3 Simple personal finance advice that works miracles

3 Simple personal finance advice that works miracles

Dec 1, 2016

Artilce Written by : SNDA Online

Here are 3 simple personal finance advice that is targeted at mid-income earners, who often struggle at making the most from their savings and spending habits.

Cut down on things you dislike paying, ns not on the things you like– Most often people will ask you to cut down on things like your daily latte, your manicures or eating out. In most cases, these make people feel worse and cause them to splurge later during the month. Instead look at areas in which you spend a bulk of your annual earnings. For example, take your annual car insurance. Before you pay your premium, shop around and clearly understands what you will be covered for and what the cost comparisons are.

Find a side income source – Instead of cutting down, look into earning more with the resources you have. For example, if you have an empty room or an annex, think of renting it out or putting it in Air BnB. Also, consider online work that will enable you to work from home and around your day job.

Do not buy a house/real estate as an investment – Houses or real estate are not good investments as they can be very volatile to changes in economic conditions. However, if you want to purchase a home for you to live in, this can be a good investment. In this case, make sure that it is the house you can afford with your current income.