Although there are lending establishments across New Zealand that can assist Finances you with fast loans and bad credit loans, you need to get in control of your finances eventually. Fortunately, these payday loan facilities are always available to assist and can be a saving grace at the most challenging times. Here are ten tips on how you can get your money in order so that you can live with less financial stress.
- List Your Debts
The first step into getting your finances in order is to start consolidating your debt. You can make paying off debt the goal for the year, or the next five years. Make a list of everything you owe, with the outstanding amounts listed. Sometimes, making a list will give you peace of mind, and will clarify how much you need to repay. You might see one or two debts that you’re now in a position to pay off immediately because now, you’re looking at it differently.
- Pay More Than The Minimum
The minimum repayments on credit card debt can be confusing. The amount stipulated as the “bare minimum” is predominantly the interest. That means that you’re only paying the interest and a minimal percentage of the outstanding amount. If you only pay the minimum amount, you’ll spend more time and money trying to repay your credit card debt interest than the debt itself. Even if you pay ten or twenty dollars over the bare minimum, you’ll get through your debt faster, with less interest to pay.
- Automate Your Savings
When you feel like you don’t have enough money to get through each month, it’s difficult to imagine being able to save money. If you feel like you can’t afford to save, there’s one trick that works for many people across New Zealand. Automate your savings, so that you don’t get a chance to spend it. It can be fifty dollars a month, or more or less. Setting up a bank deduction will help you save.
- Automate Your Repayments
Once again, the best way to make paying off debts easier for yourself is to automate them. All you have to do is set up automatic deductions at your bank. You won’t get the opportunity to default on a payment or direct the money elsewhere if it’s deducted immediately. You’ll be proving that you’re a responsible payer, clearing your debt and improving a bad credit record.
- Write Down Your Goals
Writing down your goals is a great way to visualise what you’re doing this all for. Whether you want to buy a car or move into a better apartment, writing down your goals will make it more real and attainable, and puts your daily purchases in perspective.
- Plan A Day For No Spending
Every week, set aside one day where you don’t spend money unnecessarily. Spending can become a mindless habit, where you convince yourself that buying a cup of coffee is only a few dollars, so the saving isn’t worth it. However, every small step makes a difference. Other than necessities such as petrol and food, try to limit your unnecessary spending.
- Sell Your Unwanted Goods
We often fill our homes with things that we don’t look at, let alone with things that we need. Every few months, clean out your cupboards and see what you have that you can sell. The general rule is that if you haven’t used it, looked at it, or thought about it for three months, then you don’t need it. Not only will you earn some extra cash, but you’ll also think twice about unnecessary spending in the future.
- Plan Fast Meals
No one enjoys getting home from a long day at work and having to cook a meal and then clean up afterwards. When you’re exhausted, the thought of having to do chores could send you into a nervous decline, which is why many people waste money on fast food and eating out. Fast meals can be your solution. All you have to do is put everything in a slow cooker before you leave for work, and let it cook throughout the day. It won’t burn, and it will be ready by the time you return – entirely preventing the temptation of eating out. You can even save money by buying, cooking in bulk and storing single portions in the freezer.
- Set Up Alerts For Your Cell Phone
When you swipe your card at the payment counter, it’s easy to continue spending frivolously if you don’t see your account balance getting lower and lower. If you set up your cell phone to receive alerts every time you withdraw money or swipe your card, your cell phone will receive a message stating how much money was just spent, where it was spent, and how much remains in your account. When a diminishing account balance stares you in the face, it’ll make spending less a whole lot easier.
- Create Targeted Savings Accounts
Using the list of goals that you made previously, you should have a better idea of what you want to do with your money. Visit your bank and set up savings accounts that are specifically aimed at fulfilling those goals. It can be challenging to save up for many things when all of the money goes into one place. If you want to buy a car, create a dedicated savings account for that. You’ll get a clear idea of how far you’ve come, and how far still you have to go.
These tips should help you manage your money better and will allow you more financial freedom in the long run. When you’ve struggled financially for long enough, you never want to go back there. Fortunately, if you ever need additional assistance, you can contact Cash Relief today. We provide bad credit loans and fast loans to New Zealand residents when they need the extra cash to get through to payday. When you’re in a bind, don’t hesitate to call us.