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Money is an issue few of us can escape. Even if you don’t want to talk about money, there’s no doubt that money makes the world go round. We all have an interest in money, and we need it to go about our daily business. The trouble is that it’s easy to lose sight of your finances and end up in a mess. Are you on top of your finances? If you can’t answer this question with an unwavering ‘yes’, it may be time to take control of your money.
Checking your accounts
When was the last time you checked your accounts online or opened a bank statement? If you tend to chuck credit card statements or bills on a pile of unopened mail or you can’t remember the last time you logged on and had a look at your balance, now is the time to start paying more attention to your finances. It can be hard to keep track of what you’re spending on a daily basis, let alone over a period of weeks or months. Check your balances every couple of days. Take a few minutes to sit down with a pen and paper and make a few notes about where you stand financially. This will help you to see if you’re overspending and help you budget in the weeks and months ahead.
Dealing with debt
If you’re in debt, you’re not alone. Debt is a very common problem. There are different types of debt, and some people have much greater control over their debts than others. If you owe money, for example, you’ve taken out a loan, and you’re sticking to repayments, this is not a worry. However, if you’ve got outstanding bills, your credit card is maxed out, and you’re missing mortgage or rent payments, this can lead to serious problems. Pay back as much debt as you can to avoid penalties and fees. If you can’t pay bills and you’ve got creditors chasing you, there is help available. You could consider borrowing money from a relative or taking out a debt consolidation loan. You can find out more about borrowing to clear off multiple debts at https://www.debtconsolidationloans.com. With a debt consolidation loan, you can pay off creditors and then start repaying your loan via a single payment each month.
If you have difficulty keeping track of how much money you spend or you tend to spend rather than save, draw up a budget each month. This will help you see how much you can afford to spend and how much you could save. Once you have a figure in mind, you can stick to your spending budget and set up a direct debit to a savings account. If you find it hard to control yourself with credit cards, it may be worth asking your partner or a friend you trust to take your card for you. You won’t be tempted to use it for non-essential items, but you’ll still have it in case of emergencies. For simple budgeting tips, check out https://www.forbes.com/sites/robertberger/2015/07/26/7-tips-for-effective-and-stress-free-budgeting/#12b058f82687.
If you haven’t checked your balances for a month or you have bills or statements unopened on your desk, it’s time to get to grips with your finances. Taking control will enable you to spend less and save more, and you can also tackle any financial issues before they become a real problem.