Your future: Affected by your habits
September 24th, 2010 by Poonam KhatriYour present financial situation has a lot to do with your past habits, new research has suggested.
According
to a survey carried out with our clients, we discovered that
individuals who face emotional upheavals, financial blows, loss in
business, health problems and addiction (drug / alcohol) are the ones
who end up being in debt problems.
It
is been analyzed that most of the clients were less concerned about
their finances at one time in their past, as they were facing one of
the situation listed above and realized later on that they are spending
far too much then are earning.
It
is important that you keep a close eye on your finance and ensure that
your spending is not useless. The best way to do this is to first list
your incomings and outgoing, and cut the expenditure where you think
you are over spending.
It
is also advisable that you save some emergency funds to make sure you
are still able to pay your bills for few months even though loose your
job, meet an accident or face health related problems that might effect
your income. It is equally important, to keep check on your spending
pattern and ensure that you have no addiction to any sort of drug or
alcohol that might make you financial incoherent.
It
is also important to make sure that you decide your budget based on
what you earn and not by what you were or might earn. This is one of
the big mistakes one can do as often people decide their spending on
how much they were earning, even though they have lost their job and
are now earning how of what they used to be earning or what they might
earn, even though they are not certain of the incoming funds.
The idea is to be realistic about your finance and spend your money where you can get the best value for your money.
Also,
reassess your car/homeowner insurance. If you have policies with
different companies, call around and see what sort of deal you can get
by having multiple policies with the same insurer. Also, estimate how
much you really need to insure your home for. Many home prices have
tumbled in recent years. Buy sufficient coverage needed to cover the
true value of your home, not what it was worth when you originally took
out the policy.
We
understand that if you are already under debt stress, you might find it
hard to make ends meet and hence we can help you to manage your finance
and pay your creditors.
Contact us on 0800 135 7143,
for a free assessment of your income and expenditure. Our Advisors will
be more than happy to provide a free offer of payment and an array of
suggestions best suited for your profile.
