Hello Dear Reader,
Managing your finances correctly can seem somewhat of an art. With the cost of living on the rise and bills coming in from different angles, it can be tricky to keep your head above water – but if it’s all getting a bit much, when’s the right time for a change? Is there anything you can do to make your life easier?
Make a change if – your debt is spiralling out of control
While there are many good reasons for taking out unsecured loans, using credit cards and borrowing money from other sources, it’s crucial to monitor your spending. If your debt begins to spiral out of control or you slip so far into the red that you’ll only be able to get back on track with serious intervention – a financial shakeup could be looming, but what are the next steps?
Well, firstly, it’s a good idea to speak with a financial advisor to find out where you should start. Experienced professionals will have all the contacts and information to help sort out even the most complex of issues and will point you in the right direction. There are, after all, many things you can do to make your life easier, such as consolidating your debt or switching with credit cards with a low interest rate. You may also decide to give yourself a monthly/weekly budget or make the most of money-saving apps to help track your incomings and outgoings daily.
Make a change if – you want to buy or let
Whether you want to buy or rent a property you can bet your bottom dollar you’ll probably need some kind of credit score. This is because mortgage lenders and landlords want to see how reliable you are at paying bills on time and so if you’ve never borrowed money in your life they won’t have anything to judge you on. Unfortunately, this might make it tricky to secure the house of your dreams, but with a little forward planning you can make the relevant financial changes.
Firstly, you’ll need to develop or improve your credit score. There are many ways to do this but you could start by applying for a low-interest rate loan – perhaps to clear your debt – and paying off instalments on time. This will show you’ve got financial control and are capable of sticking to a repayment schedule. Similarly, you could use a 0 per cent interest credit card for regular purchases, such as food or fuel and repay the desired amount on time.
Make a change if – you want to save for the future
Living from hand to mouth can make it incredibly hard to save, but if you feel you could make cutbacks and put the additional money into some kind of savings account – why not do so? In order to work out how much you can put by for a rainy day each month, start by assessing your incomings and outgoings. Decide where you can limit your spending and set yourself a realistic saving target.
Managing your finances is all about organisation and making changes when needed. Getting back on track might take time but it can be done with self-control and determination, so how about reviewing your financial situation and see how you can improve it?
This is a sponsored post however my opinions are my own and I never publish anything I don’t agree with.