Money Troubles - How to Take Action

Monday, April 15, 2019

     When I was young, I used to hear people saying “where does the time go?”. That was people’s biggest worry. Time. There was sort of enough of everything else to go around. Perhaps I’m looking at the past through rose-tinted glasses, but these days I’m certain that time is no longer the priority. Money has taken over. The cost of living has undeniably risen (just think how much a chocolate bar used to cost when you were young compared to now, let alone houses prices and luxury items!). 

     For some people, this has meant that their income has fallen short of providing enough cash to support the lifestyle to which they had become accustomed. This is understandable. The global recession of 2008 may be more than a decade ago, but memories of how good things used to be die hard. If you’ve found yourself in hot water over your finances, keep reading.

Money Troubles - How to Take Action

Bankruptcy - Understand Your Options

     Bankruptcy isn’t just for multinational companies and business people standing outside of court rooms on TV. No. Bankruptcy is more common than you might imagine. If you’ve set up one too many credit cards, or if you’ve agreed loan or finance terms that are proving to be unmanageable (or maybe you’re currently in a situation involving a mixture of all of the above), declaring bankruptcy may be the solution. Try Creditfix for an explanation of whether you qualify for bankruptcy. Get a better understanding of the overall process and get all the information you need on how to get the ball rolling with your application.

Buy in Bulk

     If you’re looking for ways to cut down on expenditure, there’s very little point in cutting out occasional treats (e.g. restaurants, new shoes) if you’re going to ignore what’s really going on with your finances on a regular basis. We’re talking staple spends. Consumables such as toiletries, food, medical supplies (where applicable) and even things like ink cartridges and other stationery can all be bought in bulk. This takes a little planning and some honesty over where your money actually goes each month. Spending too much on expensive food, for example? Swap your weekly food budget for a slimmed down version by swapping your usual supermarket for a wholesaler. Buy and freeze your food in bulk. This will mean spending more in one shopping trip than usual, but, done correctly, you won’t need to return to the store for 3-4 weeks. 

Budget. Budget. Budget.

     For most of us, daily spends are inescapable. Wherever you go and whatever you do, there’s always a reason to put your hand on your money and hand over some of your hard earned cash. This could be public transport, last minute drinks after work, buying flowers for someone’s birthday, or simply forgetting to bring your lunch to work and making do with something quick from a nearby shop. Combat this loose grip on your finances by budgeting a certain amount for each day. Be strict with yourself. Don’t overspend one day and pretend like you’ll repay yourself with the following week’s worth of budgeting spends (that’s a slippery slope!).

2 comments

  1. Really great read Kath, gave me some ideas. Thanks for sharing!

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