How to manage a tight budget

How to manage a tight budget

Many people find themselves in financial trouble at some point in their lives. It’s something that you can’t always avoid, but there are ways you can deal with it. By following a few simple steps you can start to manage your money and become more financially stable.

 

Step #1: Don’t bury your head in the sand 

One of the biggest mistakes you can make when you’re going through financial difficulty is pretending it’s not happening. Burying your head in the sand will only make the problem worse. You need to sit down, make a list of all of your debts and your monthly outgoings. Spread sheet software can really help you to organise your expenses and have a clear view of how things stand.  

 

Step #2: Putting important payments first

Once you have your overall list, start separating the most important bills/debts from the lesser important ones. Which debts will provide you with the worst penalties if you were to miss a repayment? 

 

A good example would be your mortgage. You need to keep paying your mortgage in order to keep a roof over your head. A lesser important payment could be a credit card with a minimum payment. Some of your creditors may even allow you additional time to pay or allow you to pay in installments. 

 

Step #3: Take a look at what you’re spending

Often you don’t realise how much money you’re actually wasting each month. Write a list of everything you spend. This includes small every day purchases such as newspapers, snacks and lunch. There are numerous ways you can cut back on your spending. Making your own lunch instead of buying it and cutting back on snacks can make a big difference over the course of a month. You need to focus on the things that you need, rather than the things you want. As soon as your finances start to improve, you can go back to buying things you want. 

 

Step #4: Look into ways to cut costs

Buying things in bulk, taking advantage of sales and using money off coupons can all help you to cut back on how much you spend. 

 

Step #5: Look at ways to earn more money

Could you take on an additional job to gain a little extra money? Do you have any creative skills that you can use to earn you a little more money each month? The internet has made it easier than ever before to make use of your skills. Photography, writing and web designing are just some of the skills you could get paid for. 

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