The Top 4 Secrets For Improving Finances

top secrets improving finances frugal financial management

How do you currently make and save money? If you’re like 90 percent of working adults, your primary way of earning is by working at a 9-to-5 job. And your standard way of saving is to hopefully stash away a few dollars at the end of each month in which you have a budget surplus. It doesn’t have to be that way. In today’s economy, there are hundreds of ways to earn and save. The good news is that you don’t have to quit your day job to take advantage of these techniques. In fact, of the approaches listed below, none involves added work hours. They are simple strategies that anyone can use to boost their personal bottom line. 

1. Reduce Your Expenses 

Reducing your monthly expenses is the most straightforward strategy for saving money. Experts say that the average working adult tends to over-spend on meals out, vacations and entertainment. Most people also spend more than they need to on groceries. By examining your budget closely, you can likely identify several potential areas where you can make modest cuts. 

2. Refinance Your Student Loans 

Refinancing student loans is an ideal way to save money. Not only will you get lower rates on your refinance agreement, you’ll also have a longer time to repay the total. An added bonus is that your monthly payment amounts will usually be much lower than they were before, immediately freeing up extra money. 

3. Start Investing 

It doesn’t take much to start investing your money in equities. Financial advisors say that stocks are one of the best ways to make money for the long haul. One plan that a lot of new investors use is called the fixed percentage, or dollar-cost method. You simply designate a percentage of your income, say three percent, that you put into a stock or investment fund every month. After a year or two, you’ll likely notice that your original investment has earned quite a nice rate of return. Stick with blue chip stocks, or market and index funds that will spread out your investment over a wider allocation. 

4. Join A Shopping Club 

Research by financial organizations has shown that the simple act of joining, and using, a shopping club can lead to savings on grocery bills. There used to be just one or two big-name clubs in the nation, but now there are more than ten. Nearly every medium to large-sized city has at least one such club. Annual dues are about $50 per person, but you stand to save a huge amount of money by taking advantage of club prices, which are close to wholesale levels for many items. The key to saving this way is to plan your grocery buying by making a list before you go, otherwise it could lead to unnecessary items added to the cart. Many of the products sold are in large or bulk quantities, which means you need to have a place to store the goods and a need for them.

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