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In a previous article, we considered smart options to improve your financial situation. Whether you want to escape debt or try to increase your household income, there are many ways to make every dollar go a little further.
We suggested doing your homework before making any financial decision. Indeed, there’s plenty of material online to educate you on the best budgeting tips, investment strategies, or even saving plans. So, if you’re going to turn your financial situation 180°, you want to make sure that you’re heading in the right direction. This will enable you to find tips on diversifying your income or even establishing a side hustle.
We’ve also mentioned the importance of cutting money waste in your day-to-day lifestyle. Did you know that Americans spend the equivalent of $130 billion a year on wasted energy? It’s the perfect place to start reducing waste at home!
If you’ve implemented all these ideas, here are some more smart choices to help you bring your financial situation to the next level.
Downsize your home
Whether you are a homeowner or a tenant, you could save a lot of money when moving into a smaller house. Downsizing is a popular trend that is beneficial not only for your bank account but also for the environment. A lot of households are considering the best option to cut down housing expenses without compromising on the quality of life. Suppose you’ve got access to high-quality housing at a lower cost, such as where to rent hdb properties. In that case, you could save a significant amount without changing your lifestyle. HDBs are cheaper accommodation settings from a specialist Housing and Development Board. While these are not available everywhere, it’s worth keeping in mind that smaller and more affordable doesn’t systematically mean unsafe or unregulated. HDBs are proof that you can downsize without down-living.
Discuss remote working options
The pandemic has transformed the typical workplace. Companies needed to adjust to the health challenge. As a result, remote working arrangements have become more popular. Working from home could save you a lot of money if your employer promotes flexible working solutions. Thankfully, many professionals roles only require a laptop and a secure broadband connection. If you live in a busy city, you may not realize how much work commute can be draining for your finances. Driving through traffic burns a lot of fuel.
Additionally, the constant stop and start motion can put your car engine through a lot of pressure. Even if you’re not driving, you could be spending over $1,000 in a year to use public transport. Working from home avoids those pesky expenses. You also won’t be needing to keep your office wear wardrobe up-to-date, which means saving hundreds in monthly shopping tips!
Declutter your home
What do you keep in your drawers? Most people accumulate a variety of items they don’t need, want, or use. If you’ve still got your old mobile at the back of the drawer, alongside a Discman in working condition and a first-generation Gameboy you never use, it’s worth asking yourself why you’ve kept those. Your unwanted objects could be someone’s treasure on eBay!
What kind of clutter could you sell online? You can sell clothes and shoes you don’t wear as long as they are in good condition, electronics that aren’t used or damaged, games and books that can be reused, and even jewelry! The sky is practically the limit, so as long as it is safe and valuable to someone, you could turn your clutter into money.
Cook at home
We easily fall into a routine of ordering takeaway food. But, on average, it’s up to 5 times more expensive to order from your favorite restaurant than it is to cook from home. If you prefer using a meal kit service, you could still be overpaying for your food. It can be helpful to understand exactly how much your meal is worth. You could be wasting money on unhealthy, carb-loaded meals that are harming both your wallet and your health.
Take back control of your emotions
Whether you are an impulsive shopper, an emotional eater, or a stressed investor, your feelings control your credit card. Indeed, the heart shops more than the mind because there’s an immediate feel-good sensation. Therefore, getting your emotions under control and understanding your shopping triggers can transform your finances. Sometimes, you only need to take a deep breath to free yourself from the pressure of negative emotions. When it’s all it takes to shop wisely, there’s no reason not to do it!
While we can’t control unexpected hardships, we can ensure our finances are in a safe place when they hit. Understanding how to protect your money and create a financially secure household is the first step to wealth. So what are you waiting for to take it?