Bad finances, it’s almost like a dirty word, but most UK adults will face periods where their finances are not as healthy as they should be.
Fixing your finances is a good idea at any age and learning to recognise the problem right at the beginning will allow you to start taking steps to improve your situation.
Have Fun Within Your Budget
It’s not about denying yourself the fun things in life, but rather avoiding money traps and getting the most value from your money.
Hopefully, this list of some handy financial fixes will give you some ideas on how to fix your finances this year!
Look Into Your Options
Do your research, read through the options to see what suits you best when it comes to fixing your finances and putting you in a better position financially.
Simple things like paying off credit cards early, can help build your credit rating, but there are more specific options, like getting a Bad Credit Mortgage, which can help with home purchases.
It’s not about spending everything you earn, rather spending with deliberation and planning.
Set Up A Family Budget
As a parent, it’s important to teach your kids about the value of money, but how?
Teaching kids about money is never a bad idea. For example, let’s take an average family with two working adults and two kids, each child has their own set of pocket money at a set time each week.
With that pocket money in mind, get your kids involved in budgeting for larger items that they want, this will teach them the value of money, and save you the heartbreak of constantly telling them no when you’re in a tough financial place.
Get Rid Of Unneeded Luxuries
If you’re stuck in a rut and need to make some extra cash fast, then it’s time to take a look around at the things that aren’t really needed.
Sell these items on and make some extra money, instead of holding onto them for the sake of it.
When you’re in a financial fix, remember that your health, relationships and happiness are what really count.
Getting rid of unneeded luxuries also counts for things like subscription services for TV packages or deliveries that aren’t necessary right now.
Meal Plan
The idea of a meal plan is to make sure that you are eating healthy and cooking nutritious meals, but it can be a great way to stay on top of your finances.
Meal planning can help cut down on impulse buying – this means that you won’t need to waste money on food that you don’t actually want.
The key is to decide how much you want to spend each week and set up a weekly budget for this amount so that it doesn’t exceed your weekly income.
Open A Savings Account
Opening up an account is easy to get your head around: all you need to do is set up an account, then keep putting money in, and work out how much you want to save each week.
Even if you can only afford to save a little bit, the feeling of being in control and having some spare cash when times are hard will be well worth it for you.
