If your finances have taken over and are bringing stress to your life, we understand just how overwhelming it can be. So, we’re here with 3 different ways you can take control of your finances. Even if it’s just a small step in the right direction, being proactive is so much better than doing nothing at all.
Be Realistic About Where You Currently Are
The first thing you need to do, which anyone can, is to be realistic about where you currently are. Sit down and take time to write down all of the different debts you have (with the exception of “positive debts” like mortgages), how much you have in your current accounts and then you will get a better picture overall of where you are at and what you need to do moving forwards. Whilst this can feel stressful, the worst thing you can do when it comes to your finances is to bury your head in the sand. Once you have everything in one place and know exactly how much you owe, then you can start making positive steps forward.
Seek Professional Help
Once you know how much you owe, you need to decide realistically whether you will be able to stick to a budget and pay it off yourself, or seek professional help. The longer you leave unpaid debts, the worse the situation gets, so if you know that paying these without any assistance is an option, then go ahead. Otherwise, we’d recommend speaking to a financial debt advisor. Whilst this will cost you to access their expertise, the help they are able to provide is so valuable (just make sure you choose someone well recommended). They specialise in helping people when debts have become too large for someone to deal with on their own. They will take a look at your finances and then help you to find the best route to pay off your debts and take control, also assisting you with building funds once your debt is paid off. Overall, trying to deal with finances can be really overwhelming, so seeking professional help is a really good thing to do, as it can save you a lot of money overall.
Reduce Monthly Bills
Now, we know that this may sound easier said than done, however something great to focus on is reducing monthly bills. Some things are out of our control, however make a list of all your outgoings and see if you can realistically make any adjustments. This could be something as big as looking at a house share with your bills included to save a significant amount of money, however we know that this isn’t an option for many people. For other people, it would be looking at your energy, water, internet, car insurance and home insurance providers and seeing if you can get better deals elsewhere. You’d be surprised at how much small savings add up, so don’t underestimate! Whether you use this money to pay off debt or you use it to invest in your future, it’s a positive change.