Who doesn’t love a carefree life? But alas! Most of us need to work our way to a relaxing life with having the right financial balance. The better you earn, the better your life gets.
However, when the sometimes-bad situation arrives like a Tsunami, if engulfs all our savings and knocks our financial condition down to its last pence. It can get even the most put-together person. Once in a financial crisis, coming out of it can be challenging.
You had a crisis, you got a loan, and now you have very bad credit, you are looking for other loans, and you find no guarantor and no broker in the whole of the UK.
Well, if you are in a financial crisis, we have brought some fail-proof proven ways to employ which can improve your financial status. Give these tricks a good try. It might just work.
Therefore, here we go!
Budget
Ah! Good old boring budgeting. I agree it sounds pretty boring. Nonetheless, it is an extremely useful tool. If you are trying to begin taking control over your finances, well budgeting must be the first step.
If you are new at making a budget, you may choose a weekly or monthly budget depending on your payment cycle. Do your budget planning on the basis of your monthly expenditures and earnings. A budget will show you exactly where your money is being spent, which in turn allows you to figure out unnecessary spending.
You always need a budget to plan your money, irrespective of how much money you use to earn. Setting an unreal budget is a common mistake made by many. Extra motivated people make a rigid budget and avoid some amenities such as only homemade food or never buying coffee etc., after a while, it becomes pointless. Always make a budget that fits your way of lifestyle, like dining or splurging on some luxury.
A little extravagance is necessary. Or else, what’s the point of life?
It’s Time to Pay off all the debts.
Hey! I know it doesn’t sound very clear. If you are in a financial crisis, how in the world are you supposed to pay off? Am I right? But before making the decision, hear me out.
We all take out a loan or two during the crisis. And soon, we end up having multiple debts, multiple payment notices, your credit score has gone down the drain and whatnot. It could be really overwhelming.
Here is what I suggest, if you are under huge multiple debts, take another debt consolidation loan. There are many firms or lenders that provide very bad credit loans no guarantor no broker in the UK. If you approach them, they can definitely help.
It will simplify your finances. Now you pay only one firm and so many different firms. It will certainly improve your credit score. Besides that, it will generate more confidence inside you.
Now, you should keep in mind that you pay up the lone every month and try to clear them as soon as possible. For that, you need to set up a payment plan and try to reduce your unnecessary expenses to a minimum. Pretty neat trick, eh!
What are Your Thoughts on Saving?
We all know that we will start saving, and soon, we find an amazing sale and get on a slippery slope. It does not sound much appealing. You would rather do overtime.
Well, you got to! If you want to improve your finances and have control over money, then you need to start saving. You can take the first step as little as £10.
People say, after spending on essentials, save the remaining. However, some expert suggests first saving and then spending the remaining on what you can. It is suggested to save at least 40% of what you make.
Next time, if you must get a loan go for joint loans available even for bad credit. You can co-sign with your wife.
Make an emergency fund.
Now that you have tested the crisis, it is time to avoid it altogether. The way to do it is to set up an emergency fund. You will be thankful for this fund whenever a crisis arises.
For example, we have all taken an emergency loans at very high-interest rates. You can make adding money to emergency fund a family tradition.
Conclusion
So here it is. My tips to have control over your finances. These are simple and totally applicable in any situation. In future, if you find yourself in a perilous situation, instead of taking a personal loan, I suggest you take joint loans, which are available even for bad credit.
