May 12, 2020

Ways to check your financial status

By Dexter Stangl

People may be too preoccupied with their daily routines whether at home or in the office or even in their businesses but it’s very important that they invest some time to check their finances on a regular basis. Are you one of these folks who sometimes forget about assessing their cashflow and expenses? If you are, then you should think twice about setting a specific time each week or perhaps twice a month to know how much money is coming in and how much you’re spending on certain things.

There are simple steps you can take to start on this process. When you begin on this endeavor, you will soon gain confidence knowing that you’re in control of your finances and you’re saving little by little for your future and that of your children.

Save for your children. How do you this? In the USA, the government gives two vouchers of 300 dollars each for children born after September 2019 and who belong to low income families. The first voucher is given after birth while the second is given when the child reaches the age of 7. The vouchers can be converted to cash or invested in the Child Trust Fund (CTF). Interests on savings accumulated through the CTF are tax free and there’s guarantee that this will grow until the child reaches his 18th year, the age which allows him or her to access the fund.

Manage your debts. Find ways to lower household bills to include those for your utilities. Once you cut down on them, you’ll in a better position to pay for your other important debts. Experts suggest moving your debt to a balance transfer card that provides a zero percent incentive. Make sure to pay your bills on time whether they’re from your credit cards or personal loans such as payday and cash advance loans that you took out.

Change your energy provider. Remember that electricity bills contribute largely to household bills. Heating costs continue to burden homeowners but if you transfer to a better energy supplier that charges lower rates, you’ll be able to save going forward. Experts recommend using direct debit when paying your bills and using a single provider for your gas and electricity needs to cut costs.

Eat at home instead of dining out. Frequent dining at restaurants and other commercial establishments can be quite expensive. Try to be patient and learn to cook for your food at home and you’ll be surprised at how much you can save. You can also join certain websites that offer reward points for online bookings and discounts on set menu deals.

Join the group savings trend. Did you know that you can save money through groups? This is known as group savings and you can benefit from this when traveling to other cities in groups. There are certain websites that offer special deals and discounts depending on the number of people that will purchase a service. If you’re planning to spend a holiday in a certain place, for instance, some online tour companies and even airlines offer a free ticket or free accommodation for every group of five or more people who use their service.

These are just some of the ways you can do to ensure that your financial status is healthy and you’re saving money for the long term.