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If there’s one thing that 2017 has brought people, it’s stressful money issues. So many people are finding that living from paycheck to paycheck is becoming a regular occurrence. But with living costs on the rise, it’s easy to see why this is happening. People with children are more susceptible to financial issues, as having to provide for more than just yourself is hard in this economy. But there are so many different ways you can change your financial outcome. This article will explore how you can be make changes for the better, right from a young age, up until parenthood or middle age.

From a young age, a surprising thing that no teenager will care to think of is paying into a pension pot. In the UK, the law states a full time employee, over the age of 21, should have the opportunity to set up a pension pot. Those under that age are opted out. But some people over 21 choose to keep the money and not put any money towards their future. So when it comes to retirement the money may not be as good as it could have been.

As you enter the mid 20’s, usually people have learnt how to control their money better, but it’s important to realise how your job can aid your future. Most companies use service such as salary benchmarking services from Croner. This is where they’ll benchmark a salary for specific role higher than their competitor to look like the better job. Make sure whatever career path you choose, you look for the roles that have the higher pay, as it’s most likely they’ll also have incentives such as bonuses and yearly pay rises.

Another way of changing your future, is to be careful of what you’re spending if you have children. It’s easy to get carried away spending, but it’s important to remember if your financial future is bad, your children may follow suit. When searching for days out, or holidays, look around to get the best deal possible. Where you can save money on one part, you can use as spending money for the actual event. Buying your children saving jars to help them learn the importance of money from a young age is an effective way of helping their futures.

This may be an obvious one, but cash ISA’s are excellent for saving money. The interests rates differ from different bank accounts, so take a look at your options before jumping straight into a deal. There are saving ISA’s and house government ISA’s that even make buying a house easier. The government gives young buyers a certain amount of money towards your house payment. You can either get one’s where money can be withdrawn daily, or not withdrawn for years, the latter obviously being the most effective. So in a few years time you could have a lump sum of money waiting to be withdrawn!

Those were just three active ways you can change your financial situation. With prices of everything on the rise, it’s important to be actively watching and saving your money, so you can have a bright financial future.

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Managing money is something with which many of us have problems. It becomes harder and harder to manage your finances as you get older. You find that the bills of which you need to keep track start to multiply and that you lose focus with regards to where all your money is going. Learning how to manage your money, whether you’re a young adult or an old one, is difficult. Here are some tips to help you better look after your funds to help secure you and your family both in the present and the future.

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First of all, you need to get better at budgeting. You need to be keeping track of your spending, essentially. Make a list of all your necessary costs in life: utility bills, petrol costs, food costs, rent or mortgage payments, and any other bills you face on a monthly basis which are unavoidable. Some of these costs can be reduced, as we’ll discuss later, but it’s very important to know how much money you’re spending each month. If you want to avoid debt then you need to spend within your means.

Disposable income.

Your eyes most likely widened at this sub-heading. Disposable income is the thing of which some of us have heaps, some of us have very little, and some of us have none. If you follow the advice in this article then hopefully your disposable income will rise; there will be some more tips when we talk about saving money later. After all bills have been paid, food has been bought, and rent has been covered for the month, disposable income is that remaining money which you’re free to spend on anything. It’s always wise to set aside some of this money (perhaps half of it) every month to help build up an emergency fund or some future savings for you and your family.

Of course, none of this is to say you can’t still use your disposable income for the occasional luxury or treat in life. The key, as mentioned above under ‘budgeting’, is to always spend within your means. Keep track of your funds and make sure you know how much disposable income you have available. If you do this then you should be comfortable in spending however much you want within your boundaries. If that expensive restaurant can be squeezed into your budget then do it. If you want to set aside a small portion of your disposable income for betting websites like Unibet, then do it. The crucial thing to remember when buying any treats such as these is that you’re always in control. You need to know when to stop. You need to be aware of your available funds if you want to avoid debt or other financial problems.

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Saving money.

Finally, the smartest way to manage your money is to practice good saving habits. The best ways to save money are in the household. It’s very hard to control the necessary costs we face in life; food is a necessity, heating is a necessity, petrol is a necessity, and the list goes on. However, there are ways to be smarter about some of these necessary costs. For example, you could do a lot to cut down your electricity costs at home.

Start turning off power strips when you’re not using appliances such as the printer, TV, or computer. You’ll be amazed by how much you save per year. Insulating your home is another good way to cut down energy bills because you’ll be better trapping the heat you produce. Do some research into the many different ways through which you can reduce your bills. Some tips will surprise you.

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More and more, people are turning to self-employment as a way to get themselves out of debt and boost their futures. Some will start their own business ventures, while others will simply pick up a few side-hustle jobs to earn a little extra and pay down their credit card bill. Whichever camp you fall into, it’s important that you register to pay tax, and that avoid the common (and often costly) tax mistakes that could leave you out of pocket, as well as in hot water.

To help you with that, here are some of the most common mistakes and how to avoid them:

Not Including Every Source of Income

If you’re working multiple gigs to try and pay down debt or simply to make an honest living (perhaps as a freelancer) it can be pretty easy to forget one or more sources of income when it comes to filing your tax return.

If you do this, there is a chance that you will be investigated and this is a time-consuming process, which could lead to fines, and perhaps worse if it’s thought you were intentionally evading tax. That’s why it’s so important that you take the time to record every single penny that you earn, even if it’s only a couple of pounds’ income from your blog.

Not Adding Things Up Correctly

If your books don’t add up, it will raise the suspicions of the tax man, and again an investigation could be triggered. This is so unnecessary when there are tools like this piece of reconciliation software, which can help you to get things right first time. If you know an accountant, having them look over your return might also be a good idea.

Putting Identical Expenses in Different Boxes

This is something that’s so easy to do, but if you put the cost of, for example, the fuel you use to run your removal company side hustle in the sales of figure box this year and then place it in the motor expense category the next year, there will be a significant variation in your tax return and this could flag you up to HMRC.

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Getting on the property ladder has been notoriously difficult in recent years, or so many people would have you believe. Fortunately, as ever, the housing market is simply not as volatile as other markets, and since the financial crash in 2008, efforts to keep property investments stable have increased tenfold. For the average person looking to pinch the pennies and potentially invest those wise savings in something tangible, investing in property can sometimes seem like a frivolous and useless pursuit. View Post

If you own a house and you’re having money troubles then the answer to your problems is surrounding you. Your home isn’t just a valuable asset when it comes to selling the place on the market; it can be a valuable asset to you whilst you’re living in it. There are so many costs and so many potential avenues to profit related to your home that you may well be missing every day.

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