Ten Things You Can Do Today to Manage Your Finances Better

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If you feel like your finances and debt problems are spiralling out of control, you need to do something about this issue today. Putting off the hard decisions just makes matters worse. There are several online and offline tools and advice service available for people who cannot see clearly about their finances, and constantly end up in the red. No matter if you are suffering from poor credit or have multiple high-balance credit cards, the solution is out there. Read more about ten methods of dealing with your bad debt and consolidating your finances in just a few weeks.

“3D Shackled Debt” by Chris Potter is licensed under CC BY 2.0

  1.  Ask for Debt Relief

If you are deep in debt, you can ask for a financial review from a debt consolidation company, and allow them to negotiate the terms with your creditors. You might not need to go through all your accounts and understand each statement; they will do the hard job for you, and you can secure a deal that will reduce your monthly outgoings significantly.

2. Create a Budget

You might need help with this step, but creating a budget is not really hard, thanks to the online tools available for people like you. List your income and outgoings and see where you got your financial decisions wrong, so you can make adjustments.

3.  Eliminate Unnecessary Expenses

If you are spending too much on groceries, or your household bills are out of control, it is time to change. Compare prices and sign up for freebie or coupon sites to save every time you shop. You can reduce your monthly outgoings by up to a hundred dollars this way.

4. Apply for a Secured Loan

“Credit cards and cash” by Anthrocopy is licensed under CC BY 2.0

If you already have assets on your name, such as property or a car, you might be able to get a better finance deal if you secure the new loan on these properties. Turn your credit card debt into a secured home loan, or get approved online for a title loan based on the value of your car. The interest rate on your secured loan will be significantly lower than that on your credit cards or unsecured finance.

 

5. Use Your Assets for Consolidation

If you need to pay off debt urgently, you might visit some of the fast cash loan companies to get money for your jewelry or valuable items. You need to read the terms and conditions offered on the deal, however, and make sure that you can make the payments on time, or you will lose your items.

6. Increase the Term of Your Finance

One of the easiest ways of consolidating debt is to increase the finance term. As an example, if you are temporarily unemployed and have a huge mortgage, you can get in touch with your lender to look at your options. You can increase the term of the finance and reduce your monthly repayments.

7.  Take on More Hours or Another Job

If all financial consolidation efforts fail, you might need to look for an extra job placement or a higher paying position. You can also ask your company whether there is a chance to work overtime.

8. Downsize

If your lender is not flexible when it comes to your mortgage, or you cannot pay your rent for more than three months, you might need to think about downsizing. Go for a smaller and cheaper place, until you are back in the black.

9.  Compare Prices to Secure Better Deals

If your household bills, car insurance, or health insurance are causing you a headache, you can compare offers online and switch for a cheaper deal. You are likely to get an initial low rate credit card, or a better deal on car insurance if you are a new customer.

10.  Ask Your Cell and TV Service Provider for a Better Price

You don’t necessarily need to switch providers to secure a better deal. It is sometimes enough to tell your provider that you are about to leave them. If you like the service you receive, but your monthly price keeps going on, tell your cell phone provider you are leaving, and they are likely to come up with a better deal to make you stay.

Dealing with financial problems is a stressful situation, and it is often hard to see clearly. Ask for advice from experts, read blogs, and get creative about making your money go further. Talk to your lenders and service providers, negotiate a better deal, or simply ask for a debt relief order. Don’t delay: every minute you waste makes it harder to get your finances back in order.

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