FINANCIAL GROWTH

Hannah Carolan shares her financial tips and tools

Staying financially fit is a challenge - but when you do it, there’s a big payoff. You’ll feel happier, healthier and more grounded as you move through your week, month and year.

First things first: a few financial basics

Come up

With A Calendar For Your Finances

If you have trouble remembering important financial tasks, creating a calendar with all the important dates and deadlines is essential. If you are someone who is always on the go, download a reminder app on your Android or iPhone.

Create a budget

Having a workable budget will help you reach your financial goals. There are plenty of easy-to-use templates online to help you get started. If you are busy and need something more mobile, personal finance apps will also do the trick.

Check in with your finances every quarter

Every quarter, go through all your bills and expenditures and see where you are spending money but not getting the value you’d like. Keeping close tabs on a monthly basis will help you eliminate non-essential expenses.

Budgeting

Use apps to make and save money

Need some extra income? Check out the best apps to make money. For example, with Toluna, you can earn 2,000+ points for taking major surveys which can then be redeemed for cash, gift cards, rewards or sweepstake entries.

The 50/30/20 rule

If you don’t know the 50/30/20 rule by now, you should familiarise yourself with it. Put 50% towards needs (bills, shopping, etc.), 30% towards wants, and 20% towards savings (emergency fund and retirement) and repayment of debts.

Have a "surprise account"

This account is there for those unexpected expenses that come up like your car needing new tyres. Whether you can save £500 or £1500, this can really help keep your budget on track. So, the next time you save money with a voucher or get something on sale, deposit those savings into this account.

Financial motivation

Be specific about your financial goals

Agree on an amount related to your debt that you want paid off and by what date. Or how much you want to save and by when. Coming up with detailed financial goals like this will help you stay on track to reach your objectives.

Set short-term goals

The key to avoiding the burnout that comes with bigger goals, like saving for a home, is to come up with some short-term savings goals. This can be anything from a holiday in six months to any home improvements you have wanted to do.

Start working out

Productivity can spike after you've exercised, so take up running or any other physical activity and bring your financial status to new levels. Research shows that people who are regularly active have an especially strong chance of getting ahead financially.

Increasing your income

Increase your skillset

If you want to get ahead at work, increase your skillset and knowledge base to command higher pay. Try Udemy or edX for online courses. You could also take part time college courses in the field you want to pursue.

Find a mentor

A good mentor can give you helpful feedback and advice on how to grow your career and make sure you are on track to boosting your earning potential.

Savvy salary negotiating

Your employer is not interested in your pursuit of a new home. Their interest is in keeping a great employee. In order to be successful at getting that salary increase, put emphasis on the value you can contribute. 