2020 has been a crazy year for all. The pandemic has left a hole in a lot of people’s pockets, and many are looking for ways to take back control of their finances. Many retail workers and business owners have witnessed their profits reduce significantly, which is both scary and disheartening. If you are ready to get back on top of your finances before the year is out, then here are some ways you can do that.
Reduce Expenses Where You Can
If you look at your outgoings, you’ll probably find that you’re spending way more money than you should be. Are you signed up to multiple streaming services, but only consistently use one or two? Get rid of the ones you don’t use! Take a look at all your subscriptions and be realistic about whether they give you the value you are paying. It all adds up!
Be brutal and think frugally when looking at your spending habits. Do you need a $4 cup of coffee each morning? Could you make your lunches at home? Every cent counts, and if you are serious about taking back financial control, first you must be strict with your outgoings.
Create a Monthly/Weekly Budget
Being stricter with your spending means creating a weekly or monthly budget. This way, you will think more about where your money goes, and you’ll be more likely to look out for cheaper options rather than splurging on whatever is most convenient. Be realistic about it, too – if you are likely to give in when you want a takeaway or an online shopping spree, make sure you allow room in your budget for a treat or two. Moderation is key!
In emergencies, you can always use a payday loan to get you through the month. Just make sure you can pay it back on time!
Avoid Credit Card Use
Credit card use can massively increase your debt. Tell yourself you won’t use your credit card for the remainder of the year unless it is an emergency. You want to control your finances, and if you are overspending on your credit card, the opposite will happen.
Improve Your Skills
Invest some time in yourself. If you are spending more time at home, then consider taking some certifications to boost your resume and increase your chances of finding better paid work.
Start Meal Planning
Meal planning is a simple way of reducing your budget. Instead of picking out whatever you feel like when browsing the grocery store, instead, make a plan at the beginning of each week. There’s less chance of overspending, and you might end up eating healthier meals, too!
Make a Debt Plan
If you’re in debt, it’s better to take control sooner rather than later. Make a list of everywhere you owe money, and make a plan of monthly payments. You’ll feel much better once you know your debt is slowly but surely being taken care of. The Balance offers advice on how you can get yourself out of the hole of debt.
You might think it’s not the time to save, especially if your finances aren’t in great form, but there is no better time. It doesn’t have to be a lot, but just enough to create a safety net for when you are next struggling. Tie it into your monthly budget so you don’t have to think about it, and you can even set up automated payments to your savings account.