Regardless of how much you earn, most of us will feel the pinch at times with money. But if this is an ongoing issue it can be incredibly stressful, and being left with hardly any cash after you’ve been working all month is never a nice feeling. If you need to give your finances a refresh, here are some ideas for going about it.
Stick to a Budget
Everyone needs a budget. Whether you’re a family or a single person, whether you earn a little or a lot. Even if you live at home with parents and don’t have many outgoings to cover, it’s useful to budget for things like savings and luxuries. When you know what comes in and what goes out in regards to your money, it makes it easy to stay on top of it. You have less chance of falling into arrears, getting in debt or generally getting into a pickle with your money. Use a budgeting app or an old-fashioned method such as writing outgoings on a calendar or everything in a notepad.
Get Out of Debt
Speaking of debt, for most people this is one of the most significant drains of their finances. When you borrow money on store cards, loans and credit cards you’re charged interest which can easily get out of control. If you have found yourself in a pickle with money and can’t afford to make the minimum payments, you need to take action. If you call your creditors and explain the situation, many will be happy to accept a lower amount providing you can prove your incoming and outgoing money. Another option is to speak to a debt management company. For a fee, they can often sort everything on your behalf, negotiating reduced or frozen interest on your debts and liaising with your creditors to stop the phone calls and letters which can be a huge source of stress.
Study For a Better Job
One way to boost your income in the long run is to to improve your career and earn more money at work. If there’s progression in your career, work for a promotion. Perhaps you could take on some voluntary work, or some education in your free time? If you’re in a dead end job, study is a great way to improve your job prospects and open up a new career path. For example, if you’ve always wanted to work in medicine and with children then an online midwifery degree could be for you. It won’t be a walk in the park and is going to mean doing part-time education for a number of years, but once you’re qualified, you’re in a good position to start applying for better-paid positions.
Set Up an Online Business
The accessibility of the internet means that anyone who has passion or interest is now able to set up their own business and in lots of cases, do very well from it. So even if you already work full time, how about running your own little business from home in your spare time for some extra cash? You’re the boss so you get to choose when you want to work and how many hours you put in. Once you’re established and turning a profit, you could even consider doing it full time if it’s earning you enough.
Sell What You No Longer Need
The average house is home to all kinds of items which can raise you some extra money- things you don’t even need. Old technology, books, cds, dvds, games and other items can be sold online or at boot fares. Use the money you raise to pay of some debt, add to savings or buy things you need. You free up space and get to declutter your house, and in the process can improve your financial situation.