Many people find themselves in a situation where money is barely enough to meet their needs, and by the day of the next paycheck, the wallet is empty. Head of the Analytical Department of the Bank “BKF” Maxim Osadchiy told in an interview with the Prime agency, what needs to be done to stop living “from paycheck to paycheck.”
The most obvious way to improve your financial situation is to reduce your expenses. Osadchy advised to find the cheapest communication service providers, stop impulsive purchases, and purchase goods at sales and in online stores where prices are lower than in the offline segment. It is also recommended to use bank cards for purchases that offer the most favorable conditions for cashback and charge interest on the balance of funds. Another tip is not to take loans and microloans, and if you already have debts, restructure and refinance them, choosing the most favorable conditions. Giving up tobacco and alcohol will not only cut costs for these products, but also help save on treatment costs.
You can also get a plus in the family budget if you increase the level of income. You can find a part-time job, sell unnecessary things, rent out real estate. Osadchiy noted that in some cases it is much more profitable to rent out your own apartment if it is located in the center and rent cheaper housing in another area.
Improve financial literacy
Many poor decisions regarding personal and family budgets are made by people because of a lack of financial literacy. It must be increased in order not to succumb to seemingly tempting, but dangerous offers, for example, to participate in financial pyramids. Trying to invest money without having the necessary knowledge to do so is dangerous. Another tip is not to take loans and microloans, and if you already have debts, restructure and refinance them, choosing the most favorable conditions.
Some people are faced with the need to save money in a situation where money is already constantly in short supply. There are five easy ways save money in this case.