Do you sometimes think it is becoming impossible to keep your head above water when t comes to personal finances? Are you a compulsive, careless spender? If so, we have a few simple suggestions to help you finally get a grip of your day-to-day money and gradually over time improve your financial outlook
First things first you need to learn to live within your means. Take a long hard look at what you are making each month - that is, how much you take how after deductions for tax, national insurance, student loans and the like. Be brutally honest with yourself when assessing your financial position. If not you are just deluding yourself and will simply end up delaying the inevitable.
Get rid of those credit cards and store cards that are charging you ridiculous amounts of interest.If you already have balances on them devise a plan to pay them off within a set period. Make the timescale one you can afford, but make sure you commit to paying more than the minimum each month or you will never get anywhere.
If you take the time to assess your income and outgoing you will be able to come up with a plan that allows you to live more comfortably without a significant chunk of your monthly income just going to service interest on your debts.
If you have savings then you would be much better off using those funds to pay off your debts than have the money sitting in an account somewhere earning a few pennies interest each month. That said, it is always worth having some money put aside just in case f emergencies. As with most things relating to personal finances, careful balancing is the objective.
As soon as you start to address your personal financial position you are effectively on the way to a better financial future. Most people simply bury their head in the sand, hoping against hope that things will improve. By devising a strategy and sticking to it, you are not trusting to luck, but instead determining your own financial destiny.
