As we all notice, money services, financial advisers, and banks cater to wealthy people. But if you are someone who only has a limited amount of money, you need to take care of yourself.
In this article, I will be giving you tips on how you can improve your finances no matter how low your income is. These tips also won’t force you to settle on ramen for the rest of the year, so go on and continue the information written below.
1. Find A Good Bank
Banks may have a bad reputation for catering only to the rich, but there are still good banks out there. All you have to do is to look for the one who can even out the interest rate that they return. They should be basing their fee structure on it as well. There are now tools that will help you find a good bank and help you compare each of them as to which banks offer the lowest or the highest interest rate.
2. Consider A Credit Union
Credit unions are different from banks because they are non-profit organizations, and they are owned by their members. This means that these credit unions will never benefit from harming their clients. They even require little to no minimum balance compared with banks.
But know that these credit unions have specific criteria for a client to become a member. Some credit union require their client to live in a particular area where there are no available banks. There is also a tool where you can check the different credit unions in your area and the requirements that they need for you to become a member.
3. Negotiate The Fees
If you already have a current bank and can’t leave the bank due to some reasons, you can negotiate with them regarding the different fees that they have. All you have to do is to create the right script so you can convince the bank to help you waive the fee. Remember that when the bank starts to charge you with certain fees, you can always call them and negotiate. You can either negotiate to waive them completely or at least lower it.
4. Ask About Alternative Payments
You surely have utility providers and asking them about alternative payment plans would be best. You can ask for monthly installments if possible, since paying in installments is easier than a whole lump sum annually. These tactics may not help you save money, but paying smaller amounts will help manage your money easier. There are now some utility companies who offer installments, so making sure that you ask about alternative payments is ideal as well.
5. Consult A Free Financial Adviser
Of course, there are free financial advisers today, and all you have to do is to look for them. You can check the National Endowment for Financial Education, which is a non-profit organization. They will help educate people when it comes to different financial services. People find them very helpful and their advice very useful, so attending a seminar or consulting them about your finances will surely become a big help.
Conclusion
These are the tips on how to improve your finances despite having a low-income job. Don’t let your income to dictate how you manage your finances because no matter how small it is, there is always a way for you to improve. With the tips above, you will surely be able to improve your money management in no time.
Based On The Material From Life Hacker
Photo Sources: Improving Finances, PicPedia, Greenwell, Forbes