Taking Control of Your Finances: Where to Begin 37

Taking Control of Your Finances: Where to Begin

This is a guest post by Andrew Reilly, a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years. When he isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.

No matter what financial shape you are in, you can probably do with some improvement.

A little fine-tuning can make a big difference in the long term, and if you are looking to save money or plan ahead, it makes sense to focus on improving your finances.

However, for many people, improving their finances is a difficult task but also an essential job. If your finances are not in good shape, it can impact on your life. A lot of people feel stressed about money and this can impact on relationships, their work and decision making.

If the standard of your finances is getting you down or negatively impacting on your life, it is time to make changes.

There is no getting away from the fact that being in debt or being short of cash is no fun. It is easy to see why a lot of people would panic in this situation, but this may only make things worse.

When you panic over your finances, you sometimes make decisions or take action that isn’t the best for you in the long term. This is why you need to keep a cool head when thinking about your finances, even if that sounds easier to say than actually do.

Take your time when looking for a solution.

It is vital that you don’t rush into a solution or take swift action without thinking through the consequences. You only have to look at the problems people have experienced when dealing with payday loans to realise a quick decision can cause a lot of longer term problems. These loans seem like a good way to get money in a hurry but there are two key problems with a payday loan, namely:

  • They have a high rate of APR which means that you spend a lot of money paying back the loan
  • The loan has to be paid back in a short period of time

These two situations cause a lot of problems, so you need to make sure that you avoid them at all costs. The fact that a payday loan will have to be paid back in days or weeks is a major blow for many people and it often leads to debt being rolled over, which sees your finances get bigger all the time.

So if payday loans are to be avoided, what solutions should be taken to improve your finances?

The first step you need to improve your finances is to create a budget. This can be a difficult process for many people. A lot of people don’t like dealing with numbers, which means a budget can be difficult for them. A lot of people don’t like having their finances displayed in black and white in front of them, so this can be difficult too.

If you are looking to take control of your finances though, you need to see what you are doing and what money you are bringing.

Think about what you can do to make changes.

You may have scope to bring in more money or you may be able to reduce your spending. It isn’t until you actually realise what you are doing and what you are bringing in that you have the chance to make these changes.

You should look for help in creating a budget and there are a number of options. It may be that family or friends will want to help but if you prefer to keep your finances to yourself, there are online options or finance specialists you can visit. If you don’t feel as though you can create a budget by yourself, turn to someone else for help because this will make a massive difference in what you can do.

There is a lot to be said for knowing when and where to turn for help.

A lot of people don’t like to speak to their friends, loved ones or family members about cash but these may be the people that help the most. This is because these are the people who are most likely to act as a guarantor for you. A guarantor loan offers an affordable rate of APR and a more attractive length of payment time. This makes it a great option for people looking for short term support and assistance in dealing with their finances.

If you are looking for help, be honest and open, because this is the best way to take control of your finances.

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Becoming Your Own Boss: Tips on Getting a Business Off The Ground 7

How Writing a Blog Can Help You Live the Life You Dream About

Becoming your own boss is a complicated process, and not everyone does it the same way.

I got lucky. I was still working when I got my business off the ground, so I had a source of income while I was working the kinks out of my business. I did most of my work for the new business when I got home or on the weekends. I asked for a change in job responsibilities at the office so that I didn’t have as much on my plate.

This all gave me a chance to start earning money without going into debt. When it was feasible, I stopped working my regular job and transitioned into working for myself full time. It took about a year and a half.

Establish clear boundaries.

 

Sometimes people don’t take you seriously when you tell them that you work for yourself. They think you are always available to chat or have lunch.

I had a number of friends that would call me at all hours, assuming I was available because they wanted to talk. Granted, it was nice to have that freedom at first. But, I soon realized that if I was going to be successful, I couldn’t let those kinds of distractions interrupt my workday.

Save before you start working for yourself full time.

I was in pretty good shape when I made the transition, but looking back, a few more months with a paycheck would have been wonderful.

When you start your own business, money can be very tight. You never know what you are going to make month to month.

I had one customer that initially made up most of my revenue. That customer only paid on a quarterly basis, which meant that times were tough in between payments.

I had to spend money to build the business, which meant there wasn’t a lot left over. If I didn’t get a payment right on time, it was very difficult to deal with.

There were times when I had to ask for a loan from family members simply to pay my bills.

Reach out and build a support network.

4 Tips to Track Your Remote Employees' Progress Without Demoralizing Them

It can be really difficult to adjust at first. You have great days and you have terrible days. You meet goals some months, while other months you are left wondering where you went wrong.

If you make a mistake, you alone are responsible for it and your business and reputation can suffer. It is easy to feel depressed at times. You may even start to feel like you can’t handle running a business and that you made a big mistake when you left your office job.

Remember that you are not alone. All entrepreneurs have these moments, which is why it is so important to connect with others in the field.

Take time for yourself.

I had a honeymoon period of about half a year. It was really exciting to see the business get bigger. Each milestone that I met was a reason to celebrate.

However, heading into the second year, it was more difficult. I was tired. Things weren’t as exciting because they weren’t new anymore. And then, year three came along. I was done with working such long hours.

I was done with having no time off. Burnout is certainly an issue in this business, so you have to figure out how to balance your personal and your professional needs.

It took me a long time to get where I am today. I had to do a lot of research. I had to educate myself on business. I had to find an SEO expert. I had to figure out who my main competitors were and keep an eye on them. I also had to stay current with what was happening in the field so that I didn’t fall behind.

No matter how hard I worked, it seemed like I could never get caught up. Running a business is a big responsibility.

If you are interested in starting your own business, you want to set yourself up for success. Try to cut back on your living expenses. Make sure you have substantial savings. Set up an area in your home where you can work, free from distractions.

If you are married, get your spouse on board. He or she can help pay bills while you are getting your business off the ground.

Your business is only as good as you are.

Make sure you have a support system of other business professionals. These people can help you acknowledge your weaknesses, encourage you to keep moving forward and advise you on common mistakes.

You can try and go it alone, but it will be very difficult for you. As with anything else in life, your support network has a lot to do with your success. You are probably strongly invested in your business; after all, it is something that you created. Make sure you have people that you trust to help you along the way.

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Grace Lee has been practicing in the field of digital marketing for several years now. She has already brought numerous sites in search engines’ first pages in search results. In her spare time, she loves listening to podcasts about Google algorithm updates and other matters related to SEO.