It is unreasonable to think you could have significantly increased the money you have in the next month, short of a lottery win. However, for more realistic results within the next 12 months, you may want to consider some clever financial strategies. These could see your money grow, or help you to make some wiser spending choices to give you more leftover at the end of each month. Either way, by planning your spending and investing wisely, you may be able to do more with your money than you are right now.
Using an ISA
ISA stands for Individual Savings Account. The main types of ISAs are cash ISAs, stocks and shares ISAs, and lifetime ISAs. The one that you pick will depend on what you want the extra money for. A standard cash ISA may be better suited for short-term goals, while a stocks and shares ISA can be a good way to ramp up your house deposit. The lifetime ISA can be a good idea for those who wish to maximize their money in retirement, as it will accrue over a longer period of time. Doing your research into each type of ISA, as well as considering your family’s needs, can be incredibly beneficial. Generally, there is no minimum payment either, which can allow you to put away an affordable amount each month.
Cut Your Expenses
Spending small amounts of money here and there may seem reasonable, until these little amounts add up. As an example, 25-34 year olds are expected to spend over $2000 every year on coffee. When you are concerned about having some extra money to play with, these coffees may not seem that important. By making drinks and food yourself, and even shopping around for groceries and suppliers, you might be able to prevent any unnecessary expenses, putting more money back into your bank account.
Pay Off Your Debts
As a general rule, no one likes to be in debt. Not only do you end up paying for your purchase or loan, but you then need to pay for the interest that has accrued on top. Making larger payments than required can help you to reduce these debts that much quicker, and also minimize the amount of interest added each month. Over time, this can see your debts vanish that much quicker. By only buying what you can afford, you can prevent yourself from getting stuck in the cycle of debt again. While this may be challenging, you may find yourself that much better off once the payments are complete.
There isn’t a quick fix to having more money, especially if you don’t have the time or energy to take on more work. Instead, you might want to think about what you currently do with your money, and locate areas that could use some improvement. This doesn’t mean you need to forego all luxuries, but instead think about what is best for you and your family, and reach a compromise.