Money Juggling – 5 Top Tips for Dealing with Money Pressure
There’s no doubt about it – money worries account for the majority of people’s stress levels across the UK. According to a survey done earlier this year by Forth, over as third or people in the UK feel stressed for a full day every week, and most of that is to do with money worries.
Most of us have some sort of problem just getting through the month with our finances looking healthy – whether that’s due to credit card or loan payments, or simply spending too much too quickly.
Here are 5 financial tips to help you stay in the black and a little more relaxed throughout the year:
Stop Spending Money!
It is incredible the amount of money that is spent without needing to. The constant feeling that we need to ‘keep up’ with those around is responsible for a staggering amount of spend – how many times have you gone out to dinner or for drinks with friends when you couldn’t really afford it, because you didn’t want to be seen to miss out? How much do you spend on entertainment you can’t even find the time to use - books left unread, DVDs left unwatched or games languishing on a shelf?
It’s time to make a personal stand and stop spending money! Before you make a purchase or agree to a night out, take a second to think about whether you really need it, and need it now – it could save you thousands.
By simply thinking in advance about your spending, and then sticking to whatever plans you make, you will save a huge amount in outgoings. Cooking food rather than ordering take-out at the last minute, or avoiding unnecessary journeys are both ways where planning can help save. Try to have some money put aside for emergencies, even if it is just a little, to avoid needing a payday loan or unexpected instant credit.
Credit cards, bank loans, overdrafts and store credit all cost interest and have monthly direct debits that can come at the worst times. By taking out a personal loan for consolidation purposes, you can covert all of that high-interest overhanging debt into a single monthly payment at an affordable rate of interest.
Rearrange Direct Debits
Give your mobile phone provider a call, speak to the electricity company, contact your car insurers – and move the direct debit dates. By making sure your direct debt payments come out at a time where you are going to have cleared funds in your bank account, you avoid the risk of bouncing a payment and paying bank charges.
The biggest problems can often be resolved by talking. Companies are often able to rearrange payments and come to a reasonable solution which helps you by cutting down on payment amounts or giving you a temporary reprieve. If you are struggling with serious debt then contacting the people you owe and asking for help should be top of your list.
Remember not to agree to anything you cannot manage – if you are just replacing one impossible payment with another, you have achieved nothing. Don’t feel pressured – just talk honestly.
Professional advisors can often find something to help you and may be able to get you an affordable and appropriate loan even if you are struggling with bad credit and have been refused credit previously.
Worrying about money is so common but can be avoided with just a little forethought and discipline.