Have you started to dread that moment the mail arrives each day? Do you fear bills? Have you ever worried when you open your inbox, and your latest statements are available to view?
When you’re struggling to stay afloat, it can feel like there’s a rising tide of payments to cover. Everywhere you look, there’s something else to worry about. If this sounds like a familiar scenario, there are things you can do to reduce the chances of going under.
Don’t be an ostrich with your bills
If things aren’t quite going to plan, you can either confront them or bury your head in the sand. With money troubles, it’s very unlikely that the situation will improve unless you act. Therefore sooner you act, the better. So if you’ve got bills coming in, open the envelopes and read those emails.
Whilst it can be daunting, it’s important that you have a realistic idea of what you need to pay and the deadlines. As a result check all your balances and accounts, and start making notes. For example: how much have you got saved? What have you got available to cover bills? Do you owe amounts on loans and credit cards?
Start to figure out what needs paying as a priority. As a priority you should use any money you have saved or in a checking account and immediately pay off debts. However, if you haven’t got enough, and the bills are continuing to come in thick and fast, there are options. Don’t panic.
Seek expert advice
If you feel unwell, you see a doctor. For problems with your car, you visit a mechanic. Therefore for issues related to money, seek professional advice. People can be reticent to see a financial adviser. However, financial advisers have experience of helping people and will be able to help you to find a solution.
If you have multiple debts, one option you may consider is debt consolidation. This is a type of loan that is taken out to cover a number of outstanding payments. It enables you to start afresh and pay back a single instalment each month. For more information you can visit DebtConsolidationLoans.com.
Another path you may take is borrowing from a family member or using money you have tied up in assets. When you see an adviser, they can through the pros and cons of each option with you. A financial adviser can give you advice that is tailored to your situation.
If you’re moving in the right direction, it’s wise to pay more attention to your finances in the future. Making a budget can help you to control your spending and find out more about your financial situation. If you’re new to this concept, this article is worth a read https://www.forbes.com/sites/robertberger/2015/07/26/7-tips-for-effective-and-stress-free-budgeting/#38637ab42687. Knowing exactly what you’re spending and saving can reduce the risk of shortfalls.
If you feel like you’re swamped by bills, and you can’t escape letters and emails reminding you to make a payment, it’s time to take action. There are things you can do and people you can see to improve the situation and get back on track.