One of the hardest parts of growing up, is dealing with all the money going in and out of your account – the worst part being when it comes out of course. Once you hit adult life, you realise just how financially demanding it all is and you will soon wish you could be a child again. There are so many bills to pay, as well as insurance, tax, groceries, clothes, and the luxuries that we often crave. It’s hard to live a lifestyle that you can’t afford, especially when you like the finer things in life, but the last thing you want is to fall in a never ending spiral of loans that begin to consume your life. – It’s a slippery slope that feels so good in the beginning, but can all go pear-shaped within the blink of an eye.
There are so many responsibilities that are asked of us, and that’s not to mention trying to juggle work on top of that, family life, and still managing to have a social life too. A lot of people who begin to struggle will start to close themselves away, sometimes without even realising they’re doing it. But this can begin to get unhealthy. Sure, you may realise that you can’t afford all the outings on the weekends, but that doesn’t mean that you have to shut people away. Nothing good comes from sitting inside of four walls trying to deal with all of your problems on your own. – It’s okay to ask for help. In fact, it’s encouraged. So if you really feel as though things are getting a little too out of hand, then always know that you can talk about it. Don’t let it consume you.
Unfortunately you can’t run away from money problems. You can certainly try, but they will soon catch up with you and will be twice as bad. There will come a time where you have finally had enough and you’re ready to take charge and control what’s going on, the proper way. Whether you’re in debt, struggle with overspending, aren’t making enough money, or don’t have any savings, know that there are always options and solutions no matter how bad you think your problem is.
Here are some tips and advice to get you onto the right track.
Cater to your own personal needs.
It’s important to know that every single person out there is different, so your friends may have some great money hacks that work for them, but that by no means means that they’ll work for you. Believe it or not, the kind of credit card you own can have a huge impact on the way you spend your money. For example, if you have a card that allows you to keep spending even you don’t have the money in your account, this can make it very easy to impulse buy because nobody is telling you no, but this is how you end up owing people money, and that’s not something you want to experience as it will cause you an awful lot of stress. So it’s all about finding the right credit card for you. There are sites out there that give you a whole bunch of information on what’s available, so if you’re not sure what direction to go in, have a read and then you can make a decision that is catered to you.
Speak to a professional financial advisor.
Trying to manage your money properly can be very difficult, especially if you’re not quite sure what it all means. You shouldn’t be embarrassed to admit this because a lot of people aren’t really sure how to keep their money safe. A financial advisor is a professional that specialises in all things finance, and they are able to give you their expert opinion on the best direction for you. In order for this to work well, you will need to be as honest as possible. This means telling them exactly how you tend to spend your money every month, including all the bills, as well as any other routines you have, like going to the hair salon or going to the gym, as these all cost money. They also need to know how much you earn too. With all of this information at hand, they can then evaluate exactly how your months pan out and what your lifestyle is like. By doing this, they will be able to advise you on things that you can do to not only save money, but also how to spend it more wisely that benefits you.
Always plan for your future.
No matter how old you are, it is so important to think about your future when it comes to your finances. No one knows what the future holds, and that is why managing what you have early on is so vital. Now of course, this doesn’t mean that you shouldn’t be having fun and living your life – it just means you should do this while being responsible and realistic. Every time you get paid monthly, rather than keeping everything where it is and regularly tapping into it whenever you please – break it up into separate categories. For example, open another account that’s purely for bills, and set up an automatic transfer from there with enough money inside every month to cover all of your bills, like the electric, water, tax, insurance, etc. Then keep your usual account for any personal spending, like clothes, food, and anything else you like. It’s also a good idea to open a savings account too, and whenever you can, transfer money into it. Then one day when you need money and aren’t sure what to do, you can remind yourself of your savings.
Now that you have a few ideas, think about your current circumstances and what areas you need to make a priority. As soon as you start taking control of your finances, you will feel as if a weight has been lifted off your shoulders, and you can begin to enjoy living all over again.
Image – MaxPixel