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Being in control of your finances is so important and it sometimes takes us a little while to fully get a grasp on them. I’ve only just starting to get there at the age of 26, almost 27 and as you know, personal finance is a big interest of mine so its something that is very important to me. Here are some ways to take control of your finances and take back your life. What would you suggest?
Decrease Your Outgoings
If you find yourself in financial difficulty, the first thing to consider is cutting down on those non essentials. That gym membership, those takeaways, that subscription that you no longer even pay any attention to – get rid of it or them. You’ll be amazed at how much more you will find in your pocket once you cut out those unnecessary expenses.
Increase Your Income
This goes part and parcel with the first point but if you need more money, increasing your income is always helpful. Whether that means taking on as much overtime as possible (something Steve is doing right now in the run up to Christmas), asking for a pay rise or promotion (Steve is also acting DO when the DO isn’t in so gets paid a higher rate for these shifts – and he’s doing Christmas as acting DO this year so double time AT the higher rate), side hustle like crazy and/or sell your unwanted items.
There are so many things that you can do to increase that income if you really try.
Pay Off Your Debts
This is one thing I am still working on but I am slowly getting there. By cutting down expenses and increasing my income, I’m making much more of a dent than I was before and I’m hopeful it will all be gone by the end of next year – even with a newborn baby!
Ask For Help
Of course, help depends on what you need it for. If you need some financial advice, consider speaking to an independent financial advisor. If you need family to help out with childcare because you can’t justify the extortionate costs of childcare but you need to get work done, ask them for that help. They can only say no but will probably say yes if you’re really stuck. If you need more work, consider asking clients if they have any extra work they need doing. Asking for help may not always come easily but it needs to be done sometimes – so why not do it?
What are your top tips for taking control of your finances? Do you feel that you are in control?