Sailing The Storm: Don’t Let Your Finances Send You In A Spin

Cover Photo By Pixabay

Our finances can spiral out of control at times. Be that something we pay out for each week or month. Or finding yourself in unforeseen circumstances with little or no protection. These are the things that cost us. Which is why you need to tackle these finance zapping situations head on and be prepared. Be that creating new habits and routines, or adding further protection. 

We have all been through an incredibly tough time this year, and finally so many of us will have been affected by it. You may have lost your job, working less hours, or just had to cope with the ever changing circumstances we find ourselves in. It isn’t a great situation, but it doesn’t mean our finances have to suffer. There are so many things we can do to help our situations, increase earnings and income, and make the best of the money we have coming in. All while still paying the bills and not feeling stressed over it all. With that in mind, here are some of the things to think about when it comes to keeping on top of your finances. 

Making the money you have stretch further

One of the first things to consider is to ensure that your current situation is at the best it can be. Often we don’t realise that small changes can make a big difference to our current financial situation. Here is what to consider. 

Avoiding financial implications after a home burglary

While a burglary can never be predicted. You can do things to prevent financial implications on you. The first thing would be to consider your security in your home. This might mean looking at a new alarm system or making sure all windows and doors have strong locks on them. But there are other things you can do that protect your assets. There are insurance policies in place that you can have to help cover costs if anything is stolen or damaged. This is where getting things like a jewellery valuation and keeping receipts for purchase can come in handy. Burglaries don’t always just hit your hard on your finances, but can affect your emotions as well. People are in desperate situations right now and as we approach the winter months you may find that you are more likely to find yourself in this situation if you don’t protect yourself. So do all you can to prevent them in the future. 

Keeping interest costs low on debt

While no one intends to get into debt. It can happen. Which is why it’s worth looking into ways you can keep the overall cost down. Meaning you pay more off your outstanding balance than you do in interest. A great way to do this is to look into comparison websites and check out what is offering interest free deals. This means you can get yourself out of debt quicker than you would leaving the debt where it is. You should also look at the costs of the interest and focus on paying the most back that you can afford on the highest interest added debts. This helps you to start clearing that balance faster and enables you to save on interest in the long run. Debts can always be a big stress for many, so if you can try and consolidate them into one payment. If that isn’t possible, come up with a plan and budget for them. Make it a priority to get them paid off. 

Getting the best deals on your household bills

Many of us can get into the habit of letting our bills leave our bank accounts each month. But this is where many households are missing a trick. You are in effect washing money down the drain. Like anything in life, deals can be made and are there to be taken. Which is why it’s good practice to compare your current suppliers to competitors to make sure you are getting the best deal. If you aren't, changeover and make that saving. Many people think that this is hard work but most of the time it is easier than you think. Take the time to compare energy usage and get the best deals. Another thing to do is to check the direct debits in your account. People can often forget that they cancelled a gym membership or magazine subscription only to find themselves still paying for it. Check your accounts in goings and outgoings regularly to ensure that you know of every transaction and they are all legitimate. This can also help you to indemnify fraud if you are subject to it. 

Shop around for the right insurances 

Spending money on things like insurance may make you ask what is the point? The thing with any insurance is that we pay for them hoping that we never need them. However, the main issue so many people find with insurance is that they are not covered correctly. This could be important for policies like life insurance to cover mortgages and values of your home as you have climbed the property ladder. Health insurance where up to date records are needed, this is when you could look at health insurance for your family from TrueCoverage to see what is available to you. Insurances for  your home as well may not be giving you adequate coverage, such as the value of your home or the contents that you have within it. It is certainly worth making sure that you are covered. 

Cutting your food shopping bill down

Finally, our shopping bill each week for food can spiral out of control. If you don’t prepare, then you may as well accept you will waste money and food each week. This is where planning your meals and arming yourself with a list can save you money on your weekly spend. All you need to do is invest in a little time and plan ahead. You may also want to consider changing where you shop. There are many supermarkets offering cheaper alternatives for the same products. 

Earn more 

It is all well and good making sure the money that you have stretches as far as it can but what about earning some extra income that could be put towards luxuries that you would be saving for. Here are some of the options to consider.

Go for a promotion at work or different options in the workplace

Your working environment may not be what it once was but that doesn't mean to say that there isn’t going to be an opportunity to push yourself and earn extra. A great way to do that would be to go for. A promotion in the workplace or take on some extra responsibility that will pay you financially. You could even look at overtime if it is available. Times may be hard right now, depending on what industry you work in, but it may present you the perfect opportunity to help the business thrive once more by putting in those extra hours. 

Side hustles in your spare time

Another thing to consider would be to look at any side hustles that you could do in your spare time. It might be that you could consider things such as mystery shopping, filling out online surveys or doing some website testing. Many people also use their spare time to find freelance one-off jobs advertised that they can share their skills with. Perhaps a job as a voice over artist or some extra administration jobs that you can help with. 

Start a business of your own

Maybe you have an idea for a business that has been bubbling away for a while. Now might be the ideal time to use your spare time wisely and start your own business. This can easily be done in the evenings or at the weekend and while you slowly start to promote your business you can read the rewards of the extra income. The more you work on it, the more it could potentially become your full time job and have you in a position where you are earning more money than you were before. All you need to do is start. There are plenty of guides online that could help you do it, and you could even take the time to follow a template and write up your own business plan. 

Use social media or start blogging

Last of all, if you have a big following on social media then why not use that to your advantage? You could look at promoting items and creating advertisements on social media platforms, or even start a blog, if you haven’t already, and use that as. Platform for sponsored content. Many people have started social media and blogging in their spare time and gone on to do very well from it. It could definitely add to your income if not replace it if you work hard at it. Again there is a lot of information you can find online that can help you get started with it. 

Let’s hope these tips help you to become more on top of your finances as we move into the end of the year.