Top Ways To Get Your Finances In Check For The Summer Holidays
With summer at our doorstep and the weather promising to brighten up, it is easy to get swept along with the warm weather and forget all about finances. Whether you have an up-and-coming holiday or are planning activities that will keep the kids busy while they’re not at school money is bound to be tighter. The best thing to do now is to face up to your finances, and try to get them sorted out as that way when next summer rolls round you will be financially prepared. If you are struggling to make ends meet one month then there is the option of applying for a payday loan, either way it is still important to get your finances in check.
Budget and Plan
Even though this may seem like an obvious step, it is easy creating a budget but the hard part is actually sticking to it. In a spreadsheet or even a notebook, write down all your fixed monthly expense, then write down your non-fixed expenses such as eating out, shopping and anything else you can think of. By writing it down you will be able to track where your money is going each month, and what you can cut back on.
Track Your Spending
Budgeting and tracking your spending go hand in hand with one another. Every time you buy a non-essential item use the 50/50 trick. Which means the amount you spent on the non-essential item you put towards your debt or your savings account, not only will this limit your spending but you will be able to clear some debt at the same time. Another easy tip to help track your spending is to draw out the money from your budget, as it has been scientifically proven that paying with cash is far more painful then swiping your card.
Ditch the Debt
Everybody at some point in their lives gets burden by debt whether its credit cards, overdrafts, store cards or car finance. If you are struggling to cope with all the debt that you have accumulate dover the months then maybe it might be a good idea to combine all your borrowing into a single personal loan. If you do this, then you must destroy all the credit cards and close accounts once they have all been paid off, to prevent further and future debt. The last thing you want to do once you’re debt free is getting sucked back in to bad habits.
Unexpected emergencies seem to occur when we are that much tighter in the month, which is why it is so important to start building an emergency fund. If you are really short on cash each month then try just putting in small amounts to start off with. Another good way to start saving is to start collecting all your loose change, as every little really does help. Even though these may be small amounts these little tricks will start to add up over the month so you can start to build a small emergency fund. Then when you get a pay rise in your job you will then be able to increase the amount you save.