Sunday, 22 October 2017 16:55

Money Worries? Why You Should Tackle Them Head-On

With the recent news that tennis star and commentator Boris Becker has been made bankrupt, it has brought money management skills back into sharp focus again. Managing our money is something we should probably all be taught at school, yet most of us fudge our way through and learn as we go along. I can remember leaving school (many years ago now) and not even knowing how tax and National Insurance contributions would have an impact on my wages.

But I digress. The point is, many people have money worries, and they can occur on any scale. Some people always run out of cash a day or two before they get paid again. Others have credit card debts to deal with. Still more want to get a budget organised, but they can never seem to stick to it.

We all have different attitudes to money. Some people can be heavily in debt and not be concerned. Others can be just into their overdraft and will worry about it until they are back in the black again. But the best angle to take, no matter what your money situation is like, is to tackle it head-on. Not doing so means your problems will either stay as they are, or get worse. Neither of those things is good for your health, either mentally or physically. That feeling of things being out of control is never an easy one to cope with, either.

So, if you know your financial situation needs to be overhauled, the single best thing you can do is to allocate a day to sit down and get to grips with it. Set aside a day at the weekend (or whenever you are next off work) to take out all your paperwork and look through it. Grab a large A4 notepad and jot down your outstanding debts, and whatever else is relevant to your situation. Some things are easier to find out than others. For example, you’ll know what you earn each month. This is the money you need to work with, so if you have debts, you need to consider how much of your earnings you can set aside to pay them off.

This process won’t be the most exciting one you’ve ever been through, but it will affect you – and in a positive way, too. You’re taking control over your financial situation, and that is very empowering. You’ll be able to focus on how to tackle your bills and how to reduce your outgoings, thereby freeing up more cash. They say knowledge is power, and knowing the extent of your financial indebtedness goes a long way towards making it better.

If you haven’t tried this before, and you know it is long overdue, do it today. Depending on your financial situation, a day might be sufficient to go through everything and put some plans in place. Conversely, you may need longer. But you will make a start – and you’ll feel lighter if you do.

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