Whether money really makes the world go round or not, we know two things: we can’t live without it and it doesn’t come in unlimited amounts.

So, what we need to do is focus on what we have or could potentially have and learn how to make the most of it.

Here are some tips that might help you use your financial resources more carefully and wisely, thus being able to afford more to you and your family.

Double or nothing

If we don’t take into account the biggest purchases that you’ll make in your lifetime, such as buying a house, this tip can be applied to most other things and situations when we’re supposed to spend money.

You should ask yourself if you could pay double for the item or service you’re about to pay for. If you can’t, you might want to refrain from making a purchase, since it can put you in some serious financial trouble.

Change the point of view

One of the most useful tips around is to stop looking at prices as simple numbers, but calculate how much time you need to work to afford it. This shouldn’t be a problem if you have fixed income, but even if you don’t, you can take your average weekly or monthly income as the reference point.

This method puts things into a completely different perspective and you might realise that the thing you want may not be worth the hours you’ve invested in earning the money to pay for it.

If you can, it doesn’t mean you should

The fact you can spend money on something, doesn’t necessarily mean you it’s a wise investment.

If you take drinking coffee or tea, for example, you’ll realise that although your budget may not suffer significantly from grabbing a cup of your favourite beverage on the go, you could save some money by making your coffee or tea at home and only resorting to cafes when you’re in a real hurry. The same approach can be used when it comes to preparing your lunch or snacks to eat during the day.

Conservative is not cheap

There is actually a big difference between someone who is financially conservative and someone who is cheap. The latter would go to a bar or restaurant and wouldn’t eat anything and refused to pay, while the former would stay at home and avoid the temptation to spend money unnecessarily.

Also, nobody likes people who wish to have fun and enjoy some luxury, but aren’t ready to pay for it.

Have multiple income sources

One of the best pieces of sound financial advice is definitely to have more than one source of income, if possible. Naturally, this is not always possible and many people simply don’t have enough time to look for another source of income when their regular job and commute-time take up most of their life. Still, those who can afford it time-wise could use their skills to do various jobs, some even from home, to improve their financial situation.

Needless to say, such side hustles must be in compliance with any non-compete clauses you have of your regular job. The money you make this way might be put aside and used for some trip you’ve always wanted to make, or some other purpose that would justify the extra effort you’ve put in.

Prioritise well

Different cultures and people put money on different places when it comes to the list of important things in life. Whatever your attitude towards financial matters is, make sure that you manage the available resources economically and carefully. Avoid falling into the loop where you work so much to achieve more, but lose free time in which you could enjoy the fruit of your labor.

On the other hand, make sure you provide such source(s) of income that will provide you with sufficient funds for all your needs. The emergence of various online tools have made it possible for us to have a wide range of jobs that we can even do from the comfort of our own home, which is definitely an option worth considering.

Managing your finances is not the easiest task in the world, but it can be boiled down to two simple ideas: avoid overspending and increase income.

If you manage to strike a balance between how much you work and what you do with the money you earn, you will be able to enjoy a fulfilling, joyful life. If you’re still struggling to find this balance, these tips will hopefully set you on the right track.

What’s your hot tip for maximising your money? Share with us below.

  • What a great article. I try and avoid temptation buys by asking myself if I really want it, if I really need it, if I can really afford it. It usually stays where it is when I answer those questions


  • This was interesting to read. I really like the advice and tips given.


  • A great article with good advice. I would love to be able to say I have financial freedom one day – still a work in progress – I want to teach my kids though to do things differently to me so they are in a better position financially than I am in their future


  • having a spending diary really helps to see what you spend your money on and also check your reciepts!


  • Save for things, don’t just buy interest free or leasing…. use cash


  • We budget, pay off our bills and make sure we don’t spend more we have. We don’t own a house and live quite a simple life style, but are happy with what we have.


  • I guess the first tip is don’t spend more than you earn! Have a “rainy day” fund in case of emergency like broken down car or vet, medical bills.


  • I try to stick to a budget and do not over spend.


  • Don’t buy things on a whim. Until you are really financially secure be content to buy basic goods that meet your needs. Compare prices, not just of retailers but brands; also quality. Some brands have dropped in quality and you are simply “paying for the name”. Check the country of manufacture. In some cases when the country of manufacture changes quality drops considerably.


  • Very good tips, especially the one about prioritizing.


  • I loved this article. I would have said the first point about calculating how many hours of work it takes to acquire the goods you have in mind. I have been doing this for a little while. I also take my daily thermos of coffee to work most of the time. Buying second hand goods online through local facebook selling groups and gumtree can save you a remarkable amount of money and time.


  • Learn to say ‘No”. If you’re over-extending yourself and committing to too many things, learn to say “no” to everything that doesn’t create income for you until you get your income to a place you feel confident and secure. Make a commitment to yourself that you will focus on income-producing activities versus tension-relieving activities or non-essential expenses.


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