We work so that we can earn and save money for us, for our future and our next generation. Saving and spending money wisely is paramount to have a better life and future. We can achieve this through our efforts. Ironically, we can get whatever we want when we earn well and when we have enough money in our pocket.
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Ditch Resolutions and set goals
The goal is something that you wish for every day of your life, and that can be achieved if you are committed to it. The more you commit, the more you achieve.
Switching your bank account could save you on average £70 a year
A bank account is an essential part of your day to day life as you need it for receiving your salaries. So, make sure that you are choosing the right bank and the right kind of account for you. You need to do a thorough research and find the account that offers lowest tax rate and in result, this could save you £70 a year! Yes, that’s true!
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Say goodbye to excess spending
The real problem is spending your money foolishly or spending it without proper planning. You need to be cautious when it comes to money, because if you do not manage your spending, then you soon may mess up your savings. All you need to do is to think and plan before you spend. You can also try money management tools to keep a track on your spending and savings.
Invest and reduce taxable income
For any revenue, there is a tax, and this is a hard fact for any earners. To save your money on these taxes, you can invest your money wisely. Investing your money makes it virtual, you don’t have the money physically but somewhere it is multiplying itself. However, you should have good knowledge and understanding of investment so that you don’t end up losing more money.
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Negotiate for better rates
Negotiation is an art! You can negotiate anytime and anywhere for better rates. Concentrate on how much money you would want to spend for something and then try to lower it as much as you can. For example, ask yourself “Why is my car insurance so high?” and then try to find the way to lower their rates. There is always a way.
Transfer debt to save on interest
Interest is the modern plague. It is killing our society and our money since the beginning, and you should try avoiding it at all costs. If you’re already in that mess, then you should try transferring your debt to another bank with a better interest, and that can save you a lot of money.
Interest income on saving account
One more thing you should consider is placing your money in a bank. When you put your money in a savings account, banks have a certain program which will place an interest on savings, and the sum you have left will become larger and larger.
Giving away money to charity, why pay taxes?
One thing which you must pay is the tax, because if you do not do that, you will quickly end up without a single thing in your possession and probably in prison. You have to obey that law, but there is a catch, it’s a better idea to give some money to charity instead of paying taxes, because if you give it to charity, you don’t have to pay taxes.
We have discussed just some of the useful tips on how to save your money more efficiently. You should also consider looking for more helpful advice on the internet. Focus on your goals as they are the best motivator for anything, and that way, you can plan better to save money on income in 2016.