They have to service debts on grocery bills, utility,
transportation or medical bills. To improve your financial position there are
several strategies to consider.
How
to Improve Your Financial Position
To improve your financial position you need to take advantage
of every opportunity that comes your way. The opportunity could involve savings
or earning income.
You could find a better paying job or create your own
opportunities. Every cost eliminated improves your financial position. Remember
the saying little drops of water makes the mighty ocean.
1. Sell Things you
don’t need
Everybody has unused items lying around the house. They
could be electronic gadgets, books, cloths, furniture or jewelry.
Many ways to get rid of such items include flee markets,
online store, pawn brokers, garage sales. EBay is a popular destination to sell
your unused items.
You can also trade-in the item to purchase something
else. Selling unused items could provide cash for other needs.
2. Take Note of
Unnecessary Charges
You need to take note of unnecessary charges. This may emanate
from utility bills, grocery bills, bank charges, ATM charges. There are
recurrent bills that add up to become substantial sums.
3. Shop Smart
Many people buy things on impulse without seeking cheaper
prices. The fact is that any item has a cheaper price or alternative.
This is because the price of an item is subjected to cost
of purchase, transportation and location. If you shop smart you would reduce
the amount you spend in buying the same item.
4. Negotiate
There is no rule that says you can’t negotiate prices. The
only place this is true is in a mega stores that have price tags.
Learn the art of negotiation to cut down on your
spending. You would be surprised at the amount of money you save
5. Save
Judiciously
A Good strategy is
to save judiciously. Make sure you deposit money into your savings account at
least once a month.
The sum would slowly accumulate into a presentable amount.
You will also get small interest on the savings.
Make sure the savings account is separate from your regular
account. To prevent spending, opt out of owning a debit card.
6. Earn Passive Income
Although passive income is small it usually adds up eventually.
To earn passive income self publish eBooks, create a blog and monetize. Other passive
income sources are affiliate sales, referrals and automated digital product sales.
7. Avoid Bank Loans
Many people have cultivated the habit of borrowing money.
Loans attract interest rates that accumulate with time.
Avoid taking loans and repay loans promptly. The burden
of loans can destabilize your financial position.
0 comments:
Post a Comment