Listen, we are not here to judge you. If you’re in a poor financial situation, then join the club. You are just one of the millions of people struggling with their money. You may be guilty of terrible money management behaviours. You may have lost your job. Or you may be one of the many people struggling to get by on a low income. We don’t know your situation, but there are a few things you can do this very day to improve matters.
- Spend less. Buy one less treat at the supermarket. Use a price comparison service to lower your bills. Curb the temptation to send items to your Amazon basket. If you are struggling to make ends meet, the last thing you want to do is put yourself into further risk of financial ruin. Find ways to reduce all of your expenses, and put luxuries on hold until you are back on track.
- Deal with your debts. Sadly, your debts are not going to go anywhere unless you deal with them. There are things you can do today to make life easier for yourself. Cutting up your credit cards is one thing you can do. You might also want to ring your creditors and ask for a payment holiday, or to agree a on plan with you to make paying them off easier. Alternatively, consider consolidating your existing loans with instalment loans to get rid of them sooner. Do anything you can to help yourself, and don’t bury your head in the sand hoping they will go away.
- Check your bank statement. Have a good look at your statement, and find out where your money is going each month. There may be surprises on there (such as paying for subscriptions you had long forgotten about), and there may be areas of concern (perhaps spending way too much on lunches when you’re at work). Figure out your spending, and resolve to reduce or cut any expenses that are putting you in the red. Then resolve to check your statement regularly to better help you budget.
- Set up automatic payments. If you have online banking (and you really should), go online and set up automated payments for your bills and credit card payments. By doing so, you will reduce the chances of a late payment through your own forgetfulness, and you will reduce the chances of your bill company or credit card company penalising you for your mistake. Quite often you pay less if you set up a direct debit, so you might make a saving as well.
- Seek help. Our simple advice is hopefully helpful to you, but there are others who can help. Debt-relief charities will give you practical advice, so Google those in your area, and book an appointment to speak to somebody. Then look for moral support, be that a family member or friend, as like many people in the world today, you may be suffering from stress and depression because of your financial situation. Pick up the phone today.
Thanks for reading!