Financial worries routinely find their way to the top of the list when people are questioned, “what are you worried about right now?” However, a recent study has found that these fears are more heightened than ever before, as “Americans are more likely today than they were a year ago to report being "very" or "moderately worried" about several aspects of their finances” from maintaining their standard of living to paying bills.
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While these figures are hardly surprising in the wake of the COVID-19 pandemic, it does not make the prospect of financial instability any more comforting. With that in mind, here are three effective ways to get more out of your money (even during tough times).
Consider Investing. Investing is a great way to get more out of your money because it gives you the chance to build wealth passively. While savings accounts do allow for some passive growth through interest rates, investment opportunities present you with better returns over time. However, it goes without saying that you should not invest more money than you can comfortably lose (i.e., not money that you need urgently for bills and other expenses). You should also ensure that you find an investment opportunity that works for you. For example, if you were looking to get involved in forex trading, but live in an Islamic country, you might want to look into Islamic forex accounts. They are very much comparable to traditional trade accounts in terms of how you can make money but follow Islamic finance principles.
Negotiate Better Deals For Your Bills. It's no secret that monthly bills are on the rise across the US, with a recent study finding that “overall, U.S. households spend about $4.6 trillion per year on bills.” Thankfully, learning how to negotiate your bills for a better price can help you to cut back your spending in this area considerably. While you should be confident in your approach when requesting to reduce your bills, don’t forget to be polite and friendly. When you are kind, others are more likely to be kind too. Be sure to provide plenty of evidence as to why you should be allowed to lower bills too. For example, you could use quotes from other providers or price comparison websites.
Start Budgeting. Whether you’re preparing for retirement or simply want to ensure you have some more money set aside at the end of each month, budgeting is a great way to get more out of your money. This is because budgeting helps you to pay closer attention to your spending habits, meaning you can reign in any negative behaviors and habits that may otherwise have gone unnoticed. It also helps you to set aside some of your money to put into a savings account. If you don’t have much experience with budgeting (or find it hard to stay on track), you might want to try downloading a budgeting app. This will send you automatic notifications when you are about to go over budget!
