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Budgeting

    Budgeting, Money

    Getting Through Tough Financial Times

    We’ve all been in very difficult financial circumstances from one time to another. When it comes to truly getting out of money problems, sometimes you have to make some drastic changes.

    The only hard part is sometimes you don’t know what those changes are or where to begin to find them.

    So how do you go about getting through the tough times?

    Disclosure: This post contains affiliate links. Which means at no extra cost to you, I will be compensated when you use my links. You can read more about our disclosure here.

    Assess Your Unwarranted Dependants

    Do you have anyone not paying their way in your life? Having a leech on your finances can be very difficult, even if this is a close friend relying on your generosity. 

    Sometimes it can be perfectly fine to evict a roommate from your home, or to end a friendship due to a form of financial abuse taking place. Outside of your own personal family and those you are responsible for (such as children,) you owe no one money outside of a contractual obligations to do so.

    For some people, simply adopting this method of looking at their outgoings can give them a much better and wholesome approach to resolving issues. 

    This might be cancelling unneeded subscriptions, downgrading your life a little for the basics, and doing your best to learn financial discipline.

    Know What To Blame

    While personal responsibility must be the core of good financial planning, sometimes the issues you face are not your own. 

    An injury you suffer at your job, that puts you out of work should not be considered your fault in any circumstance, even if your employer seems to want to present the situation that way. In this case using services such as nehoralaw.com can help you overcome the issues and gain the finances you are rightfully entitled to.

    It could be that your parents are overcharging you for rent, or are making you pay the entirety of the food bill despite already paying rent. Could it be cheaper to live alone, despite your parent’s asking you not to for now? 

    Taking a step back to look at your current situation could be just what your finances need.

    Treating Yourself

    When going through hard times, the urge to treat yourself may grow slightly.

    When I’ve been working hard for my money the first thing on my mind is how can I reward myself for all my hard work?

    Sometimes a little bottle of wine here or a nice clothes shop there can be just what the doctor ordered. But you also need to know when to cut yourself off.

     If you have debts, money to stretch before finding a job, or you are on a limited income, you’re going to need to pay attention to where your money is going.

    Instead of going to the movies a Netflix subscription on your small laptop might be enough, or starting a new book instead of going out on the town for the time being could be the best option. 

    Look for healthier ways to treat yourself during these hard financial times, because plenty of entertainment out there is very cheap and worthwhile in the modern day!

    This can also provide you with that temporary relief you’re looking for.

    Don’t Let The Tough Times Get You Down

    Money problems are inevitable. Everyone goes through them so there’s no reason to feel like you’re going through it alone.

    It’s how you go about getting out of the financial rut that really matters.

    There are always small changes you can make that could have a drastic impact on your wallet. Taking a step, no matter how big or small, is a step in the right direction!

    Good luck!

    Budgeting, Money

    What Do You Do Once You’re Out Of Debt?

    You’ve been shackled by debt for a number of years, but you fought through, saved hard and planned efficiently and your debt free date has finally arrived.

    You no longer have this stress looming over your head, you owe nothing to anyone and you’ve come out at the other end.

    But now that you’re done paying back all that debt you’re going to have some extra money laying around.

    So how do you budget for your new found wiggle room?
    Disclosure: This post contains affiliate links. Which means at no extra cost to you, I will be compensated when you use my links. You can read more about our disclosure here.


    Keep Up Your Strict Money Planning

    To get out of debt, chances are you took the bull by the horns and made some serious changes to your spending. This might have involved cutting back on luxuries, being frugal and budgeting carefully.

    Now that you’re out of debt, don’t just kick these money habits to the side. Sure, you don’t have to be quite as strict, and after quite some time living on just the basics chances are you’re ready to resume a more ‘normal’ lifestyle. 

    This could involve some money for things like socializing, hobbies or even a car instead of walking or biking everywhere. But be careful about it. Work these costs into your budget and go from there. That way you keep yourself on a good path when it comes to money and don’t start overspending again.

    Save The Money You Were Spending on Debt

    While some of the money you were spending on debt will be used to resume your more normal lifestyle, the rest can be put into a savings account.

    Having a rainy day fund gives you a buffer in case anything goes wrong. This can prevent you having to borrow money and get into debt again in the future if you need access to money, and generally helps you to be more secure and stable.

    Aim to save enough money so that if you weren’t able to work for three months, you would be able to pay your rent/mortgage, bills, food, vehicles and everything else.

    You can also save for fun things too like a weekend getaway, new TV, or a wardrobe update.

    Make Smart Investments

    Once you’ve saved enough money to comfortably live on for three months (keep that money separate) it’s worth pursuing other financial goals. One would be to make smart investments, so that your money works harder and gives you the opportunity to earn more money.

    You could invest in property or start your own business, you could even save to go back into education in order to get a better paid job.

    Who knows, maybe you’ll win the Powerball next week and your money problems will be over forever. But it’s always a good idea to plan for the future, and you can do that by making smart decisions today.

    Learn From Your Mistakes

    Finally, don’t let the stress you went through be in vain.

    Your debt might not have been a great time in your life but chances are you learned some lessons. 

    If you feel like you’re slipping back into old habits, make some changes. Reevaluate your budget and see what areas could use some improvements to ensure you don’t go back to living the debt life.

    Good luck!

     

     

    Budgeting, Money

    How To Stop Living Month To Month | Pay Day Is Just Another Day





    Pay day arrives and the fireworks go off, there are lunches, drinks and treats galore. One week later, you’re staring at a dwindling black hole also known as your bank account and unsure how you’re going to make it to the next pay day.

    You then revert to living off oatmeal and rice for three weeks straight as you miserably attend work meetings with a grumbling sad belly.

    The truth is, you have plenty of money to live off but you’re going about spending all wrong!

    You just need a little bit of a financial makeover and I’m going to give it to you!

     

    Disclosure: This post contains affiliate links. Which means at no extra cost to you, I will be compensated when you use my links. You can read more about our disclosure here.

    Quit The Cycle And Get Ahead

    Lets get you out of the constant cycle that keeps going around in circles in your financial life. Lets stop the overjoyed feeling when pay day is approaching and consider it to be a normal day.

    Whether you get paid at the start, middle or end of the month you should have equal amounts of money no matter what time of the month it is. Start the process by budgeting with a bullet journal, or binder which will help you to spread out your income and expenses over the course of each month.

    If you find that there are some places where you can cut down on some expenses, add that money to your savings so you can start getting ahead of your finances. As in maybe don’t have a new fresh and expensive meal every night and put that money away.

    Know Your Limits

    You may have already got yourself into debt over extended periods of time, which can often be a terrifying position to be in. You use the majority of your paycheck to pay off a credit card bills and then you’re left with nothing to live off of.

    You end up taking out another credit card in order to get by and so it grows out of control. If this sounds familiar you might want to contact some debt settlement companies. They will be there to assist you to eliminate a chunk of debt you might owe.

    If you think you might need this kind of help, then seek it sooner rather than later. It might just be the lifeline that sets you free from your rut.

    Ditch Your Calendar

    Pay day each month has a big red highlighted circle around it with shooting stars surrounding it in your planner right? It’s time to get rid of it.

    This won’t help you to view pay day as a normal day, so ditch any notes in your calendar that are encouraging you to spend money on that day each month. View your calendar as a whole batch of days that are equal and financially full. You will soon be waving goodbye to pay day treats and you will be able to treat yourself to small things throughout the month and.

    You are in control of your own money, so the change has to start with you! Ask a friend or family member for help if you can’t see where you’re going wrong, they are likely to be the most honest with you.

    Pay Day Is Just Another Day

    Don’t run to the mall as soon as it hits to get that new dress, don’t by out the entire online store that’s having a 30% off sale.

    Pay day is simply a day where your money officially moves into tall the planned categories on your budget.

    As in, NO BLOWING ALL YOUR MONEY IN ONE DAY!

    It’s time to escape the vicious pay day cycle now and slide seamlessly into financial freedom

    Good luck!

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