Best practices for making your money go further are shared by a Prosperity Wealth counselor.
EVERYONE has different financial concerns, and the bulk of them stem from a lack of savings or a high level of debt. Properity Wealth’s financial counselor reveals the best ways to save.
The week leading up to payday is usually the longest in the month, but you may avoid this by putting your money to work for you and saving a little extra.
Mark Evans, an independent financial counselor with Prosperity Wealth, spoke with This website about his top savings and investment ideas.
“You should always guarantee that you have paid off any short-term bills before you start thinking about saving money,” he continued.
“A student loan can also be a form of long-term debt that is easier to handle; this type of loan usually has a low interest rate, percentages are paid back according on your salary, and in some situations, the loan is even written altogether after 30 years.
Budgeting is an unavoidable aspect of any savings strategy, but many people still struggle with it.
“There are budgeting or banking apps that may help with this, but if you want to do it yourself, look at your bank accounts or credit card bills from the past three months and figure out what your fixed costs were.
“Think about items like rent or mortgage payments, as well as any bills you have to pay.
“Hopefully, estimating your income will be a little easier; if you are employed, simply look at your pay stub,” he continued.
“If you are self-employed, take an average of the last 12 months’ worth of income paid into your account; you may need to account for the tax you have to pay.”
The concept of’saving to save’ is where many people get lost in their personal savings plans; in order to feel like your savings efforts are actually doing something, pick a goal first.
“Start with a small and realistic goal; there’s no point trying to save 50% of your salary on day one and then dipping into your savings as the month progresses,” Mr Evans stated.
“Take an amount from your current account and move it to another account as soon to pay day as possible.
“Check to see if this account is paying.” Brinkwire Summary News