There are times when making ends meet is difficult, leaving many perplexed as to what the solution is. Fortunately, there are several ways of ensuring that your money is working for you. The process may require you to catty out a little research and make some changes, but the benefits available means that it’s a worthwhile avenue to explore.
Make Your Credit Card Pay You
While many of us will see a credit card as the gateway to debt, used in the right way they can reward us. There are a series of credit cards that offer customers a proportion of what they have spent in cash back. To ensure that you’re reaping the rewards, it can be a good idea to set up a Direct Debit to pay the card in full each month.
Although there are benefits available via the cash back scene, there will be interest charged on any balance carried over each month. As such, it can end up costing you more, so the focus is on using your credit card in the right way.
If your current credit card doesn’t offer such a service, then why not visit a comparison site to see what options are available.
Make Use of Cash Incentives Offered by Banks
Banks offering hard cash for simply transferring your current and savings account may seem too good to be true, but it’s an incentive that’s offered by many financial institutions. Some may feel a little guilty about taking advantage of such an offer if they weren’t looking to change banks, but remember, these cash incentives are in place for a reason, and that’s to win over new customers.
Of course, there will be stipulations. It’s often the case that you need to have a certain amount coming in, as well as some regular payments. However, if you’re able to meet these requirements, then you could be well-placed to receive some money. Who knows, you may find your new bank is more convenient than your current choice.
Try and Pay Your Debt with Savings
While putting savings aside is always a good idea, it can be advisable to focus on your debt first. This is because the interest placed on loans and credit cards exceeds the interest yielded when the cash is held in a savings account, meaning you’re paying more in interest as a result. Putting the money towards reducing your debt not only reduces your outgoing, but ensures that you’re taking full advantage of the savings account moving forward.
Take Advantage of a Good Credit Score
Having a good credit score means having more choice when it comes to loans and credit cards. One of the more popular choices is a credit card that offers customers 0 percent borrowing. If you can make each monthly payment in full, you can use a credit card for most of tour purchases, allowing your money to earn more interest as it sits in your account.
Become Familiar with Investing Your Money
While investing in stocks and shares can be seen as an opportunity for the few, there are plenty of options available to the masses, regardless of how wealthy they are. If you’re new to the world of stocks and shares and don’t want to jump in at the deep end, then why not make use of one of the many apps available, which will allow you to invest some virtual currency before parting with your hard-earned cash.
There are also services available that round of your purchases to the nearest pound, and then use the remaining money towards your investment.
Of course, there is an element of risk associated with investing, so it’s not a platform that will suit everyone. However, if you’re able to navigate the arena, then you may find that you can make a passive income without much effort.
Make Money with the Things You Buy
It’s not unusual for us to make a series of purchases throughout the year. When making us buy something online, it’s normal for us to head to our favourite online store. However, you could be missing out on some savings.
There are several online platforms that look to reward visitors by offering a slew of benefits. In some instances, it may be a reduction in price, other instances may see you receive cash back for the purchases you make. Of course, there may be some items that you can’t purchase via such platforms, by making a list and carrying out a search is certainly worthy of your time.
Try to Pay More of Your Mortgage Each Month
While mortgage payments can be one of the more excessive financial commitments, looking to pay off more than we can yield several benefits. In the first instance, you’re paying off your mortgage faster. There’s also the fact that you’re not going to pay any interest on the amount you overpay.
Ensure Your Taking Advantage of Employee Benefits
When starting a new role, taking in all the information can mean we’re left a little bewildered. However, it’s worth conversing with the human resources department to see what benefits are in place, and whether there’s anything you’re missing out on.
For example, many employers will offer their staff a pension scheme, and will contribute towards it. While this is focusing on the future, ensuring you have a plan in place when you retire ensures that your money is working in the best way.
It’s important to note that ensuring your money works in the best way can mean staying ahead of the game. The little changes you make along the way can mean that your money is working harder for you and your financial future, but it can all unwind should you take your eye off the ball.