Payday Loan Consolidation Program -Go2andalucia.Com Uncategorized Personal finance: 13 tips to organize your personal finances

Personal finance: 13 tips to organize your personal finances



Suddenly the salary no longer compensates for the regular expenses of the month, his health weakens and insomnia appears, followed by a great sense of despair. Those are some signs of financial lack of control if we do not have personal finances in good health. More exposition at battleplanetmovie.com

Although many people do not know how to deal with money, changing that reality is possible with a little training. Financial lack of control can be avoided with some actions that impact people’s daily lives.

Do not spend more than you earn, do not fall into debts and interest, write down daily expenses and be rational when consuming are some important steps. Next we will analyze 7 tips that will help you get out of the financial mess.

1. Recognize your financial lack of control

1. Recognize your financial lack of control

Only those who assume that their financial life is out of control manage to organize it. Who does not face that situation as a fact, tends to postpone the recovery itself.

If you are without credit and your name already has a bad credit history, you must take action (here we explain how to know if I am in Asnef). That is financial lack of control. Many people go through the same problem, so do not be afraid to assume your real situation.

Make a realistic diagnosis of your financial life. If necessary, turn to the area professionals or software that will help you in the diagnosis. Accept your situation and prepare a combat and recovery strategy.

2. Make a plan

2. Make a plan

To get out of the financial suffocation it is necessary to do good planning. See what your financial bottlenecks are: credit card, home mortgage, children’s school debt, etc. Plan how you are going to eliminate each debt, considering that the most expensive ones – such as the credit card – should be your priority.

All planning must have an objective, a correct date to begin the actions and indications of how they will be developed. Remember to set objective and feasible goals, for example: negotiate debt at children’s school, cut credit card purchases, etc. Watch out for revolving cards.

3. Adapt to the new reality

3. Adapt to the new reality

The one who goes through a period of financial lack of control needs to adapt to the new needs to get out of that situation. This includes a more conscious consumption, a new routine that involves reducing expenses and discovering new forms of income. If you have done a financial planning, without a doubt one of your goals should be to reduce spending.

Always start by reducing superfluous expenses . Cut the consumption of clothing and accessories, reduce leisure expenses … Acquire new habits in your routine and choose to bring food for work instead of having lunch every day in a restaurant.

Make these small adjustments and see how much you will save on a day-to-day basis. Actions may be for a period, but after you perceive the result, they will become true habits of life.

4. Record all your expenses

4. Record all your expenses

Do not be lazy or afraid to record your expenses. From bread to payment of the car fee. Everything must be properly registered in a notebook, spreadsheet or an application.

The important thing is not to lose those sight expenses. Even the coffee you drink every day should be noted. If it costs 1.30 euros, in a week you will have spent 9.10 euros; in a month, € 39 … and at the end of a year will be 475 euros that could be saved.

This is an essential action to get out of financial lack of control . Seeing how much unnecessary spending could have been avoided, he will mobilize for actions that will help in his recovery and financial reeducation.

It is also worth looking at the service contracts that are in effect. Identify services or rates that are illegal or that make no sense to you. Reduce your internet data plan and even cut cable television if necessary.

5. Always negotiate

5. Always negotiate

Do you have overdue bills? Contact the service provider and take advantage of the negotiation campaigns; If the issue involves the credit card operator, evaluate whether it is better to make a loan to pay cash.

There are some situations in which the loan can be a good solution. Make a detailed analysis of the situation and consider this alternative. There is no prohibited action when you want to resolve the financial situation, but there is the best option for each case. If you have tried to negotiate and you have not succeeded, say that you will expect a better condition to resolve the outstanding debt.

6. Work your head

6. Work your head

Living a situation of financial lack of control is not easy, but you do not need to despair and isolate yourself for it. There are always ways to solve the situation. Work your head to not transform that period into a time of bad mood and discouragement.

Celebrate every small conquest: a closed debt, credit recovery, a negotiation achieved. Enjoy enjoying the free attractions that your city offers. Visit museums, walks in ecological parks, visit squares. There are many free fun alternatives, you just have to be open to them.

7. Wrap the family in the solution

7. Wrap the family in the solution

There is no point in hiding the family the moment lived. It is very important that everyone understand and know the situation of financial lack of control and get involved in the solution. This can be an opportunity to start rebuilding the whole family to issues that involve finances.

It is necessary to make clear how each one can contribute: reducing the consumption of games, receiving a lower pay or suspending it for a while and restricting the trips to the mall. Showing each other’s actions, everyone feels responsible for the financial recovery and becomes aware of the problem.

Financial health is essential in people’s lives. Learn to understand the lessons that a situation of financial lack of control can present.

8. Budget day

8. Budget day

Reserve one day per month to organize your financial life. Assemble a return with fixed expenses, debts, payments, possible expenses. Also include your income, such as salary, rental income, occasional earnings, and so on. Set up your monthly budget, accommodating expenses to income. The ideal thing is that always and in all circumstances be between ten percent and twenty percent.

9. Prioritize

9. Prioritize

If the budget is unbalanced – an expense greater than revenue – the way is to immediately reduce expenses. Set priorities and suppress what is not essential. That adjustment period requires discipline. Visits to the restaurant, walks, trips or unnecessary purchases can wait until the moment the financial balance is recovered.

10. Learn to use the money

10. Learn to use the money

Most people care to learn how to make money, but not how to use it. There is a big difference between the two situations. Everyone knows stories of businessmen who piled up fortunes, but ended up broken. Nothing better than learning from the failures of others. Read, study, find information about finance. There are multiple books, gazettes, newspapers and sites that translate economic technicalities into routine language.

11. Set financial objectives

11. Set financial objectives

Determine a value, a term and a financial purpose to achieve. Organize yourself in a way that creates the conditions so that the purpose is fulfilled.

12. Save always and in all circumstances

12. Save always and in all circumstances

There is no personal finance organization without savings. It is the reserve of capital that allows the person to do in front of urgent situations or seasonal crises. Consider the commitment to save ten percent to twenty percent of your monthly income.

13. Learn to invest

13. Learn to invest

From a certain level of finance organization, the person has resources for investment. The accounts are up to date, there are no outstanding debts and the purpose of spending less than what you earn became law. It’s time to make money work for you. Look for investments according to your profile. For this, ask for the help of your bank manager, count on the help of expert companies in providing this kind of advice or be trained to accept the work of taking care of your investments.

If you want more tips to improve your personal finances, in these other articles we tell you some finance tips for couples, 31 household economics tricks … 7 habits that hurt your family budget and 7 negative financial habits.