Financial planning to achieve short and long-term financial goals is a must to succeed in life. The financial goals make your retirement or matured life stress-free. Saving for debt and stress-free retirement life is different than the saving for financial emergencies and debt repayments. Earlier you set financial goals and start your journey, easier is the task. Short-term financial goals involve repayment of personal debts, credit card dues and overdue against credit lines, etc. The long-term financial goals include accumulating enough wealth by the time you say bye-bye to busy professional life. To summarize, you need to save for two phases of life – pre-retirement life and post-retirement life. Is it easy to save so much with limited income?

Smart Saving tips to Reach Financial Goals Earlier:

  • Transfer the small amount debt: If you are paying large interest on different short term debts, it is good to transfer all the small debts into a single credit card with the privilege of 0% balance transfer fee. Such credit cards don’t charge any interest over the transferred debts for a specified period; here, you get more time to repay the debt and to save the interest amount for the additional period.
  • Organize a free overdraft: OK, you too are habitual to depend on the so-called the best short term loans because of the easy availability of online direct lending stores. Change this habit. To meet out the financial emergency, you can use the interest free overdraft facility. For example, First Direct offers £250 interest-free overdraft facility as the part of 1st Account.  
  • Reduce monthly tax bills: You can save considerably by using the tax reliefs and Govt. benefits for which you are entitled but you don’t use. For example, use the facilities like annual investment allowance (AIA), potentially exempt transfers (PETs) and rent-a-room relief to save more each month.
  • Explore price comparison portals: These websites let you compare the prices of all the items that you tend to purchase from the most popular eCommerce store or from the local store. Price comparison facility is free of cost; and, you will find considerable price difference at various sources. Make it a habit to compare the prices of a small item like grocery or big item like a car before selecting the source to buy.
  • Get the advantage of loyalty cards: Most of leading brands and stores circulate loyalty point cards; many of these are available for online purchases also. The numbers of retailers, supermarkets, and restaurants reward loyalty points to your every transaction; these points can be converted into cash.
  • Pay your dues in advance: Many monthly bills, if paid in advance, award you with additional discounts. For example, if you pay the car insurance premium, life insurance premium, line rental, gym membership, credit card balance in advance, you may get a good cash award. 

Increase Your Earning To Avoid And Pay Off Loans:

Can you save sufficiently more to achieve your financial goals without earning more? Above mentioned tips to save more may increase your monthly saving but to run faster towards your financial goals, you will have to invest extra efforts.

Story: John Edic was living in Sunderland with his wife and 8 years old son. All of sudden he lost his job of business manager in an organization. He tried his best to get new job but couldn’t succeed even in six months and soon, he was trapped by loans with no guarantor from direct lenders. Ultimately he decided bold to use the borrowed amount to move to Brighton. Within one month, he got a higher salary job with 35% increase; and, he repaid all the debts within one year. Living debt free life at the age of 40 years is indeed a nice experience that most of Brits dream. Morale: If you think out of box, you too can lead a debt free life saving considerable interest rate amount each month.

Starting a part-time job is also a good option to increase your saving to repay back the loans at the earliest. It will help you avoid frequent high priced borrowing like a payday loan or no credit check loan. In addition, your credit score will also improve. Also, when you start a part-time job, you hardly get time to go to the pub, parties or for outside entrainment; it means you save extra.

How Can You Earn Extra In Your Spared Time To Payback Loan Earlier?

Just explore some websites famed for listing part-time jobs; for example- Totaljobs, Timewisejobs, Reed, E4S etc. If you don’t want to indulge in a long-term contract for a job, you can initiate your own no investment business also. Just think about tutoring, fitness training, renting a room for paying guest, renting your car, putting stall near a local store, assisting a store owner in peak hours etc. If you have specific skills like blogging, graphic designing, website development, digital marketing, maternity photography, wedding planning etc, there is unlimited scope to earn out of routine. Today, you will find the buyers of your services everywhere if these are needed and rightly priced.

Concluding Note:

Earning more can be beneficial for long-term financial goals only if you control the expenses also at each stage. However, minimizing expenses doesn’t mean to make the life bore and stressed. Any journey is good till you enjoy it; same is the case with saving for debt free financially secured life. It is the journey not only for you but it is for your complete family; so, involve everyone convincingly to contribute in your financial goals.

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