5 Ways To Get Your Finances Back on Track


If you find yourself regularly with more month left at the end of your money and even turning to online loans more often than you would like to admit, it might be the signal that your finances need getting back on track. Need some tips to get you started? We’ve got them…


Take your head out of the sand

Ignoring your money situation is not going to make it any better. The miracle is not going to happen, so first thing is first – admit that your finances need shaping up and sorting out.


Work out your outgoings

Working out your outgoings doesn’t mean taking a wild guess at how much you spent yesterday, last week or last month. What it does mean is going through all your statements, direct debits, standing orders and bills with a fine-toothed comb so that you can work out exactly what you should be paying out each month. Once you have this it’s time for the next step…


Create a budget

Write it all down: your income, your bills and the rest of your outgoings into a budget sheet. You could use a notebook, a spreadsheet or stick a piece of A4 paper to the fridge but, whatever way you do it, just do it. Once everything is written in black and white it is far easier to see where your money is going and where it needs to go.


Work out where you can cut back

If your income is not high enough to cover all of your outgoings then it is time to cut the outgoings back wherever you can. Now, this doesn’t mean not paying the mortgage or the rent, or the other important bills such as council tax and your utilities. These are the bills that need to take priority above and before anything else, no matter what. Do you have a coffee shop habit that costs you a few pounds here and there? Do you still buy a newspaper instead of reading them online? Do you buy lunch at work every day instead of taking in your own? Even the smallest changes resulting in a £5 a day saving will result in more than £100 a month extra in your pocket.


Are you paying more than you need to for the things you need?

Yes, I will say it again, you do need to make sure you pay the important bills first but do they need to be that high? Take the utilities, for example. Check your tariff and call your provider to see if they can switch you to a better one. Also make sure you check out the competition. The betting is that you will probably be able to make a switch one way or the other, be it between package or provider, which will shave more from your monthly outgoings.


Do you have any tips for getting your finances back into shape? Do share them with us in the comments below!



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