12 Tips to avoid the difficult end of the month.
A complicated financial situation, a bank account in the red, heavy overdraft fees, repayments of credits to be honored, contingencies to manage, current expenses increasing. It is urgent to react in order not to let the situation s ‘to get worse ! Here are 12 tips to manage your budget, avoid overdrafts and especially the end of difficult months.
Anyone can experience a difficult month end at some point in their life. It’s far from inevitable. There are always solutions provided they are put in place on time! The first thing to do is to take stock of your financial situation to discover the reasons for your financial troubles. Once discovered, use these tips and advice.
# 1- Make your accounts regularly
Do not be caught off guard! Follow your accounts every day on the personal space of your bank account. Use an excel file or mobile personal accounting management applications to identify all your expenses and all your receipts in the month (cash inflow and outflow). In this way, you will have an overall view of your budget to anticipate future expenses. Nothing better than a monthly budget to follow the evolution of its finances, to adjust its expenses according to its income, and thus avoid finishing in the red. The best is still to make an annual budget to plan everything and anticipate, the time to return to a stable situation
# 2- Eliminate unnecessary expenses
When you spend too much, the first reflex is to hunt for superfluous expenses. In order to find a balanced situation, remove those that are not useful to you everyday, including:
– Exit expenses (cinema, restaurant, etc.),
– shopping expenses,
– certain food expenses (to be replaced by homemade preparations: making bread, yogurts, dishes).
– household products (use natural products such as lemon, baking soda, white vinegar ).
# 3- Prioritize essential expenses
Food, electricity, water, gas, rent. sort out your expenses and look only at those that are necessary for your needs. Determine what is essential and discard what you have in excess. Ask yourself what is most urgent and avoid waste. This trick may seem drastic but is needed temporarily in order to return to sound finances.
# 4- Anticipate unexpected expenses
Do not forget to reserve a sum for variable costs and unforeseen events (repair of a vehicle, breakdown of household electrical equipment, etc.). Anticipating expenses also helps to manage a budget. Saving a set amount each month helps to build a small nest egg in the event of a hard blow.
# 5- Decrease your monthly repayments of credits
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If you pay too many credits per month, opt for the purchase of credits that allows you to collect all your credits in a single credit, and especially to lower your monthly payments according to your needs. To do this, take a look at financial organizations or specialized brokers to evaluate your earnings. They will negotiate the best terms for you with financial institutions.
# 6- Smooth your loads
Rather than pay your taxes by thirds or once a year, opt for the monthly payment. From January to October, every 15th of every month, the amount of the levy is fixed and without surprises. You will pay the balance in November or December. In case of difficulty, you can negotiate payment terms with your Tax Center. Also, pay monthly bills for energy, insurance, telephone. Prefer pre-authorized payments to avoid forgetting to pay bills.
# 7- Pay in cash
Withdrawing the money you really need every week is a good way to become aware of the money you spend. Indeed, by paying cash, you better realize the amount you spend and de facto you can more easily limit. In fact, you only spend what you have in your wallet or wallet. While paying with a bank card or a checkbook, as the expense seems “virtual”, you tend to spend more.
# 8- Avoid the fees
Strive to pay your bills on time to avoid costs. If you can not do otherwise, tell us about your delay and negotiate deadlines. In the same way with your bank, rather than paying bank fees, negotiate an overdraft authorized less expensive in interest than the one you have. If your bank does not want to hear anything from your request, play the competition. Avoid buying on credit consumer products (television, car ) to have no interest to pay.
# 9- Shop smart
Whenever you shop in a supermarket or on the internet, take advantage of the discount vouchers to save tens of euros. When buying a product, always check the price per kilo.
# 10- Share goods and services and compare competing brands
Take advantage of the craze for collaborative consumption to share, exchange goods or services, whether to travel (carpool), get dressed (clothes market, sales), get equipped (renting tools , home appliances), get help (home services), housing (renting homes between individuals), etc. These are all potential savings that avoid buying new and expensive. In addition to being an economical solution, sharing has ethical and environmental virtues.
# 11- Think about financial and social help
Medical aids, family allowances, social housing aids, phone and Internet payment aids, financial aid for paying bills water, electricity and gas, family benefits, scholarships are all helpers to which you can be entitled during periods of financial difficulty. Ask the various public bodies, in priority with your town hall.
# 12- Think about saving
As soon as your financial situation regains some stability, try to save money every month, even if it’s a small amount. It’s a good habit to take. For example, make an automatic transfer to your Cheke or your Booklet. It is advisable to have in savings up to three months of salary to face the unforeseen. But, beyond the unforeseen, spare also to prepare your future, your projects, your retirement . Obviously, you will not have to touch this savings before its expiry.