Sometimes we can find ourselves in difficult situations and our finances can be one of those times. We try our best, but the rising costs of food, fuel, and cost of living in general can leave us in a bit of a mess if the rise of inflation is not reflected in our income. During a difficult time, financial problems can often be the biggest causes of arguments between couples, and can also be a leading cause of depression and anxiety. But you can improve your situation with some careful planning and changes. (FYI...this is a collaborative/contributed post.)
Look at your current outgoings
One of the first things to do is to look at what's coming in and what's going out. (I have this money & emotions tracker you can use.) Your bank statements are a good place to start. Take a look at all of your charges. Do you recognize everything? You may find rogue direct debits you had forgotten to cancel. I had a client one time find about $200/month in savings, just on subscriptions she didn't even remember signing up for! Another way to save without scrimping is to change providers for things like utilities or insurance products. First call up your provider and see what discounts you may be able to get. If they're not willing to negotiate, then you may get a cheaper deal elsewhere.
Is debt causing you a big problem?
One of the biggest problems that people face is debt, and this can be taking up a huge chunk of your money each month. It's the one thing we have to pay back, but it's also the one thing that could be costing you the most in terms of interest and mounting charges. It can often feel like a black hole that will never end, but taking action can help you to get through it. Sometimes it may seem like you have no option, but you could consider debt consolidation with bad credit to help you get back on track. Another option would be to use the snowball method.
Make changes to your habits to save money
You could also make changes to the way you live and the habits you have when it comes to spending. (This FREE 30 day money habit challenge helps you look at your spending in a whole different way.) You could also do things like meal planning, writing lists for the things that you need to ensure that you get the right things and only what you need. This helps you to reduce waste and also keeps your spending to what you really want.
Could you do anything to boost your income?
Finally, there may be ways that you can boost your income in your spare time, that can help towards overdue bills or debt repayments, or even just to fill up the savings account. Selling unwanted things on websites like eBay could be a great way to boost your finances. You could also use your spare time to take advantage of online side hustles such as filling out online surveys or website testing. Even things like mystery shopping can add up!
Let me know in the comments if these tips help you to improve your current financial situation!
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