Is it Right to Strive for More Money? There are many people that feel that they would like more money. They may feel that it is unfair that some people have more money than others, perhaps they are struggling with debt or they would like to buy more things that they cannot afford. Is right to want more money like this though? Can we be Satisfied with what we have?

It is worth starting by asking whether we can be satisfied with what we have at the moment. It is worth thinking about whether you are putting expectations on yourself that are too high. Consider whether you really need all the things that you are buying and whether they really make you happy just because you need cash now. You also should be thinking about whether you are paying more for things than necessary and perhaps if you switched provider, supplier and retailers you might be able to pay less and still have as much. It is also worth thinking about why it is that you want more. Is it Greed?

There are some people that might accused people that want more money as greedy. This is not usually the case at all so do not let this thought hold you back. It could be that you are striving for financial freedom, to build up a good pension pot, to save up so you can send your children to university or to pay off your debts for example. These are not signs of greed, you are not wanting money for moneys sake but you want to achieve specific things with it. If you are just trying to get money because you want to ‘keep up with the Jones’s’ in other words to have things that others have then it is worth thinking about whether this is a wise thing to do. It is unlikely to make you happy and there will always be people that have more than you and so it is likely that you will always feel inadequate. Lots of people strive to get more money. Can it be Achieved Easily?

Having more money can be easier than we might think. It is often thought that someone needs a big inheritance or lottery win to get enough money to make them happy, but this is not true. Many people who suddenly get lots of money find it very difficult to adjust and it may even make them unhappy and often then quickly spend the money and have nothing left, so this is not the answer. It is much better to work through a series of steps in order to change what you are doing so that you can achieve this. Start by repaying loans, then build up savings and investments by making sure that you only spend money on things that you need and that you really want. The steps are simple, but they are certainly not easy. However, you can start in an easy way by making sure that you are not paying more than necessary for things that you are buying. Things like insurance and electricity are often areas where we pay more than necessary and are easy to switch so start there. Then work through everything you buy and see whether you can pay less. Then start thinking about whether everything you buy is necessary and if you feel that you really want to buy those items or not. You might also want to start using some of that extra money to pay off your debts and also perhaps thinking about ways that you can earn more money so that you can start to accumulate more. It is key thought to remember that if we want more money we will normally have to work hard for it and you need to decide whether this is something that you are prepared to do or whether you think you will be happier as you are.

Can I Ever Get Financial Freedom? There are some people that dream of financial freedom. It can mean different things to different people but generally means that you will be able to have enough money in investments so that you will get paid an income without having to work. This is essentially what people do when they are retired as they have money form their pension or other sources which they use to live off and do not have to work. In the UK, we could theoretically achieve this by just not getting a job and claiming benefits. However, this is not something that everyone wants to do and it is likely that it could not be a large enough income for most people to be able to do everything they want to do. So, what can you do to achieve it? Find a Good Income Source

You will need to start with a decent income source. This means that you will need to find a job that pays as much as you can get. Obviously, how much we earn will depend on where we live, what qualifications we have and what work experience we have. However, doing a job that is paying below what you can earn is not good, so look around to see whether you are being paid a fair wage according to what people with similar skills to you get paid. You may need to see if you can get a pay rise n your current job, try to get a promotion or perhaps move to a different job which pays better. Reduce Your Spending

You may also need to start spending less. You will need money to invest and so you will need to make sure that you are not spending all of the money that you are earning. This means that you will need to think about what you are currently spending money on and whether it is necessary. There will be things that you have to pay for, such as tax and rent or mortgage, but you will also find that you buy a lot of things which are not necessary which you can potentially cut out. You can start by looking at everything you pay for and then seeing whether you can cut down anywhere. You may be able to stop buying certain things and also to pay less for some of the things that you decide to still buy. By going through everything you could make significant changes to how much you are spending and create significant reductions. Pay off Your Debts

It can be wise to start by doing everything you can to repay your debts. This might seem odd as you may want to focus on investing money so that you can start to get an income. However, you may find that the debts will be a big expense for you which means that it will hold you back in how much money you will be able to invest. Of course, you may find that the investments have a much bigger return than you are paying in interest of your debt. However, investments are risky, and you could lose your money, which means that you may then struggle to repay the debt. So, think hard about whether you feel that paying off the debts is worth doing first. Invest your Money

Investment is tricky. Although in the long term, statistically it should be good as the money should increase in value and might also pay an income, depending on what you invest in, there is always the risk that this will not happen and you will lose your money. You should do a lot of research first, to decide what sort of risk you might be taking, how much risk you are prepared to take and what types of investments there are. Many people will use a financial advisor to make sure that they get the right type of investment to suit them.

How Can I Spend Less Every Day? We spend money on things all of the time and it can seem like our money all disappears really quickly without us really noticing where it has gone. This can feel unfair and it can almost seem like we are working and just paying that money out to all sorts of people without really seeing much as a result of it. However, there are ways that we can cut down our spending. In fact we might be able to do something every day of the year that will help us to cut back how much we spend and lead to massive reductions. Utilities, Loans Repayments and Insurance

It can be good to start with the big things. Look at your bank statement and find those big expensive things you pay for each month such as insurance, loans repayments and utilities and take on a these a day to deal with. You should be able to find somewhere that you can compare the prices between different providers of these services. This will allow you to see whether it is worth you switching to a different company to save money. This easy process could lead to you spending a lot less. You could also think about how much you use with regards to utilities and you might be able reduce your usage as well, by thinking of one change you could make at a time. You may also be able to reduce your insurance cover (if you are happy with doing this) or increase your excess to save money. You could switch your loan providers as well and perhaps consider overpaying them so that, although you spend a bit more in the short term, spend less in the long term as you will no longer need to pay for them anymore. Food

Food is something that we need to buy, but we may be able to cut down how much we spend in lots of ways. Eating out can be more expensive than cooking ourselves as can buying pre made food, such as take away meals, ready meals, sandwiches coffees etc. Choosing a cheaper supermarket, buying cheaper brands and buying food products that are cheaper can help as well. We may also be able to buy less food if we cut back on the food that we do not need, things like snacks, alcohol, fizzy drinks, cake, biscuits, puddings etc are all lovely foods but they are not necessary and if we can cut back even in a few of these, we could save money. Transport, Holidays and Travel

We tend to use transport to go to work as well as to travel for leisure such as visiting family and going on holiday. These items all cost money and it is worth checking to see whether you can cut down. If you own a vehicle then see if you can pay less for insurance, fuel, repairs, breakdown cover etc. If you use public transport then see whether there are any discounts you can take advantage of or whether you can walk or cycle instead to save some money. With holidays, investigate whether there are cheaper options to the ones you normally take that will help you to save money. Entertainment and Phones

We spend a lot of money on our phones and entertainment like going out to the cinema, clubs, theatre and concerts, tv packages, online films and things like this. Take a look at what you are paying for and thing about whether you can cut down in any areas in order to save money. Even just reducing going out by one night a month could make a difference.

How do I Budget? You might have heard a lot about budgeting and think that perhaps you should do it. This might be because you want to pay off some debts or spend less money. However, you might not understand what budgeting is or how it works. This is something that is not surprising as it is not something that we are taught at school and so we just have to guess. It can be good to have a better understanding of what to do and then this will help you to do it more efficiently. What is a Budget for?

A budget is designed to help you to manage your money. It is a way that you can make sure that you are not spending more than you earn. You might think it is not that much of a problem because you can just borrow a bit of money, but you will find that it will add up and you could end up borrowing so much that you cannot even afford the basics that you need because the loan repayments are so high. This can happen to anyone, on any income and so it is really important to make sure that you get in control before it can even start. How do I do it?

There are different techniques for budgeting and it is a good idea to look into them and find out which will work for you. Some people will make sure that everything they need to pay gets paid as soon as they are paid. So that means they pay off their credit card in full, loan repayments, utilities etc and everything is paid off. Then they know that whatever is left they can then spend. Another technique is to set up a selection of different current accounts and have money transferred into them when you get paid and then you will know that there is enough money allocated to everything and you will not run out. You can also have a spare account for items that you do not pay for regularly like school uniform, car MOT, Christmas etc, which just builds up to be there for when you need it. However you do it, you will need to start by getting together all of your documents such as bank statements etc and looking at them closely to find out what you normally pay out and when and what money you have coming in. Note down everything that you have to pay for and whether you can afford these things and then what you have left for everything else. You also need to note things which you pay less regularly and then you will know where you are at currently. You can then look at where you can start to cut down if you need to. Will it Work?

Whether it will work will depend on you. Firstly, you will need to pick a technique that you think will suit you the best. You will also need to be disciplined and make sure that when you do spend money that you ask yourself whether it is within the budget that you have set and whether you can afford it. It can feel like a real chore and you may not like it. Having to cut back on things can also feel like you are being punished. It is important to therefore work hard on staying motivated so that you remember why you are doing it, what you are trying to achieve from it and therefore this will hopefully make you remember why this will all be worthwhile in the end.