10 Ways to be Richer by the End of the Year

Follow these steps, and you could be entering the new year richer than you’ve ever been. And remember money makes money.

1. Start a Payroll Savings Plan

You can arrange to have part of your monthly salary to go into a saving account of your choice automatically. You may miss the extra money at first, but you will soon adjust to the new amount you are earning. It may even encourage you to draw up a budget to help you to cope. It’s always good to remember though that very soon you will be able to spend, what could evolve into a hefty sum, on whatever you want.

2. Eliminate Unnecessary Expenses

We all have unnecessary expenses. Perhaps you are paying for a gym membership you don’t use or a magazine subscription for a magazine you don’t read. Sit down with your family and work out all the things you pay for and don’t use and eliminate them from your monthly bills. Some of those things could be things you use but could sacrifice. Maybe for the better for your health as well as you’re as our bank account. For example, you may find you are spending too much money on restaurants when you could just as quickly cook at home. Perhaps you drive to work when you could just as quickly cycle. If you look at your lifestyle in-depth, you will probably find all sorts of lazy habits you have formed that cost you and your family more money than necessary.

3. Go Out Without Your Credit Cards

When you see something you like calling to you from the shop window, it is so tempting to walk in and put it on your credit card. It may even make you feel good; for a few days. As soon as you receive your monthly bill, you’ll probably find yourself regretting, what you now see as a rash decision.

Luckily the solution is simple: leave your credit cards at home. Some people don’t even take their debit card. They withdraw the cash need for that week and budget around it. If they have an emergency, yes, they use the credit card (s). Otherwise, they spend what they know they have.

4. Avoid Taking on New Debt

Often debt can be like a bad habit. A bit like smoking; you can tell yourself you’ll never smoke again, but as soon as you are facing a bad or good situation, it suddenly feels like the best idea in the world to take it up again. I mean, why not? You deserve it. You only live once, right?

Somehow you need to flip that ideology around and say yes I only live once so why spend it in debt! Concentrate on the debt you have, make the payments, and you will soon find yourself with money you never thought you had.

5. Organise Paying Off the Debt that You Have Already

If you have debt, you need to make a plan of how to pay it off. It is difficult to do it on your own, and you can call debt charities such as Debtline for advice. One strategy they may give you is snowballing your debt. That means you start off paying the smallest debt and then work your way up to the largest one. It not only gives you a sense of achievement, but as you get rid of each debt, it gradually improves your financial status. And probably a lot quicker than if you paid them all bit by bit at the same time.

6. Decrease Your Living Expenses By 10 %

The problem with trying to get rid of unnecessary expenses is that there will always be something or some things that you can’t let go. If it can be easy to lie to yourself and say something like: I don’t want to cycle to work. It may aggravate my old knee.

Instead, you can get around it by simply saying I am cutting out a certain percentage of my living expenses. That way, the percentage becomes your goal and not the quitting of a life acquired habit. I would suggest a goal of around 10% because you may find any more than that a little hard to keep to.

7. Save a Percentage of Your Monthly Income

As an extension of the above point, you could put that 10% you save into a savings account. The point here is not to deprive yourself of a good lifestyle but to prepare yourself for a better future.

8. Sell Unwanted Items

Books, phones, computers, scrap metal, cars, old electronics — nowadays you can sell anything. A lot of people sell their stuff online. Some companies will give you a price for an item, and all you need to do is to send it to them, and they will send you the money. The problem with this is, not that they won’t send you the money — they will — but they won’t give anything like the items full worth. If you are selling online, you are better selling it on such market places like eBay, Gumtree and Amazon.

Otherwise, you can organise a garage sale or take your stuff to the local flea market. You may need to pay for a stall, but if you have good things to sell, you are almost sure to make a profit.

9. Miss Out on Your Yearly Vacation

Of course, it would be a shame not to take a holiday this year, but imagine the kind of place you could go to if you put aside the vacation money for another year.

10. Take a Side Job

If your day job is not all-consuming, you could consider taking a side job. That could be anything from working at your local pub to finding a flexible job online. Nowadays, the opportunities for moonlighting are endless and not as frowned upon as in the past.

Life is a mystery and while we’re all working our through it, it often throws us in a completely different direction than you expected.

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