The debate between whether or not money makes us happy is still on-going and it doesn’t look like it will ever finish. According to AskMen.
“If you want to enjoy life… make more than 50,000 pounds a year”
For information, 50,000 pounds is around $120,000. So does money provide happiness? Yes and no. We have to know that we can be happy without any money as well, but it certainly helps to take some of the stresses out of our life. Luckily, there are useful hints and tips to help us manage our finances better. Does this mean we will suddenly start to earn triple figures? No, unfortunately not. However, it will help us make better financial decisions so we reduce our stress levels.
The January Financial Blues
January is a tough month. You will probably have been paid early in December to cover for Christmas, but you still had a bunch of other holidays before then – as well as after – and you’re completely out of money waiting for the end of the month for your next payday. According to The Globe and Mail.
“January isn’t the time for resolutions. It’s the time to set SMART financial goals – ones that are specific, measurable, attainable, relevant and timely.”
It is hard to suddenly stop buying what you can’t afford, but it is a lesson that you have to learn. Also start by paying off any loans or financial obligation with the highest interest rates. It will sting for a while, but you will reap significant results in the end.
Thinking of Investing
With the global recession still upon us, we turn to alternative ways of making more money. Investing has always been an interesting field, but one that has seemed untouchable to the majority of us. With the right tools and tips, however, investing becomes a possibility for everybody. The Inside Tucson Business reports that you should start talking about investment with your children at all ages, to prepare them for their financial future.
“The sooner the better. That’s a saying that applies to many facets of life, including educating children about money. Introducing sound financial habits early on will give your child a head start on the path to becoming an informed investor.”
True, this may not help your present, but it will help your future and that of your children.
Most of us have debts. It is almost impossible not to have loans, credit cards, overdrafts and other financial products, even without counting in a mortgage. Consolidating all those debts is usually a great idea because it means monthly payments go down and become far more manageable. According to SearchFinancialApplications.
“Financial consolidation can be complicated or simple, but, for chief financial officers, the overriding goal is always the same: faster and more efficient closes. The need for financial consolidation varies significantly by organization and typically depends on how often consolidation occurs, as well as the number and disparateness of corporate entities and data systems.”
As such, financial consolidation works for both private individuals and the business world. We must remember that we can learn a lot from businesses. Just as they manage people and money, we do the same in our home environment. The four main tips offered here are to use as many automated systems as possible (like online banking), to not use Excel for your budget, to involve more people (make sure everyone in your home plays their part) and to be consistent in your schedule. None of this is complicated and these simple steps can really help you better manage your finances.