Welcome Back Boo,
There are some stressful situations we can all find ourselves in at some stage in our lives. Moving home, getting married, finances, careers. They can all have their fair share of struggles to our lives, however, your finances can be one of those matters that you can really struggle with from time to time. We all go through it. Those moments where more is going out than coming in. The times where you really want to have a bit of fun but your finances just won’t stretch. In many cases we can bury our head in the sand, but the truth is, we need to take on the situation once and for all. I wanted to share with you some of the ways you can sort the situation out once and for all.
Address your current financial situation
There is no point burying your head in the sand, and let’s face it, we can all be guilty of that at some stage in our lives. However, if you address the situation you may find things are not as bad as they seem. Printing off your bank statements and taking a moment to look at every debit is a great way to ensure that you know what is coming in and what is going out. You may find that you are still paying out for things you thought were cancelled or you no longer need. Getting these debts cancelled can free up some income you never knew you had. Allowing you to start as you mean to go on by being in more control.
What about debts?
Debts can be one of the biggest problems you find that you have. Credit cards, overdrafts and loans can all be debits from our account each month. However, if you tackle the situation you may find you can clear this off quicker. You could consider low interest debt consolidation loans that will give you a repayment plan of a term and lower monthly cost, which could then free up some more disposable income and give you a plan to be debt free. However, if this isn’t an option, focusing on the debts that cost you the most and piling as much money into them as possible is an excellent plan of defence.
Could you save on that spending?
Maybe you could actually save a little on your spending. Clothes and items you buy could have a reduced cost with things like vouchers and coupons to give you money off. Your food spend could be a big outgoing each week, but meal planning and even changing where you shop could give you that flexibility to reduce your spending on food and actually save a lot.
Are there ways to add to your income?
Finally, you could try and make some extra money here and there to boost your income. It could go towards paying off debts or just trying to get yourself in a better financial situation. It might be clearing your home of clutter and selling online, or just utilizing your time and earning extra income through side hustles. There are plenty of articles to help you get started.
I hope that this helps you to stop feeling stressed over your finances.
Remember to keep on slaying,
See you next time xoxo
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