One and Co

One and Co

  • Home
  • About
  • Lifestyle
  • Technology
  • Health
  • Business
  • Travel
  • Blog
  • Contact

March 18, 2019 by Marie

How to be Better with your Money

Are you constantly left with a suffering bank account by the end of the month? Or are you hoping to meet certain financial goals but don’t have the means to do so? It can be tough managing your money, and it’s so easy to splurge on accidental impulse buys or lose track of your monthly outgoings. If you want to learn how to be better with your money, take a look at these top tips.

Save

There are no two ways about it. If you want to be smarter with your money, you need to start saving. Saving money aside in a separate bank account each month will help you get to grips with your finances and generate a rainy-day fund. A rainy-day fund is a sum of money that can be used in emergency situations when you need a bit of financial help. Whether you unexpectedly lose your job or need to pay for a costly maintenance repair, it’s always a good idea to keep some savings aside. This should ideally contain enough money to cover at least three months of bills and other essential outgoings, which is why it’s so important to start saving as soon as you can.

Budget

Budgeting is a great way to monitor your monthly income and make sure you don’t spend your money too quickly. This involves taking some time to create a plan each month on what you’re going to do with your money. One of the easiest and most effective budgeting methods is the 50/30/20 method. With this, you split your monthly income into three categories — your ‘needs’, your ‘wants’, and your savings. ‘Needs’ comes under things like rent, energy, water, food, transport and other essential bills and costs, which should go towards 50 per cent of your overall monthly income. Then, ‘wants’ is 30 per cent of your monthly income set aside for treats, splurges and social spending. 20 per cent of your income then goes on your savings. This might leave you with less expendable income than you’d like, but if so, it’s a good opportunity to look at ways you can cut your spending. Whether that’s making your own coffee rather than buying takeout, or shopping in a cheaper supermarket than usual, there are plenty of ways to cut your costs for better money management.

Invest

One of the best ways to boost your finances so that you have more money to spend or save each month is by investing. There is a range of investment types you could go for, but property investment remains one of the most popular and often the most lucrative option. Of course, this can depend on the area you invest in and the type of investment you choose. Companies like RW Invest offer property investment opportunities in prime UK areas like Liverpool and Manchester, with high rental returns of up to 7 or 8 per cent. Investing in buy to let property in these cities gives the chance to earn rental income each month, but also generate a large return on your investment when you decide to sell thanks to high property price growth. If you do decide to invest, make sure you’re in a good place financially to do so, and fully research all aspects of the investment process.

About Marie

One and Co is owned by Maria Smith. She is an interior designer with a love for DIY, budgeting and everything home-related. You don't have to be a professional to have an awesomely designed home.

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018

NEWSLETTER

Follow Us Online

  • Facebook
  • Instagram
  • Twitter

Recent Post

  • Dividing Retirement Benefits After Dissolving a Marriage
  • 3 Things to Consider When Choosing a Space for Your Medical Practice
  • 3 Ways To Adjust Your Lifestyle When Planning A Wedding
  • 3 More Ways to Make Your Household Eco-Friendly
  • 10 ways to improve your stress levels

Facebook

One and Co
  • Home
  • About
  • Lifestyle
  • Technology
  • Health
  • Business
  • Travel
  • Blog
  • Contact

Copyright © 2018 ·one and co