5 Practical ways to manage your cash
Being financially savvy is easier than it seems! Although the current global economic climate is challenging even the most astute people, there are some easy ways to take back some of the financial control!
From making smarter money decisions, cutting back on unnecessary expenses or generating another stream of income, we have some easy ways to help you take control of your financial situation. In addition to these tips and tricks, we are a micro-lender, and we offer our customers secured money lending options perfect for any economic climate. For more information on our loan products, click here.
Here are 5 practical ways you can adopt a money-savvy approach to help you have more “cash than month”.
1. Consolidate your debt
Rethinking your credit can be a better way of managing your money. Be mindful that not all credit costs are the same. So, consider using some extra cash to pay off the most expensive loans first. Or you could consolidate your debt into one loan, with a lower interest rate.
2. Pay yourself first
Most people save money by transferring any money left over at the end of the month. This is actually a much more difficult way to save! Set up a standing transfer into your savings account at the beginning of the month and see how that works out for you.
3. Go digital
Save yourself some cash by going the banking app route. Digital banking transactions are more cost-effective than those involving bank tellers or withdrawing physical cash in hand.
4. Cut back on non-essential spending
It’s time to get close and personal with your bank statement. It’s important to know where every cent is going. How many subscriptions are you paying for? How many take-away’s are you ordering every month? How many pairs of shoes are you buying? Print out the statement each month, colour code your spend, and have an honest chat with yourself about any items you could do without next time!
5. Earn additional income
A side hustle always comes in handy when you need another source of income. Technology has made it even easier to generate that additional source without leaving your home. This can range from tutoring, investing your money elsewhere or baking and cooking.
If you require a short-term loan to help you by, cme chat to our friendly staff about your loan needs. To find a store you, click here