Older mums tend to be more financially settled in life because of marriage, career and longer term savings. However there’s always room for improving your monetary situation.
How often to do really take a proper look at your finances? Could you benefit from cutting back on certain things to create more room in your pocket or perhaps you could use the spare time you have to find fun ways of creating a secondary income?
Firstly focus on your home expenses. With a little rearranging and ingenuity you could save money on your monthly food and bills budget. Additionally, have you ever thought of using your finely tuned skills to bring out the entrepreneur in you? Ever thought of becoming self employed? Maybe you have a hobby you could turn into small business or a blog you could monetise? Do you have creative talents? Have you considered a website to promote your artistic work or thought about getting your writing published?
Don’t underestimate the value of your old belongings either. You can cleverly clear your clutter online whilst earning extra cash.
When it comes to the financial necessities, like insurance, a little research can take you a long way.
Firstly, look into purchasing all of your insurance — home, car, and life — from the same company. This will maximise your chances of getting a preferred customer’s rate. And if you have been with that company for years, ask about any other discounts that you qualify for. Some companies give lower rates to customers who belong to different professional organizations, for example.
Finally, there might be lifestyle changes or home upgrades that you could make to save money on insurance, such as quitting smoking or installing a home security system. In the same way that you negotiate insurance, you can also negotiate your household bills. With energy being one of the most expensive monthy bills you have to pay, it may be worth your time to compare electricity prices to see if it makes sense to switch tariffs.
Many companies will also give you a ‘dual fuel’ discount for subscribing to both electricity and natural gas services from them. The bundling approach applies as well to your communications services; find the best broadband deals by subscribing to a company that combines it with cable and phone service.
So the next time you feel the need to save up for a holiday, educational costs, or a rainy day, you now know to look closer to home. All it takes is patience and financial savvy.
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