For the most part, the lockdown restrictions are unwanted, they prevent us from visiting friends & family & going to social events. Still, there is a silver lining. With everything switched off for a while, it gives us a rare chance to assess our finances & get things under control.
Check my five nifty strategies to achieve financial security post-lockdown!
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#1 – New Income Streams
Although there is a lot to do to get a handle on your finances before you think about earning, the lockdown does provide an excellent opportunity for you to explore different income opportunities, especially online. You could improve your financial situation by starting a blog or opening an e-commerce shop. With the right know-how, there is money to be earned online, & the good news is it isn’t difficult to learn. In just a few hours of your time, you could learn how to set up and run a profitable online enterprise.
#2 – Consolidate Your Debt
Any financial advisor will tell you that to get a handle on your finances & the first thing you must do is get control of your debt. There is no point in trying to save whilst still paying huge sums in interest!! Unfortunately, this can be easier said than done, how exactly do you pay off a lot of debt? Firstly, consider debt consolidation. This is when a loan is used to pay off the majority of your debt, you then pay on a monthly payment to a debt finance company. This will be one manageable monthly repayment.
#3 – Budget Planning
If you can consolidate your debt & improve your earnings with an online enterprise, you’re in a good position; this setup should ensure an overall improvement in your finances. But it’s important to maintain this stability, something you can do with an adequate budget. Look at your bank statements for the past three months & make a note of all regular payments & expenses. Try to establish a baseline for your monthly finances. Some banking apps even have a spend limit option, so when you’ve overspent in one area… they’ll notify you. When you have this, it is easier to monitor your spending carefully & check your finances weekly.
#4 – Minimalist Living
Minimalist living doesn’t mean ‘going without.’ It means adapting your lifestyle, so it’s more in line with what you need rather than what you want. If you live your life based on what you want, you might end up overspending & running up debt on credit cards. Conversely, if you’re living within your means – according to what you need, you’re more likely to accumulate extra money without noticing! This is the great benefit of minimalist living. The attitude can be applied to your finances but also to other areas of your life – get creative!
#5 – Investing
More & more people are interested in generating passive income. Opportunities for this are opening up everywhere, but one of the best has always been investing. Even if you don’t know much about investing it’s easy to learn with informative videos online, you could invest in stocks & bonds, shares, dividends, or cryptocurrencies; you might also invest in property!
Hey! Do you have any ways to control your finances that didn’t make it on this list? If so, I will be happy to add it! Just comment below with your ideas & don’t forget to share!!