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5 easy ways to take control of your finances

22nd November 2021 Print

The last year has been difficult for everyone, and the financial stress that has been placed on people due to the global pandemic cannot be ignored. It could be because of loss of income or extra expenditure that has arisen. Whatever the reasons, you should be aware that you are not alone and there is help available. With a few small changes you can start to get yourself back on track. Here are five easy ways to take control of your finances. 

Address Your Debt

If you have debt, it will have to be addressed. Debt is a leading cause of stress and worry, and if you are not keeping on top of it, you risk the situation spiraling out of control. Talk to your bank and those you owe money to try and arrange payment terms that are easier to manage. If you have a life insurance policy, you should be aware that you can sell it through a life settlement, giving you access to a sum of cash. You can review a guide online that tells you everything you need to know. 

Budget

Some adjustments to your budget can go a long way to starting to address financial issues. If you do not already have a budget, then you need to start creating one. They help you keep track of your incoming and outgoing expenses and you can have an exact figure in mind, rather than a vague one that will mean you will overspend each month. Create a spreadsheet and look at where your money is going and cut out all unnecessary expenses.

Ask For Help

When you are in a difficult financial situation it can seem as though there is no way out. However, there is always help available and you should make use of it. You can talk to your bank or those who you owe money to and explain your situation. They will often be flexible as ultimately they want their money back and helping you means they will get it back. Also talk to family and friends, they will be more willing to listen than you might expect and it will relieve some pressure from yourself by not having to hide your problems. 

Be Honest

You are going to have to be honest with yourself. Take an assessment of where your money problems lie, are you shopping online too much or is debt avoidance mor of your issue? The solutions need to be catered to your unique challenges, and don’t ignore any of them. Only by having a complete understanding and account of where you owe money and how you are spending what you have are you going to be able to fully address the issue. Part of being honest also means you will have to recognize and make the effort to cut back on your spending. This will be difficult but in the long term it is going to help. 

Track Your Progress

Always keep track of your progress and how your spending is going. Also make sure you know how much you are paying back each month and that you are sticking to it. As with budgeting, you are going to have to keep a written record of how you are doing this, otherwise you aren’t keeping an honest and precise record. Keeping track is also a good way of creating discipline around your finances.