3 Ways to Improve Your Financial Situation Long Term

Written By Alla Levin
March 02, 2020
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Ways to Improve Financial Situation Long Term

Are you constantly running out of money?

High living costs and poor wages, zero-hour contracts and a lack of opportunities to progress are often to blame.

It can be frustrating and stressful living in that paycheck to paycheck cycle, but there are some things you’re able to do which can help alleviate some of your financial issues.

Not only will this make life easier and a bit more pleasant but it can improve your mental health too- worry about money can cause significant amounts of stress.

Here’s how you can go about it. 

Go back to ‘school’improve financial situation

Did you leave school without the qualifications you wanted or needed?

There are lots of reasons that this might have happened; maybe you dropped out of school due to bullies or you might have had problems at home that made dealing with school as well as impossible to face.

Maybe health or mental health issues meant you didn’t take your exams or do as well in them as you could have, or it could have been a case of going through a rebellious teenage phase where you skipped classes or didn’t bother with exam revision- not realizing back then the impact this would have on your future.

There are plenty of reasons why you’d return to education as an adult, for a start you can study just about anything these days with very few restrictions, right from the comfort of your home if you want to.

Alternatively you could go down the traditional university/ college route as a mature student.

One of the main reasons people return to education later in life is to improve their job prospects, this is because having a degree will often open the door to lots of better-paid jobs.

Having the career you want can make you happier in general, as you’re doing something at work you’re passionate about and don’t feel as though you’re stuck in a dead-end job.

And of course, a better-paid position means less financial stress, money might not be the answer to all of our problems but it definitely can alleviate many of them so a better-paid job is no bad thing.

If making more money long term is your primary motivation to studying again, make sure that the course you’re doing will open the door to jobs will pay a salary you’re hoping for.

If you’ve been feeling stuck in life and career and not knowing what your next move should be, education could be the answer.

It makes you feel good, ignites your interests and passions and allows you to become the person you’ve always wanted to be.

Stop wondering ‘what is an IT security degree?’ or ‘how do I become a counselor’ and start researching courses and the job prospects they lead to, take action within your life and improve financial situation long term.

Startup a businessstarting a home-based business

Are you looking to improve your skills while earning some extra cash?

If so, starting a home-based business is a great move as it’s convenient, flexible and can be a lot of fun too.

Since it’s from home you get to save on a lot of overhead costs, and there’s no travel time meaning it’s something you can easily fit in around your other commitments.

The extra money you make could go towards anything from debt to savings, it could just to make your life easier month to month having a bit of extra cash in your pocket.

The first thing you’ll need to do is work out what your company will be doing and selling, if you’re considering this seriously then chances are you have a general idea- but it’s important to refine it.

For example, if you know that you want to sell homeware, sports gear or medical equipment, ask yourself specifically what kind of shop homeware, sports or medical shop will you be?

You can do this by working out what style, what budget range, who your target market will be and what problem you’ll be solving for the customer.

For example, if you sell medical equipment will you focus on a particular type of illness or group of illnesses?

If you sell sports clothes, will you specialize in men, women or children or will you focus on a certain kind of sport? In a crowded retail market, you’ll need a niche to stand out.

Things like blogging, Youtube and freelance writing are other things you could do to earn some extra money too, these totally put you in control, as you only need to take on projects that you want to do.

Make sure to register so all of the legal sides of things are covered- you’ll usually need to set up as either a sole trader, partnership or limited company depending on what you’re doing.

This also tells the tax office of your company’s existence so you can register to pay the right taxes. 

Get your finances in check if you want to improve financial situationimprove financial situation

Keeping control of your finances can be difficult, regardless of who you are and what your financial situation is.

It’s easy to think that you’ve got the balancing act just right, and then all of a sudden your vehicle or your washing machine breaks down, or an unexpected bill drops through your letterbox and puts you back to square one with money.

These kinds of things always tend to come out of the blue, so it makes sense to plan ahead and budget for future expenses.

Squirrel away some cash in into rainy day savings account and only ever touch it if you’re desperate and a big expense comes up that you cant cover any other way.

Getting out of debt is one of the smartest ways to futureproof your finances, so many people find themselves in a pickle with money due to store cards, credit cards, payday loans and other kinds of debt.

If you do have debt, make paying this off a  priority, the quicker it’s paid the less interest you’ll pay overall so it works out a lot less expensive for you.

Going forward, try to avoid all kinds of debt unless you absolutely have to, with the exception being things like mortgages and student loans since these are things that allow you to increase your money over time.

Spend some time reducing all of your bills, once a year use a price comparison site to shop around for the best deals on things like utilities, insurances, and services.

Work out where you’re currently overspending and make some cutbacks. 

Everyone needs a budget, it doesn’t matter if your earnings are a little or a lot, a budget puts you in control.

It ensures that all of your bills and important expenses are paid and covered and nothing is accidentally spent.

There are lots of ways to manage your budget so come up with the best method for you, you could use a calendar or a notepad, a budgeting app or a spreadsheet.

It’s often a good idea to set up a bills account that separates to your regular bank account so money for bills is never overlapping with cash in your account that’s easy to dip into.

What kind of steps have you taken to improve your improve financial situation and money situation long term? 

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