Managing your finance on your mobile

Nowadays your mobile is your main access to the Internet and the flurry of products available there. Mobile usage has risen exponentially in recent history, and therefore gaming and trading operators are all rushing to make sure they can offer the best mobile experience. One thing you can now do easily from your mobile phone is manage your finances in the New Year.

Unless you’re living an especially frugal life, the chances are you’ll be feeling a little short of cash when the festive period is over. Christmas is a time when most of us spend much more than we usually would on food, decorations and gifts for friends and family – and many of us will be forced to rein things in at least a little once the New Year begins.

However, not everyone finds this easy. If you’re wondering where you’re going to start, here are a few pointers for getting back on top of things in the New Year.

If you have extra cash invest wisely. Managing your cash and looking for the best yield for your available money is the best way to grow your wealth over the long run. So beware of risky investments like binary trading or forex trading, and instead invest cautiously in certificates of deposits or government bonds.

The road to financial independence is small but consistent capital growth every month. The ideal portfolio composition is some Blue Chip stocks, some bonds, some real estate type earning and some certificates of deposits. But avoid the volatility of products offering short-term gains, as often it is short-term loss you will get.

Step back and look at your finances. It’s easy to feel a bit overwhelmed when money is tight, so sometimes it’s a good idea to take a step back and have a proper look at your finances.

For example, how much are you spending on your essential commitments (things like rent/mortgage payments, bills and food) every month? How much more are you spending on things that aren’t so important? Is your income covering all your costs? These are all important things that not everybody pays enough attention to.

By looking at your finances and putting a proper budget plan together, you’ll better understand your money, and this is the first step to getting your finances in order.

Make a few cutbacks. The next step is to look at areas in which you could cut back. Most of us waste a bit of money here and there – for example, are you paying more than necessary for your gas and electricity? Then switch. Are you still paying for a gym membership that you never use? Cancel it. Giving your finances a ‘spring clean’ could make more of a difference than you may realise.

If in doubt, get help. Don’t wait until you’re in real trouble before you get help with your finances. There is plenty of free help available, and the sooner you take advantage of this, the easier it should be to improve your situation.

An adviser might be able to help you with budgeting, or they may be able to point out areas for improvement in your budgeting that you hadn’t spotted. If your problem is more serious and you have debts that are causing you real problems, they could also help you find an appropriate debt solution. Whatever the case, don’t leave it until it’s too late.