Concern about ‘the dear money’ often accompanies us through everyday life – there are many ways to shape it in such a way that financial security can be achieved and consolidated, and they are often very easy to implement. We have compiled 15 helpful tips for you to support you on your way to financial security.
Optimize your time management
A coffee-to-go here, a quick snack there – supposedly small things that are part of everyday life and are simply paid for in passing. On closer inspection, however, it becomes clear that even small things can weigh on your wallet in the long run. Solving the problem often involves optimizing time management. If you plan a little more time, you can make preparations for the next day and thus avoid spending on unnecessary little things.
Plan purchases in advance
Structure both your fridge and pantry to keep track of your purchases. This way you know exactly what is missing at home and needs to be filled up or which purchases can still wait. This approach enables you to shop consciously and save money on cooking.
Write a shopping list
In addition to writing a shopping list, it is of course also important to stick to it. If you make a note of what should end up in the cart the next time you go shopping, you not only no longer run the risk of forgetting something, you also save time and avoid buying unnecessary little things. Warning: do not go shopping when you are hungry. A small snack before going to the supermarket often avoids impulse buying of sweets and snacks.
Avoid impulse runs
Sleep on it before you make a purchase. Always ask yourself: do I really need this or is it just a nice-to-have for the moment?
Log both income and expenses
Write down your income and expenses in a household book so that you can keep them in mind.
Find out about investment opportunities
Use information sources such as the Internet, podcasts, books and advisors to get an overview of investment opportunities and thus generate alternative sources of money – but be careful: only invest in things that you can understand and see through yourself.
Build reserves at the beginning of each month
Set aside a certain amount of your earnings at the beginning of the month. This will give you a financial cushion early on and add a fixed amount to your savings. Keep budgeting with the leftover money.
Get insurance
Find out about security options, such as occupational disability or pension insurance, and take precautions in the event of an emergency or for the future.
Talk to your partner about the future
Even if it sounds unromantic: Discuss with your partner what your financial future should look like. Marriage contracts, insurance policies and reserves will also help you to achieve financial security in old age.
Pay attention to seamless job changes
In the case of planned job changes, your finances should not suffer from longer idle periods. Therefore, try to make sure that the next job follows on from the previous one as seamlessly as possible so as not to endanger your financial security by using up valuable financial cushions.
Start planning your retirement early
Even if this is still a thing of the future for you: Find out about security for the time after retirement so that you can enjoy financial security even in old age.
Don’t get into debt
The latest mobile phone or the expensive giant TV? For some, these are very important consumer goods, and they are even willing to go into debt or commit to installment payments to own them. For the sake of your financial security, however, you should become aware of the really important things in life and question your wishes and your consumer behavior.
Use tips sensibly
Not every piece of advice automatically fits your individual situation – so always evaluate: Does this tip help me when it comes to achieving my financial security?
Establish priorities
Have you set yourself a goal that you want to achieve? Then hold on to it! Don’t be disturbed by voices from friends or acquaintances and go your own way.
Say goodbye to vices
Is the morning cigarette part of your routine? Rethink your habits for the sake of your health and financial situation, and don’t just let your money go up in smoke.
Inna Warkus / Editor finanzen.net