Monday, June 5, 2017

5 Steps For Keeping Your Finances Under Control

control your finances
Financial matters aren’t something that people run to think about. Only a handful of people can look at their bank balance and be satisfied; the rest of us are teetering on the edge between, ‘ok, that’s fine,’ and ‘oh dear, how did this happen?’ The key to having your finances under control is to remove the guesswork, to know how much is coming and going, and to be proactive with any matters that might be troublesome further on down the line.

Live within Your Means

We know, it’s easier said than done, but it really is important that you live within your means. If you have a £20,000 a year job, you can’t live a £30,000 a year lifestyle. It doesn’t that mean that your life has to be boring by any stretch; you just need to think about the purchases you’re making. Is there a cheaper alternative, with which you get the same experience without the heavy price tag? It’s all about letting the impulse part of your brain disappear. You can’t always afford that expensive meal out on the town, no matter how much fun it would be!

Track Your Expenditures

You’ve got bills, bills, bills, and while it’s tempting to bury your head in the sand and just let the money depart from your bank account, it’s not the smartest idea. You need to know exactly how much money you’re spending; without that information, you can’t hope to have a grasp on your finances. You might have higher monthly outgoings than you first realized. If so, time to look at changing or canceling some bills.

Make Sure You Only Get What You’re Entitled To

Everyone likes the idea of extra money turning up in their account, but think about it: how does this happen? It’s rare that you’re going to be given extra payments that you’re not entitled to. It’ll be nice at the time but might cause headaches later on. Take the case of certain veterans in America, who received extra payments, and now they have to use the VA debt management center from to pay it back. It can also happen in matters relating to tax, government benefits, and so on. The financial truth will always catch up with you eventually!

Checking the Credit Report

Yes, we can think of few things you’d rather do less than taking a look at your credit report. But it’s a necessary evil: there might be things on there that shouldn’t be, for example, and you’ll only be able to get them removed if you take a look. In any case, it’ll give you a direction of where you should be focusing your finances moving forward. 

Confront Everything

In the end, the key to having a healthy financial life is for there to be no surprises. If you’re on top of everything, then there’s nothing that can trip you up and cause you financial difficulties. So don’t be afraid: tackle it head on, and you’ll be on the right path.

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