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Of course, it’s natural that everybody right now is experiencing some sort of financial pinch, and we’re all waiting for the day when our money goes a bit further, but there are those that have made significant changes in their lives recently to benefit. This could mean getting a better job or being far more financially sensible, so you can enjoy the fruits of your labour, but also make some wise spending and investment choices. Let’s show you a few suggestions that can benefit every aspect of your life.
The Right Vehicle
While you may immediately go to your nearest Mercedes garage for the most high-end vehicle, you can benefit from choosing the right vehicle that exudes style, while also ensuring that you are able to go the distance in a financial sense. Earning a bit more money shouldn’t mean having to opt for the most expensive things, but about recognising that the right type of vehicle with the best miles per gallon and something that will not depreciate in value as quickly as other vehicles will ensure that you are being a bit more financially sensible despite earning a bit more money.
Prioritising Budgeting and Emergency Funds
You should now be in a position where you are able to put more money aside. It’s natural the first couple of months after getting that massive pay packet that you do a bit of splurging, but it’s important to embody the 50/30/20 rule, where 50% of your earnings go on the essentials, 30% on the things that you would like, such as those splurges, but then 20% goes into savings. It’s also a good idea to catch up on any retirement contributions if you’ve not been able to do so. It’s now a good idea to look at how much you would like to be living off in retirement and playing catch up potentially by putting money into a Lifetime ISA. Remember, you can only open a Lifetime ISA up to the age of 40, so make sure you get it done ASAP!
Investing in Your Health
One of the best things we can do, now that we are earning a bit more money, is to find those things that were potentially too expensive but are now within reach. We’re all feeling the pinch when it comes to our shopping habits, so if you are earning a little bit more than what you’re used to, it’s now more important than ever to go for as little processed junk as possible. It’s also a good idea at this point to start thinking about improving fitness in whatever way you see fit because now you are in the perfect position to invest in a gym membership or start investing in those things that will make a big difference to your health and longevity. Of course, when anybody is earning a bit more money, they will have to work for it, which is why it is more important than ever to start prioritising your health so you can not just enjoy the extra money you make, but enjoy your life. We can think that money is the key to all happiness, but in fact, comfort is the real solution here.
Sarah x
