Personal finances are more dearest. No two situations you face in your day to day are the same. Don’t you agree? The amount you spend on buying a gadget can be different from the amount spend to book a cab.
“No two lives are the same”. Everybody has their personal goals, plans, saving and investment strategies. Whether you’re a student or a senior citizen, all you dream for tons of dollars in your bank account.
Are you seriously working hard to fulfil your dreams? Have you set your goals and investment plan? If not, stop building castles. It’s time to make your dream come true. Plan accordingly and improve your financial standing.
If you want your financial process in a fun way, download spaceshipinvest app on your mobiles today. The good news is, this app has no brokerage fees, buy-sell spreads and registration fees. Interesting right? Yes, Spaceshipinvest is available on Google Play and App store.
There are two main strategies for boosting your personal investment and saving your finances
- Increase your income
- Cut down your spending
Sometimes doing changes for your existing financial life can be a daunting task. Whether you’re spending money on debt or saving funds for your better future can be an overwhelming process.
Creating a balanced budget can sound interesting.
Here are a few handpicked personal investments and saving finance tips
Create a budget calendar
Most people rely on digital calendars to maintain and manage their daily activities. Digital calendar helps to keep a track of everything right from booking a doctor’s appointment to scheduling a meeting.
When you talk about finances, many people ignore to maintain a track of paying bills, interest rates, etc. If you’re one among them, the budget calendar is the perfect financial tool for you. It helps to remember every important day and time in your life.
The benefits of using a budget calendar are
- Improved cash flow
- Fewer missed bills
- Spend money in a wise
- Saves your time and money
Check your interest rates
Keep it simple, the ‘interest rate’ is funds charged, by a lender to a borrower for the utilisation of assets.
Which loan do you prefer to pay first? The loan that has ‘highest interest rate’. Always pay attention to interest rates, that helps in informing about which debt to focus on. Compare interest rates with one another and pay accordingly.
There are many banks like HSBC, Barclays, Standard Chartered will charge you an interest rate can range from 10% per annum to 22% per annum. The interest rate is based on various factors such as credit score, libor, tenure and more.
Allocate your assets
Want to balance risk in your investment portfolio? Asset allocation is a great solution for you.
Divide assets among key categories
- Mutual funds and more
Although every portfolio functions differently over time, each has its own level of risk. Students can invest aggressively while retired employee should be conservative.
Whether you’re a newbie or experienced investor, always be careful about your investments that have a high-flying risk-reward profile. Sometimes, stock can increase in value and bonds can be decreased. The selection of bonds and stocks is the path where you can allocate portfolio to lower or higher risk.
Save for emergencies
An emergency is something you’ll lose your control over and have very little choice.
Have you ever heard about the emergency fund? Countless times right!! An ’emergency fund’ is an account with a huge amount that fixes aside to meet an unexpected expense such as
- Repair or replacement of large home appliances
- Major car repair
- Fire accident
Why do you require an emergency fund? Having a huge amount in your saving account can help to borrow money from the lender. These funds can strike you at any time. Make sure emergency account should be separate from the individual bank account that you use on a regular basis.
Get creative making more money
The cost of living is skyrocketing, Whether it could be house rent, daily wages or education fee. You cannot escape from daily routines.
Getting a handle on your finances is a crucial aspect of leading a fun-free financial life. Cutting down your expenses is one of the amazing ways to make it work. But the truth is adding a few money to your bottom line doesn’t serve you longer.
Is there any other way apart from cutting down expenses? Yes, here you go. Start earning extra money!!
How about a part-time job? It’s a smart strategy followed by many people across the globe. If you have an ability to create curated content, then working as a part-time employee can be beneficial. If you’re an expert in a specific field, then you can earn extra income by sharing your knowledge.
Selling the things which are no longer beneficial for you. It can be an old car, gadgets, musical instruments and used designer clothing. These can also generate huge among for savings.
Ask for suggestion and help
If you’re a newbie to investing world, you’ve basic knowledge in beginning. There might be a few terms where you’ve heard before. You might be aware of important strategies, in such cases ask for a suggestion.
- What stock to choose?
- Whether your portfolio is balanced or not?
- How can you get a low-interest rate?
Always learn from professional. Also, do proper research and gain confidence in the finance market.
Think this article as your wakeup call. Balancing and managing your financial activities can be complicated, but don’t allow the big image to let you fall down. Execute these tips one after the other to improve your financial situations.