The latest real estate figures show that the average price of a home in West London has just topped a whopping £1.1 million pounds. While there is no doubt that most individuals who choose to live within this area are well off, it is also a fact some some families are finding it increasingly difficult to make ends meet. Unfortunately, working longer hours at the office might not be a viable possibility. This is even more relevant when referring to younger families with children. So, are there any ways to earn a substantial side income that can be used to enjoy an extra sense of liquidity? Before we look at some top-notch suggestions for those who want to make money in 2019 and beyond, it is just as prudent to provide a handful of fiscally sound budgetary tips so that you will be able to stretch the value of the pound slightly further.
West London Money Management 101: Pragmatism as Opposed to Idealism
The majority of London-based financial advisers will highlight the simple fact that poor fiscal planning is the main cause of poor money management techniques. In other words, many West London families tend to spend well outside of their budgetary limits. This is often the result of nothing more than bad habits which have been compounded over time to the point that they become a ubiquitous part of daily life. So, the first step is to curtail extraneous spending. Some of the ways in which this can be achieved include:
• Eating at home as opposed to spending money in restaurants.
• Leaving the credit card at home when shopping.
• Resisting the temptation to purchase additional items that might not be necessary when out and about.
Of course, all of these suggestions are common sense. The real trick involves monitoring your monthly expenses and tracking where the majority of the money goes. After allocating certain percentages to necessary categories such as mortgages, rental payments, utilities and petrol, create a separate column. Taker a look and see if you are “bleeding” your finances through other means. Many consumers will be surprised to learn that cutting back on the simplest of items (such as a cup of Starbucks coffee in the morning) could be able to save them hundreds of pounds or more every year. On a final note, it is important to mention that there are a growing number of smartphone applications which now can be used to accurately track monthly budgets. These tools are excellent if you have been looking to embrace a more proactive approach.
Money-Making Ideas to Consider in the Coming Year
While saving money is well and good, what about earning an extra income without being forced to work an additional 40 hours every week? There are many novel ideas to enjoy a greater degree of financial freedom and some will prove to be more effective than others. So, where do you begin and what worthwhile suggestions should you keep in mind?
The first step is to realise that you might not necessarily want to start an entirely new career. This is why it is important to focus upon skills that you already possess. In other words, do not attempt to design a smartphone application from scratch if you have no coding or technical experience. Leverage your current knowledge base. If your current full-time position is a marketing specialist, why not help other online businesses promote their services? Should you happen to possess a significant amount of knowledge in the field of graphic design, you might very well be able to contribute to the appearance of a website. The bottom line is that using talents that already exist will help to lessen the overall learning curve; allowing you to generate money within a shorter period of time.
The other main concern is to appreciate what e-commerce tools are at your disposal. One of the first rules of marketing is that even the best products in the world will never sell if they fail to reach the intended audience. Therefore, you will need to design a standalone website which can be used to actively promote your services. However, there are many tools of the trade which can help along the way. E-commerce providers will supply you with a number of attractive templates which can be directly embedded into a page. Drop shipping services offer you a means to sell products without being forced to physically store inventory. Social media portals enable you to reach a truly massive audience. These utilities should always be leveraged if you are hoping to work smart as opposed to hard.
The future of West London housing prices is not entirely certain and yet, you will be able to address whatever may exist around the next corner with the tips mentioned above.