Prevent finance

How to prevent suffocated finances and stay stable?

Very similar to the nature of a river is the nature of finances. At some places, it flows fast while at some places, it goes slow and during hot sunny days, it even gets dry. Your financial situation too acts according to the situations. During hot sunny days of exhausted funds, a small expense may look big. That is the time when your mind starts straining its nerves and finally announces the occurrence of the most notorious financial incident ‘money crises. With such stress, you cannot find the right and required solution.

Calm down and focus on the exact things you need to get out of the maze.

Detect the loop holes

Where did the money go?

This is the question that often comes in your mind when the expenses dominate income and the month-end chokes with pending obligations.

Why not find the causes that create the chaos. Do they happen repeatedly or it is only the current month that they appeared due to some unexpected situation. If it is the latter one, then not much to worry about as sometimes it happens when sudden expenses occur and you are out of money. However, if it is the first one, which means money crisis is a prominent issue in your finances then this is an alarming situation. You need to find out why does this happen and why do you let it happen?

  • Ask A Few Questions to Yourself –
  • Does this occur due to my careless spending?
  • Do I fail to prioritise while making the monthly budget?
  • My partner is not working nowadays. Is this is the stimulator of financial mess?
  • Has any extra expense become part of your budget?

It can be any possible reason under the sky. May be the reasons are more than one? Whatever it is, just find them out NOW, as this should not continue long enough to spoil you completely.

Prevent Financial Crisis

Start working on the causes

Once you get to know what exactly was breaking the backbone of your finances, start working on the solutions. SOME SUGGESTIONS ARE –

  • If it is about mismanagement then learn to make a good budget. Excel sheets, list of expenses on a paper, budget planner, there are many tools to help you control the outgoing of money.

OR

  • In case, the flaw is in your lifestyle and you are spending too much money on things like shopping, expensive weekend parties etc. then embrace self-discipline.

OR

  • If a new expense has come in your life that is important and unavoidable then try to invent new earning methods.

Borrow funds occasionally

No one in this world is a perfect rider. Despite the maximum efforts, sometimes situations act stubborn. Nothing from savings or help from friends and family work, you find it necessary to find an additional support. During this situation, you can borrow funds through a loan.

There are countless options and if the need is urgent, online lenders are irreplaceable. They have liberal approach and you can get funds even if the credit score performance is not perfect. The personal loans in Ireland with bad credit serve the financial purposes beyond credit rating.

Arrange for a regular income source

Not every time you can get help from others, not every time it is possible to take an obligation. Why not arrange an additional source of income. Rent a room in your house, let your hidden talent of a violinist earn some money through music classes on weekends, find a part-time job. Whatever you do, just make sure that it gives you money regularly. This has a long-term benefit and you can start working on your financial goals in a better way with improved confidence.

Why not declutter your home in exchange of some money?

For how long you are planning to de clutter your house? Since long, right? Why not sell some stuff that is no more in use but still in good condition. This is the best thing that you can do to earn money in every 6 to 12 months. Double benefits – get rid of the mess of money and also the home gets cleaned. Yard sales are always good choices and make the ‘selling off stuff’ activity easier. Nothing fancy, no need for extensive promotions, word of mouth publicity is a powerful thing to communicate people about your sale. No need to go far from your home, just inform the people in your community.

However, make sure to put necessary marks in the proximity of your house to direct people about the right path towards your house. It is not advisable to let people enter your home. They and you, have a reason to come on a common platform. They want things on cheaper prices and you want to earn some money. Just keep the relation rational and clear. Until you do not know someone personally, it is not necessary to get into close conversations.

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Representative Example

Amount of credit: €3,800 for 48 months at €155.05 per month. Total repayment of €7,442.61. Interest: €3,642.61. Interest rate: 38% pa (fixed). 45.3% APR Representative.

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