Are You Broke? Learn How To Turn That Problem Around Today!

By admin, March 12, 2016

It’s a sad fact of life that many people are broke. What might surprise you to learn is how many folks have well-paid jobs. They just can’t afford their monthly outgoings and often live above their means.

The turbulent economy is one reason for that problem. The cost of living rises each year. It’s even worse for people that have families to support. If you’re fed up of being broke, this blog post could be your light at the end of the tunnel.

Here are some tips to help you turn that problem around and lead a happier lifestyle:

Make a list

Lists are great! They help us to keep track of things and work out the best ways to action problems. In this case, you should make a list of your income and expenditure.

Once you’ve made your list, it’s time to work out which expenses you can live without. There will be some outgoings that you need to leave on there, such as the mortgage and shopping. But, things like Sky TV and Spotify can get cancelled. They are what we class as “luxuries.”

Next, work out if your income covers the expenses you have left. If it does, that’s brilliant! But, if you’re still short of money, read on for some more money management tips.

Merge your debts into one

It’s likely that you have a few credit cards and loans in your name. The trouble with several sources of debt is the interest you have to pay. Credit cards, in particular, will eat up a lot of your income.

One practical solution is to consider loans for debt consolidation. This is where you borrow money to pay off all your debts. The result is you end up with a lower monthly payment. Plus, there will be less interest to pay.

Find a better mortgage deal

Do you have a mortgage on your home? If so, you might not know it but you could be paying less for it! Mortgage offers only last for a certain period. After that, they revert to default interest rates. They can often be high, believe it or not!

Spend some time online and check out the best mortgage deals on the market. You may also wish to speak with a mortgage adviser on the subject. That way, you can make an informed decision.

Get rid of your car

Do you only use your car for work and to do the shopping? Does it get unused at other times? If there’s a good public transport network where you live, sell your car.

You can use it to commute to work and back. Sometimes you might be able to car-share with another employee that lives near you. When it comes to shopping, order it online and have it delivered to you in the evening or the weekend.

Now you won’t have to pay for fuel, insurance, tax, and servicing costs. Trust me; it’ll make a big difference!

Thanks for reading today’s guide. I hope you find it useful.