The party season is just over and now it’s high time you get real about putting your money under control. Are you someone who is already feeling the financial pinch? If answered yes, you don’t need to bury your hear in the sand. Instead of surrendering, you have to make sure you stay on top of your finances by putting your best step forward.
As per a digital banking service, more than a quarter of people in the US are anxious about having to meet at least one big debt repayment program in 2018 and a third of them are of the opinion that finance is their biggest cause of worry in this year. Northcash, an online loan lending company also supports the claim of too many people taking resort to several types of loans to meet their emergencies. So, what’s the solution? How can you put your finances under control? Here are few tips to consider.
- You can choose to shift your debt
If you’ve spent a lot through your credit card during Christmas and New Year and you’re struggling to keep up with the monthly payments, you may choose to shift your debt to a new 0% balance transfer credit card. But hey, you would need a stellar credit rating to bag this deal! Once you get it, you can focus on making monthly installments without having to pay a dime on interest rates. Make sure you take into account the transfer fee as that is also included in your total costs of transferring balance.
- Bring a positive change to your mindset
Most of the times, it is seen that money problems arise from your mind. How often do you see yourself purchasing something just because you’re depressed about something? Or how often do you find yourself buying things because someone else is buying? When money is tight, such impulsive shopping should be totally avoided. If you think you can’t afford a night out with your friends or a dinner with your colleagues, don’t go for it. Going to spending more than what you can afford is definitely going to boomerang you in the near future. Set some realistic goals lest it gets overwhelming and gives you a low feeling.
- Check your bank account everyday
Do you log in to your social media account everyday only to check what your friends are doing everyday? This 2018, check your bank account everyday because this is indeed a good habit. You should check the bank statement at least once in a month as this lets you keep the required tab on your spending. If you make it a habit to check your banks statement at least everyday, it’s most likely that you can control your expenses everyday.
- Savings account has to be automated
When you exercise control over your expenses, this will automatically mean devoting more money towards your savings account. It’s vital for you to save well and keep a close watch on your savings account. If you’re someone who forgets to save money often, automate your savings account. Set a date so that money gets debited from your checking account and is credited to your savings account automatically.
Therefore, once you get to know about the ways in which you can put your finances under control in 2018, take immediate action. Follow the tips on your daily life and stay at the pink of your financial health.