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Are your finances in a mess? They might be. For example, if you…
- Don’t have a record of your incomings and outgoings
- Are struggling with debt
- Finding it hard to make ends meet at the end of each month
If any of the above apply then your finances aren’t as well organised as you would have thought or hoped them to be. This may be through your own neglect, or you may have made some mistakes in money management that have resulted in money woes.
We don’t know your financial situation, but if you need a hand getting organised, you should take on board some of the following tips.
Budget your money
Ensuring you have a handle on what money you have coming in, and where your money seems to be disappearing to each month. Some of the best budgeting apps can be found here, https://www.thebalance.com/simple-budgeting-guidelines-453609, giving you the means to track every facet of your finances.
Keep your bills in one place
Paper or electronic, file them away when they have been paid. Do this for both your utility and loan payments.
Automate your bill payments
This is especially useful if you have a tendency to forget who you’re paying and when. You can do this easily through online banking, meaning you will never again have to worry about reminder letters and pesky interest charges.
Use a bill management app
Use a bill management app if you would rather forego the use of automated processes. Whether you download something onto your phone, tablet, or computer, use one of the cheap apps at https://www.pastemagazine.com/ to help you keep your bills in check.
Move your bill payment dates around
This is especially useful if you want to tally them with the date you get paid. Contact the relevant companies before you make changes yourself, and set something up with them. This way, you will know how much of your wages you have to spend on those other important things in your life once your bills have been dealt with.
Consolidate your debts
Consolidate your debts rather than facing the worry of paying multiple creditors each month. Look for something with low or zero-interest, and then transfer all of your existing loans over. Less stress, less interest. The perfect answer for those of you drowning in debts.
Repair your credit score
Using the advice at https://repair.credit/credit-restoration/ to get you started. This is especially useful for anybody who has been struggling with debt, or who have had a track-record in making late payments, as your credit score will have been badly affected.
Set up an extra bank account
Not only will you get rewarded for setting up a new bank account (some banks will reward you with cash), but you will also have the means to better organise the money you have coming in. Use one account for your bills, and the other for the rest of your spending, such as shopping for both the essentials and inessentials.
If your finances are in a state of disarray, you need to get on top of them before matters get worse. Use our advice, and speak to others for help, such as a debt-relief charity or a financial advisor. And if you have any advice of your own for our readers, be sure to let us know.