Creating wealth

So I take it you are you are reading this article because you favourite Auntie has not just left you more money that you need in her final will and you are not a over-paid footballer earning million for never scoring a goal. OK so your like me on a decent wage but need help and guidance of how to manage the money I got better and also how to generate more.

Follow these five easy steps and watch your money change.

Monday: Getting out of debt and back into credit
SO everyone has a mortgage or got a hefty rent to pay. Try to pay more than your mortgage instalment even if it means an extra £50 to begin with it will mean the loan is paid off in a quicker time period and could save you money in the end. Also if you get the right deal it may be an idea to transfer you credit card balance to another supplier who are doing the 0% interest options, which may help you to get rid of the credit card quickest.

Tuesday Credit Report by Experian/Equifax
Sign up to one of these services and get your current credit scores and monitor it for an unknown transactions Get a credit check as soon as possible and regularly check what is happening on your credit history. It is not nice to be a victim of identity fraud and having to clear up the mess these fraudster leave in your good name.

Wednesday: Have a medium or long term plan for saving
Make an appointment with your bank and investigate all of the savings options available to you. There are thousands, savings account, pensions, ISA’s, bond, short term saver, long term saver the list goes on and on. Get the right saving methods that suits your income and future goals and basically just start saving, even if it is as little as £10 a month it is better than nothing.

Thursday : Budget
How much over week or month do you spend on coffee, lunch, beauty, entertainment, travel etc? Do you truly know the figure, if the answer is no, you need to create a budget. It is the thing your parents used to give you when you were younger and they said don’t spend it all at once. You know have to allocate yourself a spending budget. After all of the bills are paid at the end of the month what is left is yours. You need to check your outgoing each week or each month because they can change so quickly and you need to be the first and not the last one to know. Calculate the total of what you spend on in a week e.g. travel card, petrol, food, entertainment and then multiply this by four to get your monthly spend and this is what you should use as your spending allowance. So for example you usually spend £50 a week to live on (not including) bills then your monthly pocket money/budget is £200. You cannot spend more than this but you are allowed to spend less. Stick to this and you will be in control pf your money rather than living out of control.

Friday: Enterprise Ideas
What other ways apart form your salary can you generate more income. What other skills outside of work are you good at that you can turn into a money maker? There are so many options some more risky than others have you ever thought of stocks, shares and even being a property developer. And can you do hair, sew, buy and sell stuff on EBay. What about those boxes of shoes that you bought because they were on such a good deal and you either never got around to wearing them or when you did wear them they gave you the queen of corns and changed your attitude from sweet lady to the meanest woman going whose feet cannot feel the blood in them anymore all thanks to the fabulous pair of Jimmy Choos.