It is normal for your finances to fluctuate throughout the year. However, the holiday season is just around the corner, which means that your monthly spending is likely to increase quite considerably, whether you’re out celebrating with friends or buying gifts for loved ones.
With that in mind, here are some simple ways to boost your bank balance this October (and beyond).
Spread the costs of big purchases.
One way you can take control of your finances this October is by spreading out the costs of bigger purchases instead of trying to pay everything upfront. For example, if you were in the market for a new car such as Mercedes, you could check to see which mercedes finance options you are eligible for. This means that instead of paying upfront for your new car (something which many people cannot afford to do), you can pay in smaller monthly instalments.
Pick up a side hustle.
Picking up a low-commitment side hustle also means that you’ll have more disposable income come the end of the year without putting yourself on the path to burnout in the way a second job could. For example, you could start earning money online by completing surveys or joining focus groups – tasks that take up very little of your time but bring a great ROI. You may even be able to get your hands on free products while doing this, too, which could make it easier for you to know what to buy for your friends and family come Christmas.
Spend money where it matters – and cut costs where it doesn’t.
When trying to better your finances, you may be trying to pull back your spending as much as possible. However, it’s important to note that there are some things that you must make peace with spending money on, such as maintaining your vehicle, healthcare and groceries.
By prioritising these expenses, however, you can begin to cut costs in other areas. For example, this could help you realise that you are spending too much money on your wants (daily take-out coffee) vs needs (groceries) so that you’re able to do something about it. Alternatively, you could save money by cancelling unused memberships and subscriptions if you don’t use them now; the chances are you won’t use them over the next few months, either.
Consider asking for a raise.
As we’re now in Q4, businesses are likely conducting their annual reviews, which means your boss is about to start analysing your performance throughout the year and ensuring you’re working to target. If you’ve been performing well, you may want to consider asking for some kind of raise or at least ask what you can do to secure a promotion in the new year.
While this may sound daunting, sometimes you must ask for what you want in life. Speak clearly and confidently, and back up your request with proof of your success throughout the year. For example, this could include client feedback or input from your team. This will make it easier to make your case.
