One of the most damaging things to our health is stress. One of the biggest things that gives us stress is our finances. When both these things, stress and finances, get out of control there can be a whole backlash of unhealthy behaviours. Often people who are stressed about their finances don’t even realise they are eating and drinking too much and having anger outbursts. Ideally it is best to sit down and have a good look at your finances before you get into the stressed situation.
First sit down and create a report on where your money goes. Have two lists. One with all your incomes on and another for all you outgoings. This will only work if you’re really honest on what you are spending. List everything. That coffee you buy each Saturday morning on the way into town that you think is about £1, get the actual price and include it as its probably £2.20. Just by getting that price right is a difference of £62.40 a year were not accounting for.
Next put your expenses in order of importance. The most important at the top and the least important at the bottom. So things like your rent/mortgage and utilities will be at the top and that once a week coffee will be at the bottom. Now look at what you can take off the list. Gym membership you don’t use, that coffee once a week or anything else that shouldn’t be there is you can’t afford it.
Clear your credit card. It too easy to buy things on your credit card. But what you’re actually doing it putting payment off. If you lost your income you would then not be able to pay. Plus you’re paying over the top by paying extra for the use of the credit card in the way of interest. It makes a lot more financial sense to pay off your credit cards, not use them and only buy what you can afford.
Try and build an emergency fund. Saving little and often can surprisingly add up to a nice sum that is your buffer when you really need it. If you think you can’t possibly save any money have a look at your outgoings again. Maybe you could get better rates on insurance for your house and car. Or when your purchasing use coupons like those at VoucherBin! A little bit tweaking here and there and you may see ways of saving money for your emergency fund.
You could save more money by only using the cash in your purse or wallet. In a world where everything is electronic and with services like Payleven making it even possible for market stalls to now accept card payments, it can be too easy to spend using your card. If you only use cash and limit the amount of cash you carry it forces you to save more money.
If your still struggling to have enough money to cover all your outgoings after following all the above, you can always raise money. Maybe you have household items you will never use, these can be easily sold online these days. Or maybe you have a talent that others would like to learn and you could teach them like playing the piano. Babysitting isn’t just for the teenagers or how about being a delivery driver at the weekends for local eateries.
The most important bit of advice is to be honest with yourself about your money and tackle it instead of ignoring it.
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