Managing Financial Worries
It can be tempting when you get your first financial loan experience to go out and spend. But don’t go wild about it! BUT DON’T YOU FORGET, THIS LOAN MONEY IS TO FOR YOUR EVERYDAY EXPENDITURES AND IT HAS TO LAST; and, you will be paying it later!
> Work your budget! – You need to put a stress how important it is to be right on track when it comes o spending, to keep your budget in line.
> Get a savings bank account with an interest – free overdraft. Look around for the best deals and look past the freebies to the amount of interest-free overdraft you can access at your disposal before you need to pay it back.
> Visit websites that can provide handy guides for your money savings work around. Check websites that can provide information and tips in managing your money and living on a budget. Includes web chat and telephone support.
> Join groups/clubs – that can offer discounts in shops, restaurants, grocery and fitness clubs… you may be surprised at how much you can save!
> Part time job or vacation work – Aside from your main source of income, it would be wise to put in additional funds derived from extra income such as a part-time job or “on the side job”.
> Sell excess stuff – organize a garage sale in your neighborhood. Make an inventory of your stuff that is no longer in use. A dollar or two for each item sold should extend some help with your financial needs.
> Phone/cable/internet bill – Shop around for the best deals for your utility bills and your broadband. Few dollars difference can augment your available money in paying or your other needs.
> Open a savings account – make your loan/bursary work for you by earning interest. You could earn over 5% interest on a mini-cash ISA and there are no penalties for transferring money into a current account.
Some more tips – if you get into debt…
> Don’t panic – it can often be resolved through speaking with the company and coming to an agreement. Be honest as to what your current financial status is.
> Don’t ignore it – it will only make things worse. Make sure to do the first move in settling the debt with the lender, they might even suggest other option that could make your life a lot better1
> Do something about it now! Don’t just sit on one corner and blabber about your woes. Crying over it and doing nothing will just add more worries on your part. ACT and RESOLVE, enjoy financial freedom!