Respondent.io – Review

This post may contain affiliate links please read our disclosure for more info. This video was first published on my YouTube channel; you can sign up for Respondent here – http://bit.ly/2JLgdI6

Increasing Your Income

Often the path to financial freedom isn’t complicated, or at least the next step isn’t, it could simply be that you need to increase your income without adding additional stress to your weekly routine. In this post, I focus on one website that will allow you to do that. As always with any review I publish, I have personal experience and results from using the product or service. I hope that you find it useful too.

Respondent.io Review

In this video, I review the Respondent website. This video will be of interest to people who are interested in earning income online and making money online generally. Respondent is a website that brings together companies wanting qualitative research for their products and services and research participants who are paid for their time taking part in market research interviews.

It is very much a qualitative approach, typically you will be interviewed  via webcam or in person by a market researcher for 45 minutes. Within 8-10 days you will receive payment via PayPal. Respondent is a good way to earn extra cash; in the video I discuss the process of applying for research interviews, the cash amounts available and my personal  experience with Respondent.  You can sign up for Respondent here http://bit.ly/2JLgdI6

Next Steps

Would you like to earn some extra money on Respondent? You can sign up Sign up for Respondent here -> http://bit.ly/2JLgdI6    Have you heard of Respondent before? Let me know in the comments section below.

DSX The Professional Crypto Exchange

If you have enjoyed this post you will also like the following posts:

How to Monetize Twitter with Affiliate Marketing

Top 3 High Paying Affiliate Programs

What to do if you are Made Redundant: 5 Steps

How to Control Your Cashflow With a Bill Payment Schedule

Credit Cards: How to Make Balance Transfers Work For You

Should you Combine Pensions?

What’s the Best Strategy for Clearing Debts?

Save up to £300 per year by Changing Broadband Supplier

Investments: Why Saving is Not Enough 

How to Stop Emotional Spending

Water Bills: Are you Pouring Money down the Plughole? 

How to Stick to Your Budget During Summer: 5 Tips 

Save Money by Switching Energy Supplier Every Year 

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

 

How do you Monetize Twitter With Affiliate Marketing?

This post may contain affiliate links please read our disclosure for more info. This video was first published on my YouTube channel. 

Affiliate Marketing

We will need to embrace alternative ways of generating income if we are all to achieve our goal of financial freedom. In most cases, selling your time for money in a traditional job will not be enough.

If you have read this post, Is Affiliate Marketing Easy to do?, you will know that Affiliate Marketing is one of those alternative methods that could help you achieve your financial goals much faster.

Globally the Affiliate Marketing industry is worth $12 billion and is predicted to grow by 10% in the next few years*. Affiliate Marketing could become an additional revenue stream for you.

In this video I demonstrate how to monetize Twitter with Affiliate Marketing. If you are not already a member of any affiliate programs, you’ll need to join a few and then you’ll be in a position to start making additional income from Affiliate Marketing.

How to Monetize Twitter

Twitter is a social media platform with 321 million monthly active users** ; recent research published by the Pew Research Center has confirmed that 80%  of tweets are sent by just 10 % of users. If you want to be successful with this monetization strategy, you will have to become one of the active 10% of users on the platform.

Have you thought about monetizing  your Twitter account? Have you started Affiliate Marketing? Let me know in the comments section below.

DSX The Professional Crypto Exchange

If you have enjoyed this post you will also like the following posts:

What to do if you are Made Redundant: 5 Steps

How to Control Your Cashflow With a Bill Payment Schedule

How to Boost Your Income With a Temporary Christmas Job – 4 Examples 

Credit Cards: How to Make Balance Transfers Work For You

Should you Combine Pensions?

What’s the Best Strategy for Clearing Debts?

Save up to £300 per year by Changing Broadband Supplier

Investments: Why Saving is Not Enough 

How to Stop Emotional Spending

Water Bills: Are you Pouring Money down the Plughole? 

How to Stick to Your Budget During Summer: 5 Tips 

Does Your Choice of Supermarket Matter? 

Save Money by Switching Energy Supplier Every Year 

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

References

* https://hostingtribunal.com/blog/affiliate-marketing-stats/

** https://www.theverge.com/2019/2/7/18213567/twitter-to-stop-sharing-mau-as-users-decline-q4-2018-earnings

Is Affiliate Marketing Easy to do?

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://partnernetwork.ebay.co.uk/

Affiliate Marketing is the process of earning commission by promoting a company’s good or services. In most cases, this commission is earned when a web visitor is sent from one website through to a retailer’s website and goes onto to make a purchase.

For example, if you are an affiliate partner for Amazon and one of your web visitors clicks through to to make a purchase via your promotional link, you will receive a commission. It is not essential that you have a website; it is possible to  achieve the same by posting your links via Social Media, Having said that, if you want to take a more structured approach to Affiliate Marketing, creating a website will help you do this.

Affiliate marketing can boost your household income if you can master it and for that reason it is worth considering.

I answered a question on Quora related to Affiliate Marketing that I have chosen to share here too.

Liberty,

Thanks for the question.

If you are thinking about affiliate marketing for your blog, here are some considerations for you.

Affiliate Marketing Considerations

Time

Yes, you could get affiliate income in a few weeks but if you want to be realistic you should allow about a year to create significant income. On reading this, most people will no doubt click away. The article I have linked to below is one you should read.

How Long Affiliate Marketing Takes – Affiliate Marketer Training

Choice of Affiliates

Evaluate your niche and pick only the appropriate affiliates for your audience (assuming that you have built an audience for your blog). Don’t just sign up for Bluehost because the commission is quite good and you read that Pat Flynn and Michelle Schroeder-Gardner earn $50,000 per month from Bluehost. Those guys have a massive audience full of newbies. Maybe your audience isn’t people getting started earning money online. There are some great affiliate programs and many of them are not as well known as Bluehost and Amazon.

Be Prepared to Earn Nothing Per Month

For every blogger proclaiming that they earned $15,000 per month from Affiliate marketing there are many more who earned nothing. That is the reality that creators of Affiliate marketing courses do not always tell you. My experience has been in the middle… sporadic earnings but no consistent income. Nice bonuses here and there but not predictable.

Evaluate Your Affiliates and Dump Poor Performers

Even affiliate programs that are strategically aligned with your blog’s purpose and vision might not work with your audience. If that is the case, after testing for a few months, dump that affiliate and replace it with a new one.

Don’t Sign Up To Too Many Affiliate Programs

Avoid signing up to too many programs. You will need to keep track of them and assess click and conversion rates; signing up to 20 programs is not what I would recommend. Think quality over quantity.

I could probably write pages about this topic but I will end it here. I hope my list of considerations/ danger signs has been useful to you.

Good luck!

Are you an affiliate marketer? Is it a side hustle that you will investigate? Let me know in the comments section below.

DSX The Professional Crypto Exchange

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Take This Free Financial Literacy Course Today

Cryptocurrency Exchange: This is Why I Recommend DSX

What to do if you are Made Redundant: 5 Steps

How to Control Your Cashflow With a Bill Payment Schedule

How to Boost Your Income With a Temporary Christmas Job – 4 Examples 

Credit Cards: How to Make Balance Transfers Work For You

Should you Combine Pensions?

What’s the Best Strategy for Clearing Debts?

Save up to £300 per year by Changing Broadband Supplier

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

https://www.quora.com/What-danger-signs-should-I-look-for-when-looking-to-start-affiliate-marketing-on-my-blog/answer/Mike-Pitt-1

 

Take This Free Financial Literacy Course Today

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://vdc.edu.au/

One of the goals I set for myself for this blog was to help people improve their level of financial literacy.

What is Financial Literacy?

‘Financial literacy is the confluence of financial, credit and debt management and the knowledge that is necessary to make financially responsible decisions – decisions that are integral to our everyday lives.’

Kristina Zucchi, a contributor to www.investopedia.com

With each blog post, I have intended to spread financial awareness and increase the knowledge base of my readership. The feedback I have received suggests that this has been appreciated. Thanks to all of you that took the time to feedback. Another way of spreading financial literacy is by sharing details of a free financial literacy course. Over the course of the last couple of weeks, I have been searching for a free resource that I could share with my readers.  I have now found a suitable course and this course is the focus for today’s blog post.

Free Financial Literacy Course

This financial literacy course provides a good introduction to personal finance and money management. The course is supplied by Alison.com the free online learning platform set up as a For Profit Social Enterprise in 2007 by Mike Feeric. Alison.com was started in Galway, Ireland and now has over 12 million students from 195 countries. The course that I have selected has been studied by sixty nine thousand students and has a rating of 4.1 stars. The course will take approximately 6-10 hours to complete.

Click here to be taken to the course landing page.  

Continual Learning

As we continue on this journey towards financial freedom, I will share other helpful resources with you. I hope that you find this course useful. I believe that it is important for us to continue learning and improving our knowledge base.

Have you taken any financial literacy or money management courses before? Let me know in the comments section below.

DSX The Professional Crypto Exchange

If you have enjoyed this post you will also like the following posts:

Cryptocurrency Exchange: This is Why I Recommend DSX

What to do if you are Made Redundant: 5 Steps

How to Control Your Cashflow With a Bill Payment Schedule

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Credit Cards: How to Make Balance Transfers Work For You

Should you Combine Pensions?

What’s the Best Strategy for Clearing Debts?

Save up to £300 per year by Changing Broadband Supplier

Investments: Why Saving is Not Enough 

How to Stop Emotional Spending

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

 

What to do if you are Made Redundant: 5 Steps

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://recruitingtimes.org/

There may come a time during your career when you are made redundant, in the United States the term used is Laid off. It is not usually a pleasant experience but it can prove to be a springboard to new opportunities. Having been through the experience myself, my advice is to take the steps that I have outlined in the post below. The Retail industry is an example of an industry that seems more susceptible to redundancies than others but the truth is that it can happen across the board an in many sectors. Once you have taken time to understand the practical implications of being made redundant, you should then create a financial action plan that will keep you focused on your financial goals.

If You Are Made Redundant

Emergency Fund

If you have an emergency fund, assess how much is in it and how long you will be able to cover living expenses after you receive your final salary cheque. Be as detailed as possible because this will determine the maximum time you have available to find another job.

Monthly Budget

Revisit your monthly budget, are there any areas that can be reduced? Rather than wait until you are in a desperate position, cut back on entertainment and other discretionary expenditure now. You will be able to reintroduce them when your employment status improves.  Consider your approach to food and increase the number of home cooked meals you make instead of visiting restaurants or buying takeaways. It will surprise you have much can be trimmed off your expenditure in this way.

Looking For Employment

Search for new roles as soon as you are informed that you will be made redundant. Search for career relevant jobs and side gig / second jobs at the same time. You will find that these side gigs/ second jobs often have a more urgent need and a faster turnaround time. The main benefit of this is that you will be able to get money coming into your account sooner than if you rely solely on career relevant jobs that may have a lead time of 2 -3 months. Keep a spreadsheet of jobs that you have applied to.

Transport

Assess your vehicular needs, do you need a car? If you have two, could you manage with one?  I recommend that you consider these questions dispassionately; don’t be concerned about what the neighbours will think. In the major cities of the UK and other cities around the world, it is possible to hire cars on hourly basis. You could hire a car for a few hours and then return it.

There are quite a few car sharing companies in London, for example, Enterprise Car Club, Easy Car and Zipcar. Ensure that you read the terms and conditions before signing up. Renting cars rather than having your own to maintain and run could save you a significant amount and buy you more time whilst looking for another job.

De- Clutter and Sell Unwanted Items

If your emergency fund is going to run out soon or if you don’t have an emergency fund start to de-clutter your home. Selling unwanted or unused items via websites such as Gumtree or Ebay will help you raise additional funds that can go into your emergency fund. This will buy you more time whilst you are searching for a new job.

Have you ever been made redundant? Did you get your financial house in order? Let me know in the comments section below.

DSX The Professional Crypto Exchange

If you have enjoyed this post you will also like the following posts:

How to Control Your Cashflow With a Bill Payment Schedule

How to Boost Your Income With a Temporary Christmas Job – 4 Examples 

Credit Cards: How to Make Balance Transfers Work For You

Should you Combine Pensions?

What’s the Best Strategy for Clearing Debts?

Save up to £300 per year by Changing Broadband Supplier

Investments: Why Saving is Not Enough 

How to Stop Emotional Spending

Water Bills: Are you Pouring Money down the Plughole? 

How to Stick to Your Budget During Summer: 5 Tips 

Does Your Choice of Supermarket Matter? 

Save Money by Switching Energy Supplier Every Year 

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

 

 

 

 

 

 

How to Control Your Cashflow With a Bill Payment Schedule

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://barterfanatic.com/

In another post on this site I have written about how important it is for you to have a budget for your monthly expenditure. It is also important that you manage your bill payment schedule. Poor management of when bills need to be paid each month can create cash flow headaches, these are times when you have a bill to pay but no available money to pay it. It is worth creating a bill payment schedule as an Excel document and thinking about how dates on the schedule can be altered to create a better cash flow position for yourself.

Good management of bills will enable you to avoid late payment charges or a reliance on credit cards to get you through to the end of the month.

Bill Payment Schedule

Your Action Plan

Go through all your bills and record on your spreadsheet and make a note of when each bill needs to be paid. When you have finished, you should have a list of regular bills and dates covering accommodation, mobile phone and electricity etc.

Bill-Payment-Schedule-

Image credit: http://funf.pandroid.co/

Ask yourself, is there a regular time in the month when you seem to have more bills than cash? It may be that by week three of each month your available cash is particularly low. If this is the case, and you get paid once a month it would make sense to move payment dates from week 3 to closer to the start of the month, i.e. just after pay day.

If you get paid weekly, it could be advantageous to alter payment dates so that all bills are paid just after you receive your weekly wages. Individual circumstances will vary of course, the objective is to avoid having no cash left and still having bills to pay.

Simplicity is the key, it’s fairly easy to forget about a bill and then fall behind or miss a payment completely. Once you have altered payment dates, automate them with direct debits and standing orders so you don’t have to spend time thinking about them each month.

Ensure that you check how competitive all of your suppliers are once a quarter. If you can switch to a more cost effective supplier without being penalised, you should do so.

Do you have a schedule of bill payments? Have you created your own system?  Let me know in the comments section below.

DSX The Professional Crypto Exchange

If you have enjoyed this post you will also like the following posts:

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Credit Cards: How to Make Balance Transfers Work For You

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Investments: Why Saving is Not Enough 

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Water Bills: Are you Pouring Money down the Plughole? 

How to Stick to Your Budget During Summer: 5 Tips 

Does Your Choice of Supermarket Matter? 

Save Money by Switching Energy Supplier Every Year 

How to Stop Impulse Buying – 10 Ways

Have you Found all of Your Dormant Accounts?

Can you live off a Cash Budget for a Week?

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

 

 

Credit Cards: How to Make Balance Transfers Work For You

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://www.creditcards.com/

If you have ever had more than credit card and realised that the payments you are making are mostly going to pay off interest only, a balance transfer might be a good solution for you. A balance transfer occurs when you open a new credit card account and transfer the balance from an existing card or cards to the new card. This can work out well for you if the new card offers you a 6 month 0% interest free period. You will then have the opportunity to pay off more of your credit card balance because you have 6 months to make payments without accruing interest.

This is the primary advantage of balance transfers, the interest free period. Before taking out a new balance transfer credit card read the terms and conditions and find out what the interest rate will be after the 6 month period. Financial institutions offer balance transfer credit cards because they know that many people will not be able to clear their balance within 6 months and as a consequence they will then have to pay interest to the financial institution. This is when they are able to make money from you; sometimes there is a fee for balance transfer. Usually financial institutions will also make money if you make any new purchases or cash withdrawals too, so try to avoid any new transactions altogether on the new card.

Make Balance Transfers Work For You

*Use an online comparison tool to find out which are the best balance transfer credit cards for your requirements and check your eligibility. Do not apply for too many cards because your applications will be recorded on your credit record and you do not want to appear desperate.

*Balance transfers are not offered to everyone, if you have a poor credit rating this opportunity might not be open to you. Click on this link to find out more about credit ratings.   If you are can get a new balance transfer card, sign up and use it.

*  If your application is successful, transfer your balance or balances to the new card and continue to make regular payments to reduce the amount that you owe. It will make your financial life simpler and more manageable.

*Calculate your desired repayment amount and set yourself the goal of clearing your new credit card by a specific date. Ideally this will be within the interest free 6 month period.

*Consider this strategy that I have used personally, when one 6 month period is about to finish it will should still be possible to transfer to another new balance transfer card and in doing so gain another 6 months at 0% interest. More time to clear your balance will help you make faster progress clearing your debts. Read this post for more information on clearing debts, What’s the Best Strategy for Clearing Debts?

What Should You do?

If you follow the approach listed above, balance transfers can become an excellent strategy for rapid debt reduction and will move you closer to being debt free

Have you used balance transfer cards to reduce your debts? Would you use them again? Let me know in the comments section below.

DSX The Professional Crypto Exchange

If you have enjoyed this post you will also like the following posts:

Should you Combine Pensions?

What’s the Best Strategy for Clearing Debts?

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Investments: Why Saving is Not Enough 

How to Stop Emotional Spending

Water Bills: Are you Pouring Money down the Plughole? 

How to Stick to Your Budget During Summer: 5 Tips 

Does Your Choice of Supermarket Matter? 

Save Money by Switching Energy Supplier Every Year 

How to Stop Impulse Buying – 10 Ways

Have you Found all of Your Dormant Accounts?

Can you live off a Cash Budget for a Week?

Has the Cryptocurrency Bubble Burst?

Why you Should Drive and Old Car and Pay of Your Mortgage Early

Make Money By Being Part of a Focus Group

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

Investments: Why Saving is Not Enough

This post may contain affiliate links please read our disclosure for more info.

Image credit: https://www.bankrate.com/

In a few of my blog posts on this website I have reminded you of the importance of saving 20% of your income. Saving is vitally important to give yourself a platform to build towards financial freedom but saving on its own will not be enough. Let me explain, the current rates of interest offered by most financial institutions are relatively low, in most cases they are below 1.5%. This is lower than the current rate of inflation.

Saving into an account that offers this kind of interest rate will not magically produce a large lump sum or provide a regular passive income that will enable you to become financially free. Sadly even many pension funds built up during the working lives of adults in the UK will not deliver the levels of capital growth necessary. In addition to saving you will need to make investments; investments offer the chance for your money to grow significantly in the medium to long term. It is worth stating that investments usually have more risk attached to them;  there are usually greater risks and potentially greater rewards.

Investments

Below I have listed several types of investment that could potentially move you closer to financial freedom. This is not an exhaustive list so I encourage you to do your own research to discover the investment approaches that are most appropriate for you.

Property

Property is my favourite type of investment here in the UK. The purchase of  a Buy to Let property was until recently a very popular investment allowing investors to benefit from capital appreciation and rental yield. Changes in the tax relief that landlords can claim , introduced to dampen the buy to let market and create opportunities for first time buyers, are having their intended effect. It is now not as easy to set up profitable buy to lets.

For investors with less available capital, property crowdfunding is a way to join other investors and pool resources to invest in properties. Property Partner is an example of a crowdfunding property company that enables smaller investors to participate in property investment without having to buy a property outright. The returns from property crowdfunding are good and it is open to investors of all levels.

Stocks and Shares

By purchasing Shares, it is possible to invest directly in the performance of one particular company. Investors who hold shares in a number of companies refer to them as Stocks. Imagine if you had invested in Amazon or Apple in the early years, the return on your investment that you would have received would have been phenomenal. Investors can benefit from the increased stock price and dividends that the company might declare and distribute.

Unit Trusts and OEICs

Investing in one particular stock can work out well if the company does well but you could also lose all of your money if the company folds. A less risky approach is to use an investment fund to invest in a range of companies. The two most popular types of investment funds are Unit Trusts and OEICs. With a Unit Trust, you purchase units of a fund that is made up of the investments of many investors. This could be a tracker fund or an actively managed fund; a fund manager makes the investment decisions for the fund.

An OEIC is very similar to a Unit Trust except that the fund is run as a company and you purchase shares instead of units. Returns are paid through regular distributions, they could be quarterly or monthly dependent on what the fund guarantees.

Exchange Traded Funds (ETFs)

Exchange Traded Funds( ETFs ) are a relatively new investment product and  are similar to Unit Trusts and OEICs in that they are open ended but the difference is that they are are listed on a Stock Exchange. They also include a wider variety of assets that Unit Trusts and OEICs.

Cryptocurrencies

Cryptocurrencies are easily the most volatile of all investments that I have included on this list. It is possible to both make or lose a fortune with cryptocurrency investments in the space of a few hours or days. Many professional investors including Warren Buffet do not consider cryptocurrencies a suitable investment and believe them to be little more than a gamble. However, blockchain technology which provides the platform for cryptocurrencies via its distributed ledger system, is here to stay. To read more about cryptocurrencies, read this post, Has the Cryptocurrency Bubble Burst?

If you have the stomach for it, and can afford to lose what you invest cryptocurrencies, most notably Bitcoin could provide the significant capital growth you will need for financial freedom. Despite what some professional investors thinks cryptocurrencies have made many new billionaires and millionaires in a short space of time.

 What Should you Do?

Research the investments or investment approaches that appeal to you. Have you already made some investments? What type are they? Please let me know in the comments section below.

DSX The Professional Crypto Exchange

If you have enjoyed this post you will also like the following posts:

How to Stop Emotional Spending

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Save Money by Switching Energy Supplier Every Year 

How to Stop Impulse Buying – 10 Ways

Have you Found all of Your Dormant Accounts?

Can you live off a Cash Budget for a Week?

Has the Cryptocurrency Bubble Burst?

Why you Should Drive and Old Car and Pay of Your Mortgage Early

Make Money By Being Part of a Focus Group

Save Hundreds on Rent Per Month By Becoming a Property Guardian

4 Obstacles you Will Face on Your Financial Journey

Make Money Now With These Two Referral Apps

Have you got the Right Money Mindset?

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

Investments_ Why Saving is Not Enough

 

 

How to Stop Emotional Spending

This post may contain affiliate links please read our disclosure for more info.

Image credit: http://www.complexedsimplicity.com/

In my recent post, How to Stop Impulse Buying -10 Ways, one of the causes of Impulse Buying that I discussed was emotional spending. It is a topic that deserves even more attention and is the focus for this blog post. A survey conducted by MoneySupermarket and Mindlab found that 57% of respondents had ‘regretted purchases made whilst feeling overly emotional.’ It is clear that spending as a consequence or our emotional state is clearly widespread. The survey also confirmed that negative emotions rather than happiness were more likely to increase our spending. Given this insight, ‘comfort spending’ could be considered as very similar to ‘comfort eating’. If your objective is to take control of your finances and move towards financial freedom, you will need to stop emotional spending.

Stop Emotional Spending

The first step towards a solution is to identify why you are spending emotionally.

Work

Recognise the triggers or patterns that precede an emotional purchase. Is it after a bad day at work? According to research conducted by CV library 55.6% of British employees are unhappy with the jobs that are currently doing and would love to change. If you have experience of a feeling that could be described as Sunday Evening Dread or often find yourself wishing your week days away, this 55.6% could include you. Clearly, there is a lot of dissatisfaction around, work is a common trigger for emotional spending.

Relationships

Have you had an argument with your partner prior to going shopping? Is there a subject that you are regularly disagreeing over? Relationship issues and arguments are strong triggers to emotional spending. Significantly, money is often a cause of arguments in relationships.

Boredom

Boredom can also be a cause of emotional spending, especially if accompanied by a general questioning of one’s life. Sometimes life can seem dull, an endless succession of bills to pay or work to be done. It is in a mood like this that someone is more likely to chase the Dopamine high that a shopping spree can deliver.

There are many other scenarios which make emotional spending more likely including bereavement. Consider your life and identify those that apply to you.

Action: What Should you do?

Talk

The first step you should take is to talk to someone about your emotional spending, it could be a friend or a family member. If you feel it would be worthwhile speaking to a professional about it The National Debtline  or Citizens Advice would be a great places to start.

Break the Habit

Now that you know the triggers that precede emotional spending in your life,  focus on creating different reactions to the same circumstances. Those circumstances will come again but this time you will react to them differently. Without knowing you personally it would be impossible for me to suggest the best solution for you but the activities listed below are likely to prove beneficial.

*Taking regular exercise

*Going to walks in natural surroundings

* Watching Stand-up comedians

*Socialising with close friends (without spending a lot)

If your unhappiness or other problems persist, definitely speak to a professional counsellor; if necessary plan significant life changes such as a change of job, the ending a relationship or a move to a new location. Do not just accept being unhappy on an ongoing basis.

Can you remember occasions when you have made purchases because of your emotional state? Did you ever have the courage to take the items back?  Please let me know in the comments section below.

If you have enjoyed this post you will also like the following posts:

Water Bills: Are you Pouring Money down the Plughole? 

How to Stick to Your Budget During Summer: 5 Tips 

Does Your Choice of Supermarket Matter? 

Save Money by Switching Energy Supplier Every Year 

How to Stop Impulse Buying – 10 Ways

Have you Found all of Your Dormant Accounts?

Can you live off a Cash Budget for a Week?

Has the Cryptocurrency Bubble Burst?

Why you Should Drive and Old Car and Pay of Your Mortgage Early

Make Money By Being Part of a Focus Group

Save Hundreds on Rent Per Month By Becoming a Property Guardian

4 Obstacles you Will Face on Your Financial Journey

Make Money Now With These Two Referral Apps

Have you got the Right Money Mindset?

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

How to Stop Emotional Spending

 

 

 

 

How to Stop Impulse Buying – 10 Ways

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According to research conducted in 2016, 54% of Britons admit to making an impulse purchase every time they go shopping. Impulse buying is a big problem that results in many losing control of their financial affairs and failing to stick to their budget. Consumers impulse buy both in-store and online, with in-store customers being more susceptible to impulse purchases.  Retailers have accumulated their own data and design their stores to encourage buying on impulse; the more this happens, the greater the profits for them.  What can we do to eradicate impulse purchases from our monthly expenditure? I have listed some very effective ways below.

Impulse Buying

Keep a Budget

Once you have identified your financial goals, the best method to move forward towards achieving your goals is to keep a monthly budget. If  you have not already set up a budget, this post will help you, How to Create a Budget That you can Stick To. Budgets make you become more intentional about all of your expenditure and leave little room for impulse buys. Ensure that you look at your budget frequently; be disciplined and you should be able to resist impulse purchases.

Follow a Cash Budget

One step up from a regular monthly budget is a cash budget, following a cash budget will give you further daily reminders of what you intend your cash to be used for. Resist the temptation to take from one of your envelopes to fund an impulse purchase. Stay focused.

Keep a Spending Diary

For a period of a month, write down every purchase you make, there is no need to include bills. Be accurate and include morning coffees and snacks etc. After the month is over analyse your spending to identify any weak areas. Are there regular times when you are more prone to impulse buys? Is it when you are bored? Have you looked around shops during your lunch hour and succumbed to a purchase?

Work out Why you Impulse Buy

What are the circumstances that lead to impulse purchases in your life? Is it when you are feeling a bit low? Or lonely? When you have received some bad news? Or had a particularly tough day at work? Perhaps after you’ve had an argument with your partner? Only you will know the answers to these questions. If you need to talk to someone confidentially about the amount of impulse purchases you are making you can contact The National Debtline  or Citizens Advice.  Click on the words to be taken to their websites.

Make a List Before you Shop

Make a list of items that you intend to buy before shopping online or in-store. Use retailers websites to get a good understanding of where you can buy the items you need and the best prices for those items. If you can purchase cheaply online, do so. For some items, fruit and vegetables are a good example, it may make sense to visit a store and then make you planned purchases. Having a physical list will help keep you on track and avoid impulse buys .

Introduce a 48 Hour Rule

If you spot something that you would like to buy, but it is not a  planned purchase, force yourself to wait 48 hours before purchasing it. This is assuming that you can afford to buy the item and will not have to use money that is already allocated for something else. The self imposed 48 hour ‘cooling off ‘period will allow you time to think about whether you really should make the purchase. Take the time to think about whether you need or only want the purchase. Realistically how much would you use the new item?

Don’t Set up One Click Ordering

Do not set up one click ordering on websites, websites offer this convenience because they know that it will result in more sales for them and increased profits. We have all been in the situation where we are about to leave a website and are then presented with a ‘special offer’ that we can order with one click. This ‘convenience’ can prove very inconvenient when it comes time to reconcile our budget.

Do Not Browse

Do not browse in shopping centres or on retailer websites, only visit if you have something specific to buy. This simple step will cut down the amount of temptation that you face.

Do not Routinely Carry all of Your Credit cards

Carrying all of your credit cards in your wallet or purse every day increases the chance that you will make an impulse buy. This is because the increased access to funds can prove a very strong temptation to many. Leaving them at home in a safe place is much better approach if you are trying to curb impulse purchases.

Convert Your Potential Purchase into Hours of Work

Think about how long it takes to earn enough money to purchase the item, if you earn £30 per hour and you are considering a new pair of shoes for £150 consider whether they are really worth 5 hours of work. How many pairs of shoes have you got already? If your money is limited, also consider the opportunity cost of the shoes. In other words, what will you have to sacrifice in order to be able to buy the shoes.

You don’t have to implement all of these methods to eradicate impulse purchases. Think of this list as a menu and pick those tactics that will be most effective for you.

Monitor your own progress in the weeks ahead. Do you have a problem with impulse buying? Let me know in the comments section below.

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If you have enjoyed this post you will also like the following posts:

Have you Found all of Your Dormant Accounts?

Can you live off a Cash Budget for a Week?

Has the Cryptocurrency Bubble Burst?

Why you Should Drive and Old Car and Pay of Your Mortgage Early

Make Money By Being Part of a Focus Group

Save Hundreds on Rent Per Month By Becoming a Property Guardian

4 Obstacles you Will Face on Your Financial Journey

Make Money Now With These Two Referral Apps

Have you got the Right Money Mindset?

My aim with each blog post is to help you move to a better financial future. I believe that there is not enough financial education in the national curriculum and I intend to share anything helpful that I have learned along the way. I am by no means a financial expert. None of the information on this website constitutes financial advice and is provided as general information only.  This is my personal finance blog; my marketing blog is over here and I have been blogging there since 2010. I hope you have found this information useful. Thank you for reading.

Best regards,

Mike

Follow me on Pinterest

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