Over the last couple of years, many people’s financial situation has changed drastically.
Whether you’re in debt or you’re concerned about your borrowings, it can be unbelievably stressful, but you don’t have to cope on your own.
There are plenty of solutions available and here are just a few to ease your worries.
Seek help
The first golden rule if you're in debt or on the edge, is to seek help as quickly as possible.
This could be from a financial advisor, a friend or from the citizens' advice bureau.
But do not keep the fact you're struggling a secret.
The quicker you inform a financial advisor, the easier it will be for them to find solutions to your money problems.
Organise your spending
One of the first steps you can take to managing your money and borrowings - is to sort out your monthly income and outgoings.
Get a pen and paper, and crunch those numbers, or get online and download a budget planner.
A handy planner will set out a clear picture of where your hard earned money is going and it will identify areas you can make changes - to keep that cash in your bank account.
Spending Diary
Once you know how much leaves your bank account every month from your income - it's time to scrutinise your other spending.
The most efficient way of doing this is by keeping a "spending diary" for at least 30 days.
This will identify those 'harmless' coffees, brunches and other unnecessary luxuries that are all adding up.
It might surprise you just how much you spend on those little things.
Maximising your income
It's time to get creative and look around to see how you could add some extra cash to your monthly income.
But before you do anything, pick up and make a call to find out if you're claiming all the tax credits and reliefs you're entitled to.
Then, explore options like renting out a room or a part-time job to really boost your bank account.
The extra money could go towards paying off that debt or directly into savings.
Plan ahead for the Family
We know that some months will be more expensive than others - such as Christmas, back to school and birthdays.
To ease the strain on our household budgets, it's time to get ruthless and start to penny-pinching to put something away into savings.
Contrary to popular belief, saving is a crucial element in helping you out of debt.
We all know that family life can be unpredictable, medical expenses, car or house repairs can hit when we least expect it.
By saving, you're allowing yourself the safety net to pay these without digging yourself deeper into debt.
Not to mention, the seasonal surprises will be covered so you can host your child's birthday party with peace of mind.
You don't have to suffer in silence if you're struggling with debt.
You can implement these steps immediately, and it will help you get on to the right path to combat your financial difficulty.
