Always waiting for pay day?
Do you find you are waiting for the payday every month? Are your wages not lasting the whole month?
When pay day feels far away
When your salary just doesn’t quite stretch until the payday, it can feel like a trap with no way out. This situation is affecting more and more families across the country. It may feel like there is nothing that can be done but that’s not so.
Here are some ways to improve your finances.
Don’t live beyond your means
The living beyond your means is a simple but often ignored sentiment. The number one way to give your income a much-needed boost is to make sure you are not spending more money than you have coming in.
Something as simple as completing a budget sheet can help you compare your income against your outgoings. Once you know what you have coming in and out, you can then have a better overall picture of your finances.
The best budget sheets include details of all money going in and out. Once you have completed a budget sheet, you will be able to cut out waste and improve your cash flow.
Stop unnecessary shopping
Although it may seem like you do at the time, do you need the latest game or that dress in the shop window? Stop. Think.
A lot of our income gets wasted buying things that we want rather than need. These expenses are not always such a bad thing; however if you consistently find yourself in a situation where you struggle then, all these unnecessary purchases could be detrimental to your finances.
Once you have your finances under control, then you can allow yourself the occasional treat.
Sync your pay and bill dates
If you find that your bills come out at different times of the month, and so some bills are constantly going unpaid as a result, then it may be the time to coordinate your bills.
However you find it easier, paying everything off at once or spreading the payments over a short period, most companies will be willing to adjust their paydays if you contact them and explain your situation.
Limit the number of credit cards you have
A credit card can be a lifeline for many people; they improve your credit ratings, and they can be a life saver in financial emergencies. However, if you are struggling to repay multiple credit card bills, then it may be time to start limiting yourself to one or two cards.
As brilliant as credit cards are, it is incredibly easy to fall into debt after missing a few payments. Credit cards work best when you pay off as much of your bill as you can afford each month.
Do not let financial stress affect your family
In times of stress, we tend to take out our frustrations on those we love rather than deal directly with the source of our frustrations. This stress can be extremely damaging, not only to ourselves but also to our relationships.
You may feel that by keeping your financial struggles to yourself, you are protecting them. However if the weight of your financial problems is causing you to lash out then, they will still be affected.
Rather than working without your family consent, become a team and work together.