It is very easy to get into a financial mess, and much harder to get out of it. We all struggle from time to time, but there are things you can do to try and get back on top of your money matters and make your future more financially secure.
Make a List
Starting by making three separate lists. You can use https://www.canva.com/create/checklists/ for this. One of debts, one of costs that will always be there such as mortgage or rent, and one of your income.
In the list of ongoing costs, do not forget to include things like food, birthdays, Christmas, holidays and clothing. Once you have this information in front of you it is a whole lot easier to see where you can start to put things right.
Reduce Monthly Outgoings
Reducing your monthly outgoings is the first task. Look at each one to see if there is any way of making it lower.
Things like the tariff you are paying for your mobile, could you get a better deal with another provider?
The same goes for all of your utility bills. Remember, these companies have a lot of competition and they want your business. Sometimes you can get a better deal with the company you are already with, as they will not want to lose you as a customer.
When you are speaking to them, do not have the attitude that they are doing you any favors. It is you doing them the favor by putting business their way.
Look At Credit Card Deals
Credit cards are one of the most expensive debts, but there are lots of cards that have six months interest-free for new customers. If you can swap to one of those, and still make your normal payment, the amount you owe will come down much quicker.
Some people go to the extent of changing their cards every few months so that they never pay any interest on the debt.
If you think you have a bad credit history, you may be concerned about this tip because you are bothered about being refused a new card. Do not despair. There are credit repair companies, which you can read about at creditrepair.com reviews, that can help you to improve your credit rating.
Also, sometimes a bad score is down to mistakes and simply checking your report and having them corrected will help immensely.
Check Your Bank Statements
Check through your last 12 months bank statements and see if there are any subscriptions you have forgotten about. If there are any you no longer use, cancel them right away before another payment goes out.
Many people run up credit card debts at times like Christmas, holidays and for birthdays. Start saving a little money out of each paycheck so you have at least some the money when the time comes.
You may be surprised just how quickly those credit card debts start to disappear if you can get a better deal and stop spending on them.
Every monthly overhead you reduce means there is more to save. If you have never saved before, you may be surprised at how good it can feel to have some money behind you for those unexpected expenses.
Sort your finances, live a simpler, happier life!