What Are Some Good Money Practices?

Saving Piggy Bank

You may have decided that this year, you need to figure out some good ways to manage your money better.

This may involve drastic alterations to your usual spending and saving habits or simply minor tweaks that allow you to remove some of that financial pressure.

Regardless of your job and savings goals, it can be essential to figure out your weaknesses in terms of money use. 

In addition to this, learning how to use your money better may allow you to avoid running into problems with debt.

Savings Accounts

Some people find it easy to put money aside into a savings account and not touch it. Others may be far too tempted to spend their money as soon as they get paid.

Opening an ISA (Individual Savings Account) with Wealthify may help you with your savings goals.

This usually doesn’t involve setting monthly payments, meaning you can make the process of saving far more affordable based on your living costs. 

One of the benefits of an Individual Savings Account can be that the money you save, including interest gained, may not be counted when you file your taxes, allowing you to generate a bit of extra income without having any charges associated.

Avoid Toxic Spending Habits

Avoiding toxic spending habits can also be a good change of pace for you this year. While older members of the population may be used to putting money aside, approximately 50% of purchases made by 18 to 24-year-olds in 2018 were based on impulse.

These impulse buys, if kept unchecked, could see you unable to pay your bills or even need to rely on loans or credit cards to get by. 

Taking the time to really think out your purchases may help. This could involve you checking to see whether or not the purchase will fit into your budget and even waiting a few days before committing to the sale to be sure that the item is wanted.

If not, you may find that you feel some level of buyer’s remorse from caving in to that temptation.

Know Your Worth

Being more confident with your value might also aid you with your finances. This might especially be true for those who have worked in a position for some time now.

You may want to consider speaking to your employer about a pay rise, especially if you can prove how much of an asset you are to the company, either through the productivity you provide or an essential role you fill. 

It can be a good idea to consider how much of a raise you might want before the meeting with your boss and be willing to haggle.

At times, this may also involve a few more responsibilities. However, your employer may appreciate your tenacity and forward thinking. 

Changing how you view money could allow you to live a little more comfortably. By adopting positive money habits, you could also be a good role model for those around you.