We all have occasions when our finances run off track. We feel as though we’re sinking into a black hole of debt and despair. Don’t panic though! The key is to get your finances back on track as quickly and effectively as possible. Some people don’t realise the difference that some simple changes can make. Start small and chip away at your finance problems one step at a time. This can often be the best way to succeed in getting where you need to be. I’ve come up with a good selection of easy starting points below. Leave a comment if you can add anything else to the discussion and hopefully we will have a good resource for those who need it.
Set yourself a realistic budget – Budgeting, when you don’t have much money, is seriously hard. We all know how people say ‘stick to a budget and you’ll be fine’ but when you’ve hardly any money coming in, this isn’t easy. Try thinking about the absolute bare minimum essentials before you plan your budget. What can’t you live without? Foods, drinks and family items can go on this list. Then add a few things that you would like to have. Work out how much this will cost and jiggle the numbers until you come up with a plan that works for you. Road test your plan and if it doesn’t work try again. Budgeting isn’t easy, but it is doable with a bit of perseverance. Be realistic about what you need and what you can go without. Tuck any savings away. Put them towards something else that you need to get back on track.
Cutting Costs – Cutting the costs of everyday purchases can make a big difference to anyone wanting to get their finances back on track. If you make cuts in one area of your life, you can afford to invest these little bits of funds into other areas such as business expenses or debts. Take note of where you are shopping and what you are buying. Can you save money by buying budget versions of branded food and designer picks? Shopping at your local markets might get you better prices than big high street stores. Look out for vouchers for your local supermarkets. Take advantage of apps and websites that offer money saving advice. You will soon start to see a change in your finances for the better!
Think about the future – Things such as Life insurance in Australia are far better thought out than over here. They recognise the importance of safeguarding yours and your families futures. Looking for life insurance and wills is important. Those things that you might not already have thought about will set you up for the future. You can get some great advice online so don’t be afraid to start searching.
Sell and save – Ever thought about selling your unwanted junk and using the money towards other areas of your finances? This could be a real life saver in times of need. If you practice the art of upcycling and selling your products on a regular basis, you can make a constant stream of cash. Think about what brings money in and how you can keep that cash flowing. Sometimes the small earners all add up.