If you’re in the early stages of adult life and you’re already struggling with money, well, you’re not alone. The truth is that most people deal with this issue and it’s actually better to encounter it early. That way if it crops up again in later life you’ll know how to deal with the problem and not get into debt. You want to avoid debt if possible and we can help you do that with these great tips.
If money is tight it can be easy to jump to the solution of borrowing money. Either you borrow from a private company, you just start going into your overdraft or you rake up bills on credit cards. None of these are an answer to your problem. You need to be particularly wary of payday loans. Pay day loans, also known as short term money loans or hard cash loans, sound great. You can get money easily when you need it and you have a short time to pay it back. No problem. Ah, but the interest rate can range up to 400 percent. In short, these loans are designed so it’s impossible to pay them back before you go into debt.
Out Of Work?
You might find yourself with money issues because you’re out of a job. We’re all redundant at some point in life. Very few people slip from one job to the next, or better still keep one job their entire life. There are too many underlying factors in play for this to happen. So, what should you do if you’re made redundant? You need to look for jobs, and you can find plenty online. Have a look at http://www.jobapplicationcenter.com/retail-industry-job-applications/retail-clothing-job-applications/old-navy-application/. This might not lead you to your dream career but a solid job that will give you an income. Don’t forget while you’re looking for work you can apply for job seekers allowance. That way, you’ll always have the money you need to stay afloat.
Money troubles will teach you how to live on a budget and be frugal. It’s important that you learn this early as you will have money locked away for when times are difficult. So, what do you need to think about when living frugally? Well, during the weekly shop you should be looking for great deals. As well as this, you shouldn’t be spending too much money on luxuries and always look for the cheaper options. You might for instance love watching movies. But rather than heading to the cinema each week get Netflix. Sure you won’t get the latest releases straight away but you’ll have a whole library of tv and films at your fingertips.
Watch Out For Energy Bills
Even if you have a stable income energy bills can eat into your income like nothing else. But you can fix this issue by keeping a check on your energy usage. Limit how long you spend in the shower and don’t leave the tap running. By doing this, you can easily cut back your water usage. When you’re heating your home, don’t immediately turn the heating on when it gets a little chilly. Instead wear more layers and only turn it on when you absolutely need to. Why not check out https://www.moneyadviceservice.org.uk/en/articles/save-money-on-your-gas-and-bills for more ways to save on energy.
We hope you’ve found this advice useful. Take it on board and we’re sure you’ll never find yourself with money troubles that you can’t handle.