Learn 9 Steps to Financial Fitness

Saving and Borrowing

4. Avoid borrowing for necessary expenses.

Borrowing money is not always a bad thing. Debt, when used correctly, can help you improve your finances. Borrowing money to buy a house, for example, may make you better off in the long run because the house’s value may rise.

So long as you can afford to make the payments. However, you should avoid borrowing more than necessary. You should avoid borrowing money for necessities like food or bills, which can lead to more significant problems.

Mainly if you use high-interest short-term credit or overdrafts. If you’re having trouble affording necessities or resolving debts, you can get confidential assistance.

5. Conserve money

Saving could be exercised if budgeting is the balanced diet of your finances. And, as with exercise, starting small and frequently is a great way to get started. You could set a savings goal for yourself or aim to save a little extra each month to cover any yearly expenses.

You could save money every time you get paid or use an app to track your spending and deposit loose change into a savings account. The important thing is to make it a habit. Setting goals and saving for tangible items is an excellent way to stay motivated.

Making Financial Choices

6. Look for the best deals

While you don’t want to overthink or second-guess every purchase, doing your homework when it counts is essential. By shopping around, you can save a lot of money. One suggestion is to review all of your Direct Debits once a year and look for better deals.

Comparison websites are an excellent place to start. However, look for quality – both in product and service – to ensure you’re getting good value for your money rather than just a low price.

Look around for one-time deals and consider when certain products or services might be the cheapest. Flights are a good example: research which days may be the cheapest to fly and how far in advance you should book to get the best price.