacrificing a higher salary for a job that better suits your experience.
Alternative Income Sources
For the majority of us our main jobs are or primary sources of income. However there are variety of different ways in which we can make income besides our primary occupation. One alternative income source which could prove to be very effective is stocks and shares in different organisations.
Stocks and shares are essentially small parts of other businesses that you can invest in. Shareholders are paid a dividend each year if the company is turning a profit similar to the value of shares they hold. If a company does exceptionally well some may choose to sell their shares as they will be worth considerably more than they had been previously.
Another important source of alternative income that could be used is having a second job. Having another job which is part time is an excellent way through which you can gain an additional income. Many people do this with zero hours contract jobs at weekends or around the week whenever they have time to spare to gain an additional income.
Rose Woofter writes about sustainable luxury and the growing trend of eco-friendly, yet lavish, travel experiences, with a focus on heritage railway carriages.
