Keeping Your Personal Finances Afloat

Personal finance can often cause you a headache, especially when money is tight and you are under pressure. There is a wealth of advice on the australia.gov.au website for all sorts of financial situations, including financial debts that may be of assistance to you if you are currently experiencing difficulties. You need to remember that yours is not a unique situation if you are in debt, and there are plenty of other people with similar experiences to your own. It is also important to remember that there is help available to everyone that is experiencing financial difficulties and there is plenty of advice available.

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Take A Look At Debt Consolidation

If you have multiple debts that you have to pay off each month, and many of these debts incur interest, you may wish to look at the option of debt consolidation. You can take out a consolidation loan that will cover all of the outstanding debt that you have. You pay off all of your debts in one go, which leaves you with just one payment each month to pay back the loan. It is not always the best solution for everyone, but there are some advantages to this type of loan as you can reduce the overall amount of interest that you pay on your current debts. Debtfix offers the best debt consolidation loans in Australia, and if you contact them, they will be able to tell you whether this may be a good solution for your financial problems or not.

Create A Budget And Stick To It!

If you consolidate your debts or find another way to pay them off, the next thing that you will have to do is to ensure that you do not get into the same position again. The best way to do this is to create a budget for yourself and make sure that you stick to it. You will need to list down all of your expenses for a month, and then balance this against your income. There are many things that you need to consider such as:

  • Rent/Mortgage
  • Utility Bills
  • Food
  • Transport
  • Loans
  • Credit Cards

There are most likely other things that you will need to consider, but you get the idea. Once you know how much your outgoings are each month, you will then see how much money you have left over each month that you can afford to spend. It is essential that you stick to your budget and do not overspend every month; otherwise, you are likely to get in the same situation again.

Shop For Bargains

One way that you reduce your expenditure each month is to change where you do your food shopping, and also the brands of food that you buy. There are lots of coupons that you can collect that can save a significant amount of money on your food shopping over the course o a year. Look for the best bargains and compare different shops with each other. You may like your particular brands, but if you can tighten your belt for a few months, you will soon get your head above water and be able to afford to treat yourself to a few luxuries now and then.

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187 thoughts

    2. Yes…we get scared to share…As people want to see only flowery side of you…maximum people will start avoiding you…So market your best point untill you reach on top or financially indipdent…..
      After reaching on top if you talk your pain then you will become influencer and people will love to know you and hear your struggle…
      Be contained And happly walk towerds your goal..

      Reply

  5. A better way to attack debts is the Debt snowball. You pay minimum on all your other debts except the smallest, which you attack viciously. Once that’s paid, you use the smallest debt’s minumum payment to attack the next smallest debt, and then so on and then so on.

    Reply

  7. Timely post!!!
    I think while we are processing becoming free of excess debt we can start evaluating what’s really important in life. Asking ourselves what drives our true happiness? Are we overlooking some of the things we have and focusing too much on what we want? Are we getting in debt to be happy short term but suffering long term? i think it makes a difference to take a look at these questions.
    Be well,
    Bryan

    Reply

  9. That best way to get rid of debt is to make more money so you can pay it off.

    This is a quote I like,( instead of trying to live below your means you can work to expand your means.)

    Can’t remember who said that at is moment but it make’s since.

    Reply

  15. Interesting piece. It’s amazing that a lot of the things we strive to get can actually be done without, starting with clothes and food shopping. This is a great reminder

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  19. It’s also good to make time to cook breakfast, lunch, and dinner. You’d be surprised how quickly eating at fast food restaurants every day adds up.
    $5 for a ”value meal” at lunch for one person adds up to $25 (assuming they work 5 days a week).
    It’d be better to buy items for lunch at the grocery store. That same $25 can maybe feed three people a week. I bet it would be healthier too.

    Reply

  20. Good tips! I’m trying to stay “afloat” by writing down when everything is due so I can pay my bills on time because those late fees are no joke 🙂

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  21. Great post! I heard on a podcast this week a response to a person saying, “I’m broke, help me with my money problems.” The speaker responded by saying that people with money problems usually lack a budget.

    So I agree, budgeting is crucial. I will be posting on this topic for the next two Saturdays. Be sure to check it out

    Reply

  26. I would hazard a guess that 85% of people don’t have a budget and get by with trial and error and credit cards.
    Debt was once abhorrent but now ubiquitous – it’s how you but a car, get educated, pay for shelter.
    If you don’t know your budget you will end up satisfying your desires to the detriment of your bank balance.

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  35. Really good advice, Ula. It seems that many people find themselves in a tough situation when it comes to finances and have to consolidate or file for chapter 11. It would be great if we as society were proactive rather thank reactive. Financial education should start before we even enter the second grade, in my opinion. What do you think?

    Reply

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