When it comes to getting smart with money, it is never too late or too early to do so. In fact, you can start making changes about your finances right this very minute. It is just a matter of determining what you can do right now, and how to go about it.
If you are thinking about smart money moves you can do as soon as they are practicable, listed below are five of them.
1. Gather all your coins
Most people have coins lying around their house or loose change in their bags – it may be the same case for you. Gather all that you can find and put them away as savings.
Carry out this scavenger hunt for coins weekly and, by the end of the month, take them all to the bank.
2. Look for the best bank for you
If you had chosen your current bank because it is where your parents bank or it is the one nearest your home, it is most likely not the best option for you. Banks are not created the same. They may offer similar services but how they ensure your benefits differs from each other.
Therefore, conduct a thorough comparison of highly recommended options. This may seem like a tiresome task but it can have a significant impact on your financial growth objectives.
When choosing the best bank, consider the following factors:
● Annual Percentage Yield (APY)
Make sure that you can get at least one percent APY.
● Transaction Charges and Other Fees
It would be best if you can find a bank with no ATM and monthly maintenance fees as well as does not require a minimum account balance to avoid penalties.
Does the bank have an easy-to-use digital banking service? Is the customer experience service hotline accessible? Does the bank offer a variety of ways for customers to communicate with it? What are the different programs that can make banking significantly easier for you?
If you need a bit more help in comparing bank savings accounts in the UAE, visit souqalmal.com
3. Look for a better credit card program
If you use a credit card as a financial management tool, you can benefit more from it if you would take the time to compare the perks and privileges different credit card programs come with.
You may be interested in a cash back credit card because with this, you literally get free money for using the card. Most banks offer this type of credit card. Needless to say, you need to conduct a comparison game to assess the benefits you can derive from such cards.
Gathering information about cash back credit cards is easy enough online, just go to yallacompare.com or souqalmal.com.
4. Write down ideas on how to increase your income and your savings
The best money moves always start with a plan, so create one by gathering different ideas for side hustles, how to save even more money, or how to take advantage of banking programs you are part of.
The Internet is brimming with ideas on all these financial goals.
Pinterest, for example, is abundant with easy frugality tips that have served so many people well. There are also YouTube sites that are focused on discussing topics that affect personal finances. Tap into these resources to create a better income and savings plan so you can grow your wealth and reach financial independence faster.
5. And lastly, build up your emergency fund
If you have not yet created an emergency fund, better start making room for it by breaking down your monthly income. Assign an amount or percentage of money to save for it so when something happens to you unexpectedly, such as an illness, injury, loss of a job, or even a move, you will be able to deal with the financial aspect of it without getting overly stressed.
You remember the coins tip from number one? It may be best to direct them all to your emergency fund to protect yourself from an uncertain future.
So there you go — money moves you can do this instant. All of them are easy to carry out but you can be sure that they will protect you and enable you to feel more comfortable and safe in this life.