Could you be managing your money better? Most people think they could be. The cost of living is always rising and it’s our salaries that are struggling to keep up. This means looking after your finances and keeping on top of your spending is crucial, especially if you have financial goals.
Credit cards, loans, debts, several bank accounts, store cards… all of these things can make understanding and getting to grips with your money incredibly complicated. But don’t be discouraged, here we’ll explore how you can be better with your money with these essential, financial tips.
Make sure you’re getting all the support you need
Are you disabled? Or have recently become injured and you’re unable to work? You could be entitled to some sort of financial assistance. Social security disability benefits can be a real lifeline for those who are struggling financially due to their illness or disability. You can ascertain what the maximum SSD benefit is here, by clicking the link. Sadly, many Americans abandon their claims after realizing how long and overly complicated the application process can be. Don’t be afraid to reach out if this sounds familiar.
Understand where your money is going
At the end of the month when you’re down to your last few dollars, are you able to account for every single dime that you’ve spent so far? Do you know where your money has gone? Unfortunately, there are very few of us who can clearly state where they’ve spent their money this month. Sure you’ve paid out for your rent and your bills but it’s often those frequent, little expenses that add up the most!
Coffees on the way to work, buying lunch instead of bringing it from home, takeaways, drinks with friends, candy bars and bottles of wine. When you can account for all these little spends you’ll be stunned at how much you’re really spending each month!
Focus on your debt
Tackling your debts head-on isn’t easy. This is why many of us put it off for so long and allow the debt to build! It’s important to remember that everyone has some sort of debt, so there’s no shame in trying to clear it. Consider having your debts consolidated into one easy (and reasonable) monthly payment and avoid using your credit cards.
If you’re on a tight budget and your credit card gives you a little financial breathing room, that’s fine – just make sure you pay off the minimum amount each month!
And finally, emergency funds are crucial
You may have enough to make it to the end of the month, but if your car breaks down or your freezer suddenly gives out, you could be faced with a huge bill and with no means to cover it. Which also means – you’ve guessed it – getting into more debt! Creating an emergency fund will help you financially recover from any unexpected expenses. Try saving as much as you can each month and you’ll have peace of mind that if anything does go wrong, you’re covered!