Everyone’s feeling the strain when it comes to managing their money these days, with more pressure than ever to make your wages go further than they’ve ever gone before. A lot of the time, many of us get by the best way that we can, hoping against hope that by acting frugally, we’ll be making the best possible financial decisions for the health of our gradually waning bank accounts. Still, even if you’re the sort of person that puts aside every coupon and has a box for every stray penny that you find on the street, you may still be haunted by that nagging feeling that there is something more you can do for your budget. If that’s the case, you might find that checking your financial health helps to put your mind at rest, and a few simple symptoms could be all it takes to inform you whether or not you could benefit from a dose of financial advice.
Are You Paying Only the Minimum Repayments On Your Cards?
While this course of action certainly isn’t uncommon, it may be a sign that your financial state could be a little more robust. If you’re only paying the smallest repayments possible on store or credit cards that you have taken out over the recent years, it may feel as though you have less cash to pay out on a regular basis, which can be comforting in the short term. However, it also means that you may take a great deal longer to pay of the debts that you have begun to amass, meaning that a further amount of interest could be piled onto the money you already owe. If you can manage to pay a little more than the minimum, you should do this, but make sure that you don’t go too far over the top either. Take some time to think about your budgetary requirements, and work out what you’re spending money on that you might be able to dial back a little.
Are You Relying On Credit Cards Withdrawals To Get by?
An important financial tip that everyone should be aware of, is that it’s usually a bad idea to withdraw money from a cash machine using a credit card. Most of the time, when you do this, you will be charged a higher level of interest than you would be simply using the card itself to make a purchase, and that interest will be added onto your statement the moment the cash hits your hand. Another problem with taking cash out of a credit card is that you can be charged a withdrawal fee, meaning that you get even less of the money that you’re paying for. Try to make sure that you only use your credit card for direct payments, and never rely on that little piece of plastic as a way to get yourself some extra treats. It may seem like a good idea at the time, but trust me when I say it’s really not worth the financial trauma you’ll have later.
Do You Know How Much You Owe?
Simply knowing that you have debts to be paid is not a sign of being financially savvy. You have to be aware of exactly how much you owe, and where you owe it to, otherwise you can find yourself quickly spiralling out of control when it comes to debt. Leaving the amount you owe as an estimated figure could mean that you actually have more to pay than you think, and this could lead to excess interest payments. If you’re ever suffering with the issues of loans, repaying debts, or facing the potential threat of court-based action, you should seek advice straight away from one of the free and impartial services that are being offered across the internet today. Whether you feel uncomfortable, embarrassed or simply too upset to talk about your financial situation, it’s important to talk to someone before things start to get out of hand. You might find that the situation can be solved easier than you had originally imagined.