Title picture: Turning the tide on your finances

How To Turn The Tide On Your Finances

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Let’s face it. The last few years haven’t been the best for our finances. But we can’t afford to wallow, and now that life is gradually returning to normal, it is time to turn the tide on our finances and get some order restored.

This gives us all a great opportunity to review what went well and which mistakes we should urgently correct. There is lot’s you could do, but just start with the next right thing for YOU.

Tip #1 Start a Budget

To see what is going on clearly with your financial situation, commitments, and income, you will need to look through your budget carefully. There are several online software options that you can download and use, or you could create a spreadsheet. Some people still love pen and paper, so you could buy a paper planner instead!

Tip #2 Prioritise Expenses

Once you have your expenses listed, you need to try and reduce them. List them and give them each a priority rating. What could you ditch straight away? You can get rid of magazine subscriptions or season tickets to matches you never have time to attend. If you can cut back on eating out or always buying lunch, you can save money easily. 

I don’t like restriction, so I wouldn’t suggest this for very long, but when things are tricky financially, the it’s important to prioritise your resources (with some fun in there too to keep you going!!) to get ahead on your finances.

Tip #3 Organise Your Debt

If you have a lot of debt, but you’re managing, there are lots of ways you can help yourself. You could get a consolidation loan, or follow the debt snowball, avalanche or snowflake methods. 

Tracking your debt to see how much you’re paying off is also a great idea to stay motivated, but don’t linger on it.  Record it, then focus on building up your savings and investments too to bring a positive spin to your money. Focusing on the negative will manifest more of it, so focus on the positive to bring more of it instead!

If you would like some extra help, you could always join my debt busting bootcamp mini-course.

If you’re seriously struggling with debt, then make sure you get advice from debt advisory services such as Step Change.

Tip #4 Make Plans to Improve Your Income

If you feel like it is impossible to cover all your essential expenses, you might need to come up with a creative plan. 

You could take on more hours at work if this is an option for you, or work towards getting a promotion. Now social distancing measures have improved, you could rent out a room in your house if you are not using it. There are plenty of online methods of earning an income – just do some searches via google.  Look through your attic to find items you can sell online. Start a blog or find another part time business you can make extra money from.

These are not quick fixes, but it will help you in the future if you carry them out consistently.

Tip #5 Get A Support Group

Times are tough on our finances, and it can feel lonely, but it doesn’t have to be. Not everyone will “get” your desire to turn your money problems around. So find yourself a buddy group to help you stay motivated.

Come and join my free private Facebook group to help you with just that! Feel free to ask questions and get involved with the discussions about money and building longterm, sustainable wealth.

Love,

 

 

 

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