A lot of people find dealing with their finances to be something of a head spin. Sure, they’re able to pay their bills and bring in a healthy income, but that doesn’t mean they should be getting complacent. Getting your head around your personal finances could be the best thing you could do; it makes the whole process less stressful, less mysterious, and could even make it less expensive!
Here are a few of the things you should be looking into if you want to really take control of your finances.
Reading
Yes, technically this article counts as reading. And fingers crossed you’ll take some useful information and advice away from it! But I’ll be realistic about this: an article of a few hundred words often can’t compare to a book of a few hundred pages! Check out a list of the greatest personal finance books of all time; they can help you gain immense knowledge about your finances, as well as the greater economy around you.
Apps
They have smartphone apps for pretty much everything these days, right? Well, you shouldn’t be surprised to find that there are a bunch of apps designed to help people tackle their personal finances. From payment apps, budgeting apps, and banking apps, there’s no shortage of software that can help you get to grips with your money.
Debt consolidation
A lot of people who are having trouble getting their head around their finances may be in particular financial positions that are exacerbated by this confusion. Many of us have debts of some kind; it’s been estimated that about 80% of Americans are in some form of debt. But what if you have multiple debts? This is also common, and it’s not necessarily a bad thing if it’s helped you get to good positions – but what if it’s all getting a bit overwhelming? If you look into debt consolidation, then you can work with a company who can turn all those debts into one debt, which can make it much simpler to handle.
Service switching
Do you ever look at your electricity bills, or gas bills, or phone bills, or Internet bills, and find that your eyes get a little bit crossed? A lot of companies out there making the billing process quite convoluted, usually to hide the fact that they’re overcharging you in some way. You may want to consider switching to services that are much easier to handle. For example, going with a mobile phone plan where you can pay weekly – no credit check, no deposit – can help you take more control of the process and keep a closer eye on things.
Expert assistance
If you’re feeling really stuck, then you may want to consider talking to a personal finance advisor. While you may think that these professionals will be really expensive – and, I’ll admit, they’re not exactly cheap – the ultimate value you can get from them can definitely make up the costs and then some. At the end of the day, being guided through the process by a professional can help more than any other method. So give it some thought!
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I think it can be effective to use your phone for your bills but it can also become a little too close to home – if you’re using your phone all the time, you can check your balance, but this can run the risk of happening too often. If you’re going to use your phone, it is important to make sure there are records of your finances elsewhere, and that you don’t just micro manage everything, but you sometimes take time to step back and reassess real-world things, such as the price of your providers, or what you actually buy in the shops.