We all know how it goes. You have been very careful with money, not buying more than the necessities for a long time. You are feeling good about some money you have been able to put away. All of a sudden, a car repair bill or vet’s bill for your pet comes in and suddenly you are flat broke. Do not let this happen to you. Of course, the easiest thing would be to have a mysterious benefactor who took care of these things, but for those of us who live in the real world, it comes down to making smarter and more informed decisions when it comes to your spending. Keep reading for some simple tricks that can really add to your bank account.
Be Sure of What You Want for the Future
In order to better be able to manage the money that you do have, you need to have some clear financial goals laid out. Know where you want to be and that will be able to help you determine where it should be now. If you are aware of your net worth and sure of your income, this will help you to make bigger goals that you can develop and realize over your lifetime.
Receive Dividends on Stock In Which You Have Invested
If you have an investment portfolio worth a lot, you are probably receiving dividends on what you have. However, in order to get those funds, you have to buy it before an ex-dividend date. What is ex dividend date? They vary stock to stock, but for all of them, to get the full value of the dividend, you have to buy them by the end of the last trading day before the ex-dividend date for that quarter.
Invest in Life Insurance
One thing we can always be sure of is that in life, nothing is certain. It is this that makes life insurance such a great choice for someone to take care of your loved ones after you are gone. It is never nice to think about, but did you know you can get some of the best quotes by shopping online? Investing in life insurance is a fantastic pathway to peace of mind for you.
Save, No Matter How Little the Amount
With money, as with everything else, small things add up to great big amounts over time. One of the best ways to be covered in the event of an unforeseen large debt is to save for just that eventuality. If you are just starting out, the amount that you save could be just a few dollars, if it is regular. But saving is a task that can be trained into a habit. You will see just how quickly your small amounts can turn into a large emergency fund.
Not only is it more eco-friendly and possible in this day and age, but going paperless and not keeping cash can make you more mindful about your spending habits. Make all of your financial transactions automatic, from depositing into your checking and savings accounts to paying off your bills. You can see what is left over and more accurately decide how you want to spend it. Not only is paperless banking more convenient because you never have to wait for the bank to open, but you can always see just how much money you have in your accounts. This will make it easier for you to decide which purchases you want to make.
Know Just Where Your Money is Going
How is it possible to make more intelligent decisions with your money if you are not sure what exactly you are spending it on? The truth is that it is of the utmost importance to know exactly how much you are sending or giving as a gift before you can properly map out smarter spending habits. A good way to figure this out is to track your daily expenditures. There are apps you can use for this, or a good old pen and notebook. Tracking every penny will keep you more mindful about how much you are spending.