Thursday, 3 August 2017

Simple Tips To Give You Back Control Of Your Money

More and more of us are finding things tough financially. As the bills come in, it’s easy to feel that you’re losing control of your own money. If you often find that the bank account is bare long before you reach the next payday, then it might be time to figure out what is going on and fix it. Here are a few simple tips to get you back on track as quickly as possible:

Start With A Realistic Budget
Very few people have a budget in mind when they start spending their wages. When we pay with plastic, it’s not quite that easy to see what money we actually have available. As the month goes on, we can easily lose track of what we’ve spent too! A detailed budget can go a long way to solving this problem.

It all starts with your take-home income. This is all you have in reality. Subtract from this figure the bills you can’t change, like your mortgage, taxes, commute costs, and loan repayments. What you have left might not seem like very much, but this has to cover your food, social life, beauty products, fashion, and everything else!

Look through old receipts to see how much you usually spend on food. If you think you can cut this, then set your budget a little lower. Do the same for your going out fund, your clothing allowance and so on. Make sure there is a little left over to put into an emergency fund if you need to make repairs or anything else goes wrong.

Make Every Penny Count
Lots of us are spending more money than we need to by using the wrong service plan for energy, phone, internet, and more. Use one or more of the many price comparison websites online to see where you can make cuts here. If you’re outside your minimum term agreement, then make the jump to something cheaper.

Do your best not to be wasteful. Use a recipe app to make use of leftover foods instead of tossing them in the bin. Reduce your water use by swapping one bath time for a shower. Choose energy efficient appliances, and only turn lights on in the room you’re using. Walk instead of driving if your journey is under two miles.

Buy What You Love By Saving For It
If you can find a little extra to put away each month from your salary, you can start to save for those higher cost products you really love. Most of us are guilty of falling for those impulse buys we see by the tills at the stores. This can easily put us over budget, and before you know it, you’re having more financial woes.

Saving is easy when you’re sticking to a strict budget. You can also do it by quitting something. If you quit smoking or drinking spirits, you can put that money aside each month instead. Over a few months, you might have saved quite a considerable sum. Other things you might have thought about quitting includes chocolate, glossy magazine subscriptions, and gym memberships you never use.

Fix The Debts That Won’t Quit
Of course, there are some expenses that you might really struggle to get rid of. If a big bill has come in like a broken down boiler replacement, or you need a new car, you might struggle to find the money in time. Sometimes things like poor credit homeowner loans can help you get out of a tight spot. You would need a substantial sum in savings to cover this sort of thing, and most of us simply can’t do that.

If you find your loans and credit card debts are eating up too much of your salary each month, now might be a good time to take action. You might choose to consolidate them, especially if they are high interest. Choosing a lower interest rate or shorter terms might make the loan cheaper overall. Check the figures before you make up your mind.

Make More Money
If you have spare time at the weekend or in the evenings, you might be able to take on more paid work. This should be considered carefully because it might upset your work-life balance. This can lead to illness and stress. Why not ask for a pay rise in your current job? If you haven’t had one for a while, it makes sense to seek one out.

Taking back control of your money can be easy if you know what you’ve got and where it’s going. Where can you make some savings today?