It can be difficult making your money stretch. Ideally, you’d earn enough to cover the bills, splash out on the occasional treat and save for emergencies, but sometimes this can seem like an impossible task. If you feel like you don’t always have control over your finances, here are 10 things you can do today to feel better about your money worries.
1. Identify the cause of the worry
If money worries are making you feel stressed, then it can help to identify exactly what is causing the stress.
- Expenses are more than your income: you spend more than you earn and always seem to be overdrawn
- No ability to save: you live payday to payday and never seem to have any money left over
- Job loss or redundancy: you've recently lost your job and are worried about covering your costs
- Debt: you have borrowed more than you can pay back and are struggling to manage the repayments
Once you identify the problem, it could be easier to come up with a solution.
2. Face your fears
Avoiding the problem doesn't make it go away and could be adding to your stress. If you are struggling to repay debt, then speak to the lender to see if you can change your payment plan.
3. Stay healthy
Often, when people are worried it has knock-on effects such as lack of sleep, loss of appetite, comfort eating, drinking alcohol, smoking more or reduced motivation to exercise. These things can have a negative impact on your health and make you feel more stressed and anxious and effect you physically too. If you are worried about money, take care of your physical health so you don't make yourself ill.
4. Focus on what you can change today
Worrying about things you have no control over won't help the situation. Focus on the things you can do that will make a difference. Where can you cut back? Who can you ask for help? How can you improve your financial situation?
5. Don't obsess over money
As the saying goes; "money doesn't buy happiness". If you are constantly obsessing over money and wishing you had more of it, you could be missing out on the things that matter. Focus on the positive things in you life; your health, your family, your friends, your hobbies, your job. Enjoying the company of our loved ones doesn't cost anything. Instead of thinking about all the things you can't afford, think about all the things you have.
6. Set a budget
Lack of control can often be the cause of money worries so having a plan can help. Make a list of all the fixed costs like bills and rent, then set a realistic budget for food, clothes and other items. Make sure you stick to it.
7. Spend less than you earn
It might sound obvious but if you aren't keeping track of your spending, it can be easy to spend more than you earn without realising it. Buying a coffee on the way to work, eating lunch out instead of having a packed lunch, ordering a takeaway, a night out with friends; all these things add up. Keep as record of everything you spend and see where you can make cutbacks.
8. Be honest with yourself
You need to be honest with yourself. Are you wasting money? Are you being realistic about what you need and what is just a luxury? Do you need help? Has your spending got out of control? Are you worrying about things you can't control? Are you borrowing more than you can afford to pay back? Look at your earnings, look at your outgoings; make a plan.
9. Ask for help
Everyone needs a little help and support sometimes. Simply talking things through with a friend or family member can make you feel better. Alternatively, it might be time to speak to a professional debt adviser or financial specialist. Citizens Advice is a good starting point.
At Morses Club, we specialise in small cash loans to help with unexpected expenses. We assess each application in person, based on your individual circumstances. In some cases, we can offer loans to those who have been refused credit from another lender. This isn’t guaranteed but, if you’ve been considering bad credit loans, then we may be able to help.