**This post may contain affiliate links.
When it comes to finance, you do not have to be the owner of a business to benefit from some smart lifestyle finance tips.
Hopefully this post can help give you some useful guidance in saving money on your every day life for both you and your family.
Financial Calendar and Budget
One of the easiest and most effective ways of being on top of your finances is creating a financial calendar. This will allow you to outline your month to month spending projections and bills and organise your finances around this.
There are many online resources to create a financial calendar, including Dollarbird. It allows you to input past, future and recurring expenses in a collaborative calendar format that can be shared with each member of your family.
This is a great way to ensure you are organised and can successfully track your finances and begin budgeting. With the help of a financial calendar, budgeting becomes a much easier task as you are now to clearly see your expenditures.
Don’t forget to check out online websites like dealsplanet where you can find voucher codes for anything you shop online.
When it comes to mortgages, there is a general rule when trying to figure out how much you can afford. It is best to choose a mortgage payment plan that is below 28% of your monthly income. This allows you to have some breathing room and if mortgage interest rates increase, you are still able to afford your monthly mortgage payments.
At times it can seem that minimising your present expenditures is the best way to save money. This is a great way to save money short-term but spending smartly can also ensure that you save money in the future and long-term too.
It is best to be fully prepared for all outcomes in life, a life insurance policy offers solid financial protection to your family if you die.
This means that your family may not have to worry about mortgage payments and funeral costs.
The best way to save money is to make sure you have funeral plans arranged in advance. If the worst-case scenario occurs, there are online services to help you compare and contrast between funeral services such as LocalFuneral.
For more information on life insurance policies Confused.com is a great resource for advice.
When it comes to loans, it is best to be wary of co-signing a loan. If whoever it is misses a payment not only will your credit score decrease, the lender may come to you for payment.
If you or a member of your family aims to go to University, make sure you research what loans you are eligible for. Depending on your location you could be eligible for a student loan with minimal interest rates or a bursary that does not need repaid, all dependent on your household earnings.
Putting money aside for retirement is one of the most important things you can do, creating a retirement fund now and putting money into it means it has time to grow.
It is best to try and not dip into your retirement fund early, as this means you are undoing all the work you done by saving and you may be penalised for an early withdrawal.
Hopefully these tips were helpful in giving you and your family some smart ways to save money.
Thanks for stopping by today, you can find my other money saving posts here.
*This is a collaborative post