Financial health is a tenuous thing for many, many people. Sometimes it feels like you never have enough money and if that feeling never quite goes away, the stress that mounts on top of you becomes totally crushing.
In a time like this, something needs to be done. Anxiety around your finances can be incredibly damaging and the more you live with it, the more normal this uneasiness is going to feel.
But we can make a change to that and turn financial management into something you can approach with confidence. As such, when you feel tied up by your cash, here are a few things you should do.
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Don’t Make Any Sudden Decisions
You might want to try paying off a big debt all at once. You may want to remortgage the house to free up a bit of money for later. Before you do any of that though, we recommend waiting until you’re sure the action is really going to help.
Don’t be rash. Stay calm and do some research. Checking in with finance blogs and reading through a few advice posts can help you to remain rational about what you’re dealing with and what you can do to help yourself.
You should also talk the matter over with loved ones who are familiar with your financial setup. An outside perspective can do wonders for changing your viewpoint, and sometimes they have just the answer you need.
Go Over the Budget and Look for Holes
Any budget can have a hole in it. If you don’t double check for one, you’re never going to know it’s there either! Go over your budget sheet and make sure it accurately reflects what you’re paying out each month, what you’re bringing in each month, and if there’s anything left over between the two.
This is also your chance to change the way your budget looks and works. If it’s no longer feasible to save a fifth of your paycheck every month, this is where you need to write that out. Or if you no longer have the same amount of disposable income, make a note of it to ensure you’re not tempted to fall into old habits.
Hire an Accountant
If you’ve never considered hiring an accountant before, or you have and thought the expense was unnecessary, the cost may just be worth every penny. When it comes down to it, having a certified public accountant on your side can make you feel ten times better about your ability to find a way out of the trapped feeling.
So, why do I need a cpa? Because they’re a professional who will spot the gaps you can’t see. Whether you’re concerned about your budget or you’re concerned about tax and if you can claim expenses, hiring a certified accountant will cut through the noise and make the matter simple.
Check if You’re Owed Money
Maybe a friend still owes you $20 from a night out a few months ago? Maybe your sibling is still yet to pay back the $200 they borrowed when they were short last year? If someone owes you money and you’re sure that hasn’t been paid back in any way, now’s the time to ask for it.
Don’t feel bad about this. You need the money and it’s technically yours! And if the person can’t pay it back right now, ask if they can give you a bit today and then a bit next week. Payment plans between friends are just fine and using one will certainly pull you some way out of the hole you feel you’re in.
Don’t Forget About Your Mental Health
Money troubles are hectic and can leave you feeling embarrassed, overwhelmed, and like you’re on the verge of losing everything. That’s going to harm anyone’s mental state, so don’t forget to look after yourself during a time like this.
Self care is essential and certainly isn’t a waste of time, especially if you’ve been working non-stop and worrying twice as much. Take a break when you need it.
If you’re feeling tied up by a low bank account or high credit card debt, don’t panic. The nerves around issues like these can be so pervasive, but the more you reach out for help and talk about it, the more manageable your cash flow will become. Talk to an accountant if you need to, take another look at the budget, and don’t be ashamed to say it’s getting you down.
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