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Nurse Your Financials Back to Health The Easy Way

Being financially stable is a goal that we all strive towards in life. You may not be interested in money for its own sake, but good financial management translates to freedom of choice, something that is important to all of us. When your money is in good health, you have more options. Good money management can also mean good health, as the impact of stress on everything from your anxiety levels and sleep to your susceptibility to illness and your waistline are negatively impacted when you have money worries.

So working towards improving your money situation is always worthwhile, and while it’s easy to get off track with mounting bills and expenses, there are some simple strategies you can put in place to help ensure more stability.

Blitz Your Debts as Fast As You Can

In and of themselves, credit cards and loans are not inherently bad – they’re just tools, that you can use incorrectly sometimes. If you have gotten into a situation where you’re piling up debt, your first financial focus should be to pay it off as soon as you can, rather than splitting your energies with savings and other long-term goals. Channel all your resources into ‘snowballing’ – transferring owings to the card or loan with the lowest interest rate to be paid off first, or seeking out debt consolidation loans from Buddy loans to make the monthly payments more manageable.

Cut Down on Unnecessary Bills

It’s amazing how much we convince ourselves some expenses are necessary, when in fact, once you cut them out you hardly notice. Very small changes, like simply lowering the temperature on your thermostat, hot water supply, and washing machine can add up to savings. And if you haven’t used a comparison site to make sure you’re on the best deal for utilities and insurances, where have you been? All of these expenses are cumulative, meaning your savings add up over time, and you can channel that spare money into getting rid of any debt.

Practice the Art of Negotiation

It’s amazing how much of a discount you can get just for asking! So never be afraid to learn some new negotiating skills and use them when you want to buy something. Most shops and sellers have a margin they are prepared to use to secure a sale, or if you are able to buy something in bulk you can often secure a discount on the unit price that adds up. It particularly applies if you’re buying something pre-loved, which is a great way to find furniture and kids toys and clothes.

Pay Yourself First

If you always have good intentions of clearing down some debt each month, only to find that you get to the end of the month and there’s nothing left, it’s time to prioritize. Set up a direct debit standing order from your current account to either a creditor direct or a separate account that you automate your debt payments to come out of. Make the process as seamless and automatic as possible, so that you don’t have time to back out of it or use the money for anything else. You’ll thank yourself later!