It’s hard to see things objectively in our own lives sometimes, and finances add a greater burden of stress on our ability to do this. Financial problems are something that we all experience, and if you’re looking for solutions to them you aren’t the only one.
If you want a few points on how to solve your financial concerns here are a few ways you can do so.
1. Setting a Budget
Chances are if you’re having difficulty with your finances, your budget is going to need a readjustment. Sit down and get a notepad and write a list of all your needed expenses throughout the month. Chances are it’s going to be less than what you make during the course of the month, and after accounting for your groceries, phone, etc. You can find out where your money is going.
Looking at your history of spending on your online banking account is going to help with this. Could you cut back on eating out? Do you need to get your nails done once a week? After discovering where your money is going and where you need to spend it, you can cut back and save.
2. Getting a Small Loan
Sometimes we need to borrow a small amount of money for whatever reason. Maybe you just had a plumbing incident in your house and you need to repair a pipe. No matter what the cause, borrowing a small loan from a lender might be an option to help you cover a cost short-term. This can be especially frustrating if you have an incident happen right before you’re expecting to get paid.
If you’re looking into loans, the money experts at Perfect Payday Loans recommend you first identify the amount you can commit to consistently pay on your monthly installments. This way, you could find the right amount and loan term’s ideal to your situation, Using information from professionals about payday loans will help you make a more educated decision.
3. Work With Companies
If you find yourself in debt with a phone bill, or any kind of expense and it’s a large sum, speak to the company that you’re having the issue with. If you have hundreds of dollars owing on a phone account and they’re threatening to take you to collections, have a conversation with the company. Usually they just want to see their money eventually and don’t want to go through the hassle of hiring a collection agency.
Let them know your financial situation and what you can afford to pay and when. If you’re honest with these businesses and you’re making efforts to give them their money, they are less likely to try and chase you down in ways that can harm your credit and make you feel stressed.
4. Pick Up a Second Job
Some people have bad days, sometimes we have bad weeks, or even months. Bill after bill catches up to us, and two cars can break down in a week. If you’re employed, think about picking up a second job to cover the expenses. It’s not an ideal situation, but if you need to cover a few costs for a small period of time, it might be a temporary sacrifice that you have to make.
Working two jobs is going to add some strain to your life, but it will ease your financial burden and you’ll have two pay checks going towards covering your expenses. If you’re having one of those bad months, don’t worry, you’ll be out of the rut soon if you’re working hard at making things better.
5. Buy Cheaper Stuff (Even if It Hurts)
Now that you’ve developed a budget and you know where some of your money is going, maybe it’s time to cut down on costs for your needs. Do you really need a data plan on your phone? Is it an absolute necessity to buy name brand foods and miscellaneous household items? Read flyers and look for deals on items, and don’t buy fruits and vegetables when they’re out of season. Even if you’re absolutely a bacon lover, when you’re in a financial crisis you might have to put it down.
6. Consolidate Your Debt
If you have a debt with a multitude of credit companies, maybe it’s time to consolidate your debt. Talk to your bank and try to find options that are available to you to place all of your debt under one roof. By only having one account to worry about debt with, you won’t be forgetting to make any payments in the future. You might even be able to snag a lower interest rate this way. Do whatever you can to consolidate your debt, it’s a better option than solvency.
7. Make All of Your Purchases in Cash
One way to keep yourself limited on your spending is to make all of your purchases with cash. This way you’ll have something physical tying you to your budget and you’ll be able to see what you’re spending for yourself. When you get down to a certain dollar value you’ll be more conservative with your spending because you’ll know exactly how much you have to spend, and you’ll be held more accountable for your spending.
8. Educate Yourself About Surcharges
If you’re seeing charges on your bank statement or phone bill that just don’t make sense to you, call the company and ask them about it. If they’re only offering you a vague response, keep on them and make sure they explain things to you.
Phone operators are trained to push back when you give them push, but they won’t hang up if you’re pushing them for genuine answers. Even if the surcharges on your account are for a good reason, you’ll develop an understanding of how they work and know what to expect in the future.
Financial stress can be real, but it doesn’t need to be debilitating, by making some small changes you’ll reduce the weight on your shoulders. Give yourself a budget, and try to reduce your expenses as much as possible. If you need to borrow money before a paycheck, look into loan agencies that are going to serve you best.
Speaking with companies to adjust payment rates and understand surcharges are ways to better develop financial competence, and consider options like consolidating your debt. By incorporating these changes you will be able to help solve some of your financial problems.