Ways to Achieve Financial Harmony

– Contributed content –

(Sharon McCutcheon, Pixabay)

6 Dec. 2018. Managing your money is just like performing any other kind of scientific investigation. You cannot hope to achieve results if you are not cognizant of all the variables, if you do not exert the maximum possible control over the conditions and you don’t have a clear goal in mind (or at least know what to look for).

Back in October we published this post about staying on top of your finances, but it’s essential to remember that this is not a one and done exercise. If you don’t take steps to exert continuous control. If you have yet to achieve financial harmony it may be human nature to bury your head in the sand, but this will never lead to a desirable outcome. It’s up to you to identify the causes of your financial discord and administer the appropriate treatment. Here are some ways in which you can do this…

Take control with a budget template

Are you sick of being unpleasantly surprised every time you open your bank statement? Do all the little expenses like fast food lunches and early morning lattes add up to make a huge difference throughout the week? It can all conspire to make you feel like your finances are out of your control. There is no more definitive way to take control of your finances than to download a household budget template and make yourself accountable for sticking to it. This will condition you to account for your every expense and reign in unnecessary spending.

Borrow from creditors who have your interests in mind

In an era where the cost of living continues to climb while the economy conspires to keep our wages down, borrowing and debt are frank realities for many of us. But while circumstances may dictate that we borrow, this does not mean that we shouldn’t borrow smart. There are a plethora of options available to you, even if your credit score is less than perfect. Consider borrowing from a company like Blue Trust Loans that put the customer first and are open and upfront about their interest rates. When lenders try to obscure or obfuscate this is a sure sign that they need to be avoided.

Be consistent with your savings

Savings are an important and low risk way in which we can lay a strong foundation for our future finances. But in order for your savings to work you must first ensure that you have a strong savings account with a healthy rate of interest. If you’re sticking with your old main street savings account and its 0.06% APY there’s a good chance your money isn’t working as hard for you as it should be.

What’s more, you must also be consistent with your savings, paying into your account regularly. If you keep on giving yourself a payment holiday you can’t expect your savings to grow. Treat it as a fixed expense like your utilities or your rent. If circumstances require you to reduce your payments, by all means do so, but don’t leave your savings account to languish without having been paid into for months at a time.

Often, achieving financial harmony is simply a matter of assertiveness, diligence, consistency and patience.

Editor’s note: The opinions in this post are the contributor’s and not those of Science & Enterprise.

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