You’ll most likely already know that you aren’t alone in feeling the way you’re feeling. In fact, the majority of the world is feeling the same pressure as you. Whether it be from a business perspective, or a personal finance perspective, everyone is going through some sort of struggle.
Even if it means they have too much money to manage, it’s still a form of financial struggle. But we also know that so many of you would do anything to feel the struggle of having too much money, because doesn’t that just sound like the life.
So, this article is going out to all of you who are suffering with the opposite, and most common, problems with money, and that’s not seeming to have enough of it. Unless you do something about it now, this struggle is most likely going to be one that will carry on for the rest of your life, and that’s just not a good way of living.
But luckily for you, there are a ton of things that you could do differently, or adjustments you could make to your money, that would ease that pressure that you’re feeling.
So if you’re looking to tame your finances, have a seat and relax, and see if you can take any of these tips on board!
What’s The Main Source Of Pressure
So when you think about the pressure that your finances are causing you, that pressure is most likely going to be coming from one place, or maybe even more. If you can find the main source of the pressure and deal with it, you’re far more likely to stay away from the problem for good.
So for most of you, the main source of pressure is going to be debt. If you are surrounded by it at the minute, you’ll know how easy it is to fall into the trap.
One minute you’re just borrowing a little bit on your credit card to do the food shop, and the next thing you know, you’ve spent thousands on it over a period of time, putting birthday and Christmas presents on it. It just builds up, until one day you realise that you’re going to struggle to comfortably pay this off.
It’s a problem that millions of people are suffering with around the world, and the banks don’t make it any easier to deal with. The banks will see that you’re perhaps paying off a little bit each month, and then offer you a higher credit limit and change it without giving you a chance to say no.
For all of you serial spenders, you’ll know how easy it is to then get into more debt. So, what you need to first do, is limit your credit card limit. If you’re not maxed out, you can ring them up and ask them to lower the higher limit to the amount you have in there. It simply forces you to not spend on it again.
You then need to set a realistic monthly goal of what you’re going to put towards it. It should be around double the minimum monthly payment, because interest is one of the ways you’ll never get out of it.
You might think you’re doing good just putting twenty to it each month, but then the interest will charge you most of that, so you’re never really paying anything off.
Then, when it comes to the end of the month, anything you have spare can also be put towards it. The sooner you get something like this cleared, the easier it’s going to be to live your life without the stress of debt.
We love to try and forget about the negative things in our lives, but before you know it creeps back up on you, and surprise you when you least expect it. One of these has to be the student loan you would have taken out when you went to college or university.
It’s a fee that gets brushed aside, because you know you don’t have to start paying it back right away. But as soon as you meet the criteria to start making the payments, it’s just an added bill that you didn’t need in your life, but it’s definitely something that you can’t escape.
But it might be easier to clear this than you first thought. It’s without a doubt one of the biggest debts in your life, so taking a look at information on Student Loan Consolidation might be the next best thing that you can do.
The sooner you can get it gone, the sooner you can focus on other areas of your finances. You don’t want to spend most of your working adult life paying something like this off!
Smarter Money Planning
Money planning is not something we’re all naturally good at, hence why most of us spend the month stressing about money. So to try and be smarter with your money planning, you have to think about all of the things that you usually miss out of your planning.
These are the things that come around to bite you half way through the month. So, at the start of the month, it’s unlikely that you’re going to have tons of pre made plans. So you won’t account for social spending money.
But now, especially since we’re in the summer, when plans do come along, you end up using more than you bargained for. If this plan was in the middle of the month, you might realise you’re super tight for money to buy the essentials, such as fuel and the food shopping.
So always put some to one side for social events that might pop up. If you don’t account for fuel, make sure that that’s put in as well. You should also try and put away 10% of your paycheck into a savings account.
By not building up savings this way, you’re only going to feel more pressure if something breaks, or if you want to go and do something!