What to Do When It Seems Like You Can’t Get Control of Your Finances

Thursday, April 27, 2017, AM | Leave Comment

No matter how much money you make, you’ve probably let a bill go past due at some point.

You might be working two jobs and still not have enough money to cover the utilities, get groceries and make a car payment.

When you can’t get control of your finances, it can turn your world upside down.

There are solutions, but they require giving up some things that you enjoy and budgeting like there’s no tomorrow.

What to Do When It Seems Like You Can't Get Control of Your Finances

  • Bank Account for Bills

    When you get paid, put the money that is needed to pay bills in a separate bank account.

    If you have money in the same account that is used for entertainment and spending, then it’s easier to spend the money that is set aside for the necessities.

    Automatic bill payments can be linked to the new account that is set up so that it’s easier not to think about paying something when it’s due as long as there’s money in the account.

  • Filing Bankruptcy

    While this isn’t the ideal option, filing for bankruptcy with the help of an attorney, such as Demers Gagnier Inc, is one that should be considered if you have a lot of creditors who are hounding you for money.

    It’s a solution that can take away the large amounts of debt that you owe for things like hospital bills or credit cards.

    You can also get lower payments for the house or the car as everything is combined together into one payment that is often made to the attorney.

    Do some research about the different kinds of bankruptcy as there are various chapters depending on your situation.

  • A Second Type of Income

    If you need money in a pinch, consider some of the apps that you can install that earn money while you shop or while you play games and complete challenges.

    You can get rewarded for completing surveys, sharing what you purchase or even letting companies monitor what you buy online.

    You’re not going to get rich fast, but it’s a way to put a little savings in the bank for smaller things, like food or gas.

  • Decrease Spending

    Look at how much you make each month and how much you spend.

    Cut back on eating out, buying clothes at new prices and spending money each month on utilities that you don’t need, such as cable or extra movie channels.

    This will require a bit of sacrificing and possibly fussing from other people in the home, but it will mean more money in the bank.

Saving money and managing what you owe can be a challenge. If you plan ahead and create a budget, then you can start seeing more money than what you spend.

It will be a slow process to dig out of a hole, but it will be worth the effort to see bills being paid on time.

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