Sometimes life can throw you a curveball. We can’t predict what’s around the corner and you can’t plan for the unexpected. If you happen to find yourself in a bit of a crisis – a car breakdown, a packed-up boiler, or even a lost job – there are always tips and tricks to help control your finances in your time of need. Whether it’s a case of tightening your belt and cutting back or taking out short term loans to help you cover the cost of what’s gone wrong, here are a few things that can help your money go a long way.
What you can expect in this article:
Check your bank balance
Nowadays, you can check your bank balance with a few clicks, online or mobile. Checking your finances regularly can help you to track your out-goings, how much you’re spending here and there and if you can cut back on certain things you don’t need. Being aware of how much money is in an account can help day-to-day, knowing ideally how much you have spare to spend and how much you need to save for bills.
Set savings goals
When money is tight, saving can seem impossible. Stretching your money to cover the cost of living is hard sometimes, but it doesn’t have to be. Your goals should be achievable. Saving a little bit of money each month will soon add up. If you’ve got some money left over at the end of the month after bills, great! This will give you an idea of an achievable amount that you can save monthly, yearly, or even longer-term.
Keep track of debt
When you’ve got a debt to repay, it is difficult to think about anything else. By making regular debt repayments a priority, you can soon make headway with them being paid altogether and free up that space in your mind and your bank account. If your goal is to get out of debt, making a repayment plan might be the best way to go. By looking at where your money is going, you can divert unnecessary payments to chip away at your existing debt.
Reduce monthly bills
If you think you’re paying too much for a certain thing monthly, why not try and get your payments reduced? For example, if you’re paying too much on a mobile phone bill because of added extras you don’t need, change your plan. If you think you’re paying too much monthly for energy, you could always look into changing your provider or searching for a better deal. You don’t have to keep paying for services that don’t work for you.
Prioritise
Spending money on things we don’t really need is something we all do from time to time. When you’re struggling for cash, reeling in your spending on unnecessary purchases can make a big difference. By prioritising the necessities and being aware of the things you could probably do without, you might find that your money gets you that bit further.
