4 Small Changes That Can Make a Positive Impact To Your Bank Balance

We all have our personal dreams of what we hope to achieve. A beautiful home, a fast car, our own thriving business are a few examples of what some people need to get ahead. But more often than not, a bad financial habit gets in the way of achieving these dreams.

If we don’t come to terms with our limits and moderate the way we spend, we’ll fall into a deficit trap. A positive cash flow is one where income exceeds expenses, and the only way to do this is by adopting positive financial habits.

4 Small Changes That Can Make a Positive Impact To Your Bank  Balance | UK Lifestyle Blog


Limit the number of credit cards you have

It always feels good to have a credit card that allows you some overdraft expenditure when you are in emergency situations. However, indiscriminate use of such cards is a fast way to fall in to debt. The solution is to reduce the number of credit cards in your possession. Desist from purchasing an item that will take longer than three months to offset. It is also a good idea to open a savings account specifically for paying bills.


Work with a budget

Many people have trouble with their cash flow because they are unaware of the total amount for bills they should be paying every month. There is a correlation between people who do not use a monthly budget and those who are neck deep in debt.

Something as simple as list of all your bill and expenses in a month, and a scheduled payment system based on your income could suffice as a budget. However, to make it easier, there are several budgeting apps and loan calculators that can guide you with this an ensure that you are taken to a place where your sending becomes habitual, and you’re not constantly running your bank account into the red.


Cut down your impulse purchases

If you are fond of splurging on the latest Nike sneakers, you may want to stop immediately. Impulse buying is a terrible financial habit to incur. Rest assured you’ll take longer to fulfil that big goal if you maintain an unhealthy splurging habit.

To avoid impulse buying, plan your shopping trips to buy only those things you need. If it is impossible to exercise that control (some people do), take with you just enough money for the items you need. Leave your credit card, ATM card and cheque books at home.


Pay off your debts when due

A big dream-killer is accumulated debts. While there is nothing wrong with taking a financial loan, paying down as at when due is often a major problem. When you allow your debts to pile up, it begins to seem like an insurmountable task. With an automated budget planner, you can pay down your debts on schedule.

When you practice healthy financial habits, you make it easier to achieve your dreams, no matter how high you set the bar. An awareness of your incomings and outgoings is what is necessary to succeed.

Author: Sam Charles

Meet Sam, the creator behind UK lifestyle blog, Strawberry Squeeze 🍓 Sam is a newlywed living in Cornwall studying her PgDip in Strategic Direction and Leadership with the Chartered Management Institute 🍕🐰 She's also the Founder + Director of multi-award-winning SEO & PPC agency, Float Digital ✨

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