Getting Your Finances Back On Track The Right Way

The old saying goes ‘money doesn’t make the world go around’. However, without it you’re not going to get too far in life, especially if you’re in debt or strapped for cash. It can be difficult to manage your money, especially if you’ve never had any advice on how to spend wisely, or even if your outgoings are matching your incoming cash. Luckily, there are many ways in which you can learn to take control over your financial situation, and here’s how you can get your finances back on track the right way.

Get the best deal on everything

It’s not uncommon to hear of frugal people who want to get the best deal on everything and do whatever they can to have everything as cheap as possible. These are the kinds of people you should take advice from. There is always a better deal than you’ve got, and more likely than not there’s a way to get something cheaper than it’s original price. Here are some ways to do so:

-          Call your energy suppliers and ask them for a better deal on your energy costs. Companies such as CleanChoice Energy are a great example, using 100%, clean renewable energy with no new fees and no new equipment.

-          Collect coupons from newspapers and online to spend on your weekly food shop.

-          Don’t take on an expenditure without making sure you really need it, and also that it’s the best price you can get it for. Haggle the salesperson down in price whenever possible.

-          Reuse and recycle. Small costs like bags and bottles that you might throw away will soon mount up. Plus, you’ll be helping the environment too.

Sort out your debts

If you’re currently in debt due to overuse of your credit cards, then now is as good a time as any to sort out your debt situation with them. Try using a  credit card debt consolidation calculator to help work out how you can resolve your issues with your lender. Failing that, give them a call. While they want the money that you owe, they also have to appreciate that things get out of hand. It’s likely that you will be able to set up some sort of affordable payment plan to repay the money you owe so that you’re not out of pocket and struggling to pay other bills. Don’t try to forget about the debt, sort it sooner rather than later!

Save a percentage of every paycheck

Finally, when you’re in debt, the last thing you’re probably thinking about is saving money in an account to build up. However, a great habit to get yourself into is to save a percentage of every paycheck so that even when you’re out of debt, you can continue saving money and building up a more stable financial situation. Many people use this technique so that they aren’t strapped for cash when something happens unexpectedly like a washing machine breaking down. It saves any panic or stress on the financial side of things. Even if you’re only saving a small amount of money each month, it will mount up faster than you think! Try and get a high interest savings account  so you’re getting more for your money. You will be out of debt before you know it!