Being Fiscally-Responsible Whilst Still Enjoying Life | #CP

Getting your personal finances in order requires constant work. Saving a lot of money during January and splurging during February, for example, is not the way to be fiscally responsible. You need to keep your spending and saving habits balanced. Rather than being frugal during the week and going wild at the weekend, you should protect your earnings at all times and reward yourself to small treats on a regular basis. You can use your money to enjoy yourself, in other words, but you should make sure you keep your house of cards well-stacked. In this article, we’re going to look at some ways in which you could start being fiscally-responsible whilst still enjoying life.

Monitor your expenditures.
Monitoring your expenditures is an important way in which you could be more fiscally-responsible. It doesn’t mean that you have to lead a life of compromise, however. Obviously, you should avoid going overboard with luxury purchases, but you could set yourself a monthly budget for non-essential expenses. Perhaps, at the start of each month, you could take out a certain amount of cash that is designated for luxuries. This would help to prevent overspending, and it would also keep your finances in check.

You should also monitor your necessary expenditures if you want to improve your fiscal responsibility. You don’t have to cut back on particular basic costs in order to save money; you just have to think of ways in which you might be wasting money on essential things in your life. Perhaps you could reduce your monthly energy bill, for example, by getting thicker glazing for your windows, insulation for your walls, and draft excluders for your doors. By naturally trapping heat in your home, you won’t have to consume so much energy to keep it warm. Browsing Google for coupons and discount codes when you’re shopping could help you to buy the same things for less money, too. Monitor your expenditures and make changes to your spending if you think your monthly costs are too high.

Make money in your spare time.
You might be responsible enough to cover the main costs you face in life, but that doesn’t mean you have enough money left for treats. Maybe you could start trying to make money in your spare time to fund non-essential purchases. Freelancing, for instance, could supplement your income. You might want to check out Fiverr; freelancers sell all manner of services on that site, so you could earn money doing everything from writing marketing copy to singing silly birthday messages for people. Your imagination is the only limit. You could also make money in your spare time by selling old belongings online. This can go beyond old clothes or furnishings. You could check out Angus Mackinnon if you have an old car that you want to part-exchange. They could help to value your vehicle for you, and you could make some money from it.

Invest in smart ways.
You should also invest in smart ways if you want to be fiscally-responsible in life. This can help you to increase your wealth, and that’ll give you more funding for both necessary and fun purchases. You should focus on the property market if you want to find good investment opportunities that are relatively straightforward. Buying to sell properties could turn over a decent profit, but buying to lease properties would be a good route if you want to bring in a regular income from tenants. Obviously, leasing properties rather than selling them requires hands-on involvement for an extended period of time. It depends on the type of investment you want to make.

*This post was written in collaboration with a third party, the words expressed are my own"

Karl Young

Part-time daddy and lifestyle blogger. Father of 2 boys under 2. Golfer, scare-fan, tea-lover, traveller, squash and poker player. I write on the @HuffPostUK

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