Have you found yourself struggling to make payments as of late? Do you constantly spend all of your pay-packet in the first week of the month and subsequently leave yourself broke for the remaining three? If you’ve somehow managed to land yourself in financial strife, fear not, as it happens to even the most scrupulous of spenders from time to time.
If you no longer want money issues to hold you back from enjoying the standard of living that you want and deserve, then you need to resolve to get your finances back on track right away. Here are some tips to help you do just that:
Set Financial Goals
With strict but achievable financial goals in place, you’ll have a much tighter grip on your spending, and you’ll always have something to work towards when it comes to the savings and investments that you make.
If you want to set yourself worthwhile financial goals, then you need to:
- Be clear about your objectives
- Keep your goals realistic
- Account for inflation and interest rates
- Bifurcate your goals into short term and long term
- Take your personal circumstances into account
Check out Lifehack for more advice on the matter of setting goals that are going to help you get your finances back on track.
Cut Out Unnecessary Spending
If you truly want to fix your finances, then you must resolve to cut your unnecessary living expenses. Taking such action will result in you having more surplus cash at your disposal once you’ve paid your necessary expenses (utility bills, tax payments, food shopping, etc.).
When you decide to cut out unnecessary spending, you should:
- Track all of your expenses, even the small ones
- Cut out takeaway coffees and food
- Cycle, walk or carpool to work
- Don’t be afraid to shop in thrift stores (you might just unearth a goldmine if you do!)
- Purchase unbranded products in the supermarket
- Take your own lunch to work
- Prepare your meals in bulk
- Always compare utility prices and insurance costs
If you still can’t seem to get your finances back on track, then you should have no qualms in turning to others for assistance. Ignore your pride and that silly little voice in your head that says asking for help is a sign of weakness, and go ahead and seek financial aid. It is better to ask for help when you need it, then to allow your finances to pile up.
You can get financial help from several different sources. Three options that you have in this instance include:
- Asking to borrow money from a friend, relative or colleague who isn’t going to be impacted by the financial assistance that they offer.
- Taking out short term loans with a reputable lender such as Cash Lady so that you can pay off your immediate bills and debts.
- Hiring a pro in the financial industry to help you understand your financial status and subsequently assist you in making better investments going forward.