Managing your monthly household finances isn’t an easy job for some people. With multiple payments leaving your account each month it can be a hard task to keep up to date with every debit and credit your bank account deals with. However, this is where we can feel overwhelmed, and immense pressure as anyone who is struggling financially will tell you, it can be a little debilitating. But don’t worry, this is when taking small actions can help you get back on track and actually improve your financial situation. Just knowing what is coming out and when is useful and isn’t as scary as you think. You can then see what you could possibly cut or improve on. I hope these tips help you, any questions please ask.
What should you do if you are paying too much for household bills?
If you are struggling to keep on top of your finances, you are potentially running the risk of paying out far more than you need to. But a quick health check of your bank balance and statement should make things a little clearer for you. Look at the amounts you are paying for some of the bills you have some control over, such as food and energy. Change some of your shopping habits and look online to compare prices. You may find that some of your regular bills are cheaper with other providers. It’s much easier than you think to switch companies for things like energy and broadband, they tend to handle all the hard work for you. This could really take the pressure off financially and free up some extra income for you at the end of the month. Check out sites like www.uswitch.com to see how much you could potentially save.
What should you do if you are paying out a lot of debt?
The priority should be to get those debts paid off as quick as you can to avoid paying out interest charges. It can be hard to find a solution, especially if you owe to different credit or store cards. This is when consolidating your finances into perhaps a personal loan or an interest free credit card could help you manage that debt much more effectively with a steady payment plan and schedule for clearing the balance once and for all. Of course, it’s all subject to your credit report.
What happens if you don’t have as much disposable income at the end of the month?
If you feel like you don’t have much left after all your bills you are not alone, many people are in similar financial positions. But you can change this by utilising your spare time for alternative money making opportunities. Like re-selling old items you no longer need on websites like eBay. Or starting your own business from home, like an online blog or selling things you can make on craft selling sites like Etsy. It might be worth considering changing your job or going for that next career step. Do you qualify for any free training? Why not see if you can get a pay rise.
Have an emergency fund
Have a regular amount that you save each month, or when you have a few spare pounds put it into your emergency fund and then when you get an unexpected bill in, you’ve got some back up finances. Believe me, it’s necessary! Even something seemingly small like having your car MOT done can end up expensive if it needs work doing on it.
Be aware of renewal dates
Mark on your calendar when your insurances expire, your car tax and MOT is due, any miscellaneous renewals, so that you can budget accordingly. Keep a birthday fund and a holiday fund.
How can I save on necessary purchases?
There are always necessary purchases that we need to make. Things like our food shopping and clothes that we wear. But if you are a little more savvy with your purchases you can even reduce your overall spend. Websites like pluscodepromo.fr can offer online coupons and voucher codes to help you reduce the amount you way during the checkout process. You could also consider shopping around and changing the store you shop in regularly for things like food. Some people have even slashed their food bills immensely by doing things like meal planning or batch cooking. Small actions can mount up to huge savings.
How can you avoid getting your finances in a spin in the future?
Your best course of action is to not feel threatened by your finances and to understand that you have control over them. So keep a close eye on what you pay, save as much as you can that is spare, and over time things will start to improve. If you are really struggling, contact people and companies you owe money to and see if you can reduce the payments.
Disclosure: this is a collaborative post, all opinions are my own.
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