When it comes to personal finances, many people shy away from excessive spending.
To an extent, that’s wise; you don’t want to blow your money on unnecessary luxuries. But is the best way to protect your money simply to avoid spending it? No. The best way to secure your personal finances is to simply improve the way in which you spend your money. As we’ll discuss in this article, investments shouldn’t be avoided and neither should debt. Still, how should you be spending your money? This is the fiscal advice you’ll need to take on board for the economy we’re going to face in 2019.
Investing in property is still wise
It’s important not to invest all of your wealth in the stock market because there’s no guarantee that the market will always rise. As the recession of 2008 showed, continuous growth isn’t really a sustainable concept. If you want to invest your money well next year then you should consider alternative investment routes. After all, they say you should never put all of your eggs in one basket. So, what about real estate? Is that still a good investment option? Well, the property market constantly fluctuates, but it’s an asset that’s had a market since the dawn of man. It has long-term viability.
That being said, it’s important to keep up with changes in this specific market. For example, you might want to consider buying property abroad in 2019. Rather than buying expensive properties at home at dealing with massive overhead costs, investing in property abroad will give you more options. You could rent out properties as short-term property lets so that you don’t have to worry about picking out the perfect long-term tenant. The costs of hiring a foreign property manager to help you will be outweighed by the profits. If you’re interested in buying abroad then Asia is looking to be a good location in 2019. In particular, the Malaysian industry is booming.
You should improve your credit rating
Another great piece of financial advice for 2019 is to improve your credit rating. Obviously, this has always been important, but it feels particularly important to mention in today’s society; so many people are facing unmanageable debt in the modern age. Debt in itself isn’t a bad thing, but you should only be taking out loans or using credit if you can afford to repay the money you borrow. You should be aiming to improve your credit rating so that you can take out loans for big expenses in the future. You might want to check out cardguru to find a credit card that’s suited to your current credit score and lifestyle. Luckily, there are plenty of credit options in the modern age for people of all financial backgrounds. You can make an improvement to your credit score even if it’s currently very low.
Use tech to save money at home
Over recent years, advancements in technology have actually made life cheaper, believe it or not. The latest iPhone might come with a price tag that makes your eyes water, but investing in better tech for personal uses can sometimes end up benefitting you in a financial sense. For example, think about your monthly electricity bill. Selling your old appliances and replacing them with energy-efficient upgrades could save you a lot of money every month. Make sure you do your research to see how efficient an appliance is before you buy it.
LED bulbs should be used throughout your household because they use 80% less energy than incandescent bulbs. And getting a secondary layer of glazing for your windows will help to trap heat. It’s worth looking at the latest solutions on the market in 2019; there are glazing options for all manner of windows. You might also want to invest in a programmable thermostat because this great new piece of technology can learn about energy preferences in your household. It’ll save you energy by keeping your energy consumption under control. Investing in better technology is a worthwhile cost because it’ll save you much more money in the long-run.
Fiscal advice for 2019: How should you be spending your money?