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Gain Control of Your Finances

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When faced with financial hardship it can impact your entire life and be difficult to gain control of your finances.  Your relationship may suffer; your social life will suffer; and your...

When faced with financial hardship it can impact your entire life and be difficult to gain control of your finances.  Your relationship may suffer; your social life will suffer; and your emotional state can suffer as well. There is no denying the importance of money in our society or the stress that it can cause. If you feel like your finances are getting out of control, then we can help you gain control of your finances.  Below are ten ways to get a better grip on your financial situation. Keep in mind that if you are faced with extreme debt, with the change of a home foreclosure or with severe emotional stress due to your financial situation, then there are financial resources and experts that can help.

Start a Spread sheet

A financial spread sheet allows you to keep track of what is coming in and what is coming out. However, you need to put everything on the spreadsheets, from your credit card spending’s to your gym membership. Consider how much you spend on the groceries, how much you budget for fuel each week and how much the electricity bills are. If you are spending more than what’s coming in, then it’s time to readjust your spending habits.

Accept Debt

Debt is a part of life but it can be hard to deal with. Try to take one payment at a time and try to keep the smaller picture in mind. When you owe $200,000 on your house the thought will probably send you into an immediate panic attack. However, break it down to $1000 per month payments and it is doable and less scary.

Don’t Give in to Sales

Have a habit of buying something simply because it’s on special or on sale? You are still spending money. Don’t impulse buy just because it seems like a good deal unless you actually need it and have budgeted for it.

Keep the Change

Make it a habit of placing your small change in a jar at the end of the day. Keep saving your change until the jar is full. A 600 ml coke can filled with two dollar coins will add up to $1000. You can use this money for emergencies or as a reward when the jar is filled.

Focus on high interest debt first

This usually includes the credit card which often comes with an interest rate of around 20 percent. Focus on paying off the high interest debt first and limit your credit card spending to emergencies only.

Negotiate with your bank

Your mortgage is not set in stone and you can negotiate a better deal as time goes on and your situation changes. You may be able to save thousands of dollars by checking into various mortgage options available.

Consider High interest savings accounts

There are several different types out there. Contributing to a term deposit or even an online savings account allows you to save, not spend, and to be rewarded with a little bonus through interest.

Do Some Research

Rather than simply paying the annual bills each year, do a little comparing to see if there is a better deal out there. This includes health insurance, homeowners insurance, phone companies and car insurance.

Commit to your Financial Goals

Stay on track with what you want, not what others have. Some people have money handed to them on a silver platter while others work every day of their life and still can’t get ahead. Focusing on what others have will only get you off track and make it harder to focus on your own financial journey, which is what matters.

Jody Allen

Written by 

Jody is the Owner and Founder of Stay at Home Mum. Being a self-confessed nerdy girl, she enjoys a good book or two (including Twilight and Jackie Collins) and is an avid collector of teapots and hair products. Obsessed with 'The Tudors' (and Henry Cavill) she would someday love to take a year off work and go to visit all the historic sites in England.

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Jody Allen
Publish Date: 31.12.2012 | Time: 5:15 am
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