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How to put out common Financial Fires, so you don’t get burnt out!

By estherbangura | Financial Management

Jul 21

How to put out common Financial Fires, so you don't get burnt out!


Quick Fixes For Money Glitches

Managing personal finances can often feel like you are constantly putting out fires. Whether this involves understanding where your money is going, cutting down on expenses, or even trying to save and plan to make your money grow for the future, we all can face common hurdles. Below are some solutions which can help you navigate through these obstacles and help put out those financial fires!

#Fire 1: Not having your budget in place before payday  

If your budget is not in place before payday, you can often end up spending money, but not towards your priority bills and financial needs. This indicates that you don’t have a plan in place, to tell your money how to work for you. As a result, you are more likely to spend on impulse without any real purpose for your money.

How to put it out
To make sure your budget is in place before payday, schedule time in your diary and set a reminder for when you are most relaxed and have the least distractions. Take it a step further by letting a trustworthy person know, so they can hold you accountable and stick to your budget successfully.


#Fire 2: When your financial documents are all over the place 

When this happens, you will be less motivated to manage your paperwork. You may forget to take actions, such as upgrading or cancelling a service and forget to make an essential payment. 

How to put it out
Take 30 mins a week to organise your finances, read through letters and statements, check contract terms and conditions, renewal dates and payment plans. Staying on top of your financial documents will help you to make decisions quickly and accurately and avoid fees or expenses creeping in. 

#Fire 3: Overspending  

This is one of the most popular areas many people wish they had more discipline with. Not being able to say NO and walking away, is not always as easy as we think it should be.

How to put it out
Become aware of when you are your most vulnerable and fall into the temptation to overspend. Remove the temptation by making it 10 times harder to enter that store, go to that website or take that card out. Use an alternative route home, unsubscribe from store offer emails and leave your card at home.

#Fire 4: Overspending on food shopping

This is one of the most popular categories, that households tend to go over in their budget. This is often the same for singles and families.  If you find yourself throwing food away, or in and out of the supermarket several times a week, you are most likely overspending on your food shopping. This will take a big hit on your finances over a long period of time. 

How to put it out
Create your food shopping list based on your meal plan for the week. Try to have a variety of meals so that you don't get bored and be tempted to have takeaway. Also, consider shopping weekly, as you many not feel like eating what you planned to eat 3 weeks ago.

Like myself you can go through years of 'financial burnt out', simply because you don't have a long term strategy for dealing with persistent issues which impact your finances in a negative way. Your financial fires may be different from some of the examples given above. Nevertheless, it's time that you came up with a plan to start putting them out before things get out of control. 

Do it Now! Do it Never! Go! 

If you need help with identifying what your financial fires could be, why not attend our next Master Your Budget Workshop? This workshop is a great place to start for learning how to manage your finances better!

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