I believe we can all agree this year has not turned out how anyone expected and we have all certainly had to dig deep. Whether you have been furloughed, you have worked all the way through lockdown or you have unfortunately lost your job, there is no denying that managing finances has been a huge consideration for us all. There are many ways you can cut back and make savings in order to prepare you finances for the future, read on for some tips…
Planning Your Finances Through Lockdown And Beyond
Investing in property
A mortgage tends to be the largest monthly payment made and is definitely something that money can be saved on. Mortgage holidays were offered to those who needed some respite during lockdown, but it is an essential that will always need to be repaid. The uncertainty of the future could have you looking into other options for investing your money, especially investing in another property to rent out. Investing in property is the most popular way to secure finances for the future. With staycation holidays looking like to be popular for some years to come, having your own holiday home that can be rented out when not in use has many advantages to it!
If you like the idea of a second property as a holiday let idea, buy to let mortgages which are available to those looking to get into the housing market and can be offset by the monthly income from renting out a property. Owning a second property is a great investment in the short, medium and long term -as historically, house prices in the long term do rise in value, offering a great nest egg for the future.
Become a bargain hunter
The high street has certainly been affected more than ever this year, as consumers have rushed to purchase items online and have them safely delivered to their homes. Whilst a few pounds saving here and there shopping online may not have too much of an effect on your finances, being savvy could help you save for the future! Distinguishing want from need is a great way to ascertain if you actually need an item before you buy simply for the sake of it.
Cash back sites such as TopCashBack offer a nice little incentive back on items you may likely have purchased anyway. Earn money back on goods you buy… what could be more simple? Watch the pennies and pounds grow the more you shop – use as you wish, or transfer over to a savings account to maximise the potential from your cash back earnings!
The Crypto world has experienced a shake up recently, with big hitters such as Bitcoin and Ethereum seeing steady, progressive movement. For the risk takers out there, it is exciting news considering the current economic climate due to the 2020 worldwide pandemic. A break from the more traditional stock and shares market, investing in cryptocurrency is something for the longer term. Unlike the options mentioned above, the crypto market is more volatile than investing in bricks and mortar or building a savings account. If this is something you wish to persue, then research LOTs and spend time speaking with financial advisors in the know!
Investing your money is always a sound way to guarantee returns in the future, how you do this all depends on whether you are looking for short or longer term returns. The suggestions mentioned above are just a few ways in which you can invest amounts, small or large but it is advisable to research your options thoroughly and discuss the best way forward with financial experts.
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