If you have ever worked in a corporate business environment then you know the importance of having liquidity available to you at all times. Cash always has, and always will be, king! Cash is often needed to meet payroll, for product development, and even to float working capital needs. Personal finance works much in the same way. You should strive to run your household like a for-profit business. You need cold hard cash in order to your mortgage and other bills. Also, there are places that simply don’t accept credit cards, and that’s if you even have one. Yet, it’s surprising how often people find themselves with little to no money. I’ve always said, spend less than you earn and you will never go broke.
First and foremost, stop impulse shopping! Anytime you feel the need to make an on-the-spot purchase you should purposely sleep on it overnight and see if it still has the same desire the next day. Impulse shopping is one of the biggest reasons people blow through their paycheck each month.
If you happen to have a credit card already, then look at ones with zero balance transfer offers and/or lower interest rates. Freeing up cash that you usually use to make interest payments can be used on a multitude of other things. Just make sure if the balance transfer offer comes with a certain amount of months to pay your balance, then make sure you do it so that you don’t incur any unnecessary penalties.
The brick and mortar banks today tack on fees and charges anywhere possible. It’s easy to overdraft on an account, or withdraw more than the allowed amount, and the big banks aren’t shy about charging their customers insane fees. These fees can eat right into your available balance if you aren’t careful. I would suggest watching your account closely, or better yet, find a reputable online bank that charges little to no fees.
If you are currently in debt and find yourself strapped with just meeting monthly payment obligations there can be ways to free up cash there as well. Companies like Trust Deed Scotland are a great way to lower your monthly debt obligations. You can roll your current mound of debt into a one easy payment, and probably at a lower rate than you have now. Once you meet your entire debt obligation anything left over will be forgiven as well.
Follow these few simple tips and you should find yourself in a healthier financial situation and a lot more cash available to you.