If there is one thing guaranteed to raise your stress levels, it’s the money worry. Whether you’re under pressure to pay the mortgage or struggling to find the cash for that much-needed holiday, personal finance is one of the modern world’s biggest worries. Concerns over money can have a negative impact on your life, limit your choices, and impact your relationships with others.
However, armed with a little financial know-how it is possible to get a grip on your finance, and ensure your money is working hard for you, allowing you to lead a more productive life.

1. Claim Back On Tax Allowance

If you are self-employed, you may well be eligible for a variety of tax benefits that you’re currently unaware of — anything you pay for which is necessary for your job — can be claimed back against income tax, ensuring you keep a higher proportion of the money you earn.
Travel expenses, work clothing and equipment, all qualify and if you work from home you’re even entitled to claim back the cost of electricity and internet bills if they’re relevant to your work — and by limiting the amount of tax you’re paying, you’ll have more money left over for investment opportunities.

2. Keep A Record of Outgoing Expenses

One way to ensure you’re getting the most out of your earnings is to keep a record of everything you spend — by monitoring your outgoings, you can gain an understanding of your finance which will stand you in good stead when it comes to the potential future investments, as well as ensuring the money you do spend goes as far as possible.
It’s all too easy to unwittingly overspend, but by keeping a record of what you spend on a daily basis, you’ll have a better idea of where the money is going.

3. Take Advantage of Savings Account Offers

Once you’ve got a grip on your accounts, the next step is ensuring that you have a savings account which suits your needs. In the ultra-competitive field of high street banking, companies offer all sorts of interesting deals designed to get you to bank with them. High rates of interest will see your savings inflated over time, while other perks include air miles and luxury hotel accommodation — perfect for high-flying businessmen and women who travel the globe for work.

4. Put Your Savings To Work

If you’ve managed to save up a lump sum for the future, it’s important to make sure you’re putting that money to the good use. Whatever your position, there are plenty of opportunities to increase your savings through investment — bonds offer small but steady rates of interest, while if you’re looking for larger potential rewards, you might consider researching stock trading or spread betting.
Although the risks are higher (and it’s possible to lose money as well as make it), by studying market movements, you can gain the knowledge required to earn substantial profits, taking advantage of benefits including tax-free profits and 24-hour trading. By learning how financial markets work, using the wealth of market-insight resources available from websites such as Market Watch, Reuters, and CMC Markets, you can try to grow your savings pot and turn a profit on your existing capital.

5. Research Crowdfunding Opportunities

Another possibility for investment which you may want to consider is crowdfunding — raising money for projects by presenting investment opportunities to a large number of people, offering significant opportunities with limited risk. Not only does crowdfunding allow you to begin a business venture with a reduced capital investment, it can also increase the profile of that venture as investors spread the word — and if the business is successful, everyone’s a winner, as those who have a stake in the business will receive a proportion of the profits!
Those are five of the best money management tips to incorporate into your routine. Give it a try!
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