Life is getting stressful and my wages/salary are not keeping up with inflation.
Coping with Debt and the ever-decreasing spiral that can happen
Now is the time to take a close look at your finances and lifestyle; Please don’t bury your head in the sand. Talk to people they might just be able to help you cope with debt!
Let’s make a list of the areas we can review
- Cut down on using the car; start walking or cycling for shorter journeys; or look to replace your car with a smaller one that is more economical
- Turn your thermostat down by a couple of degrees and where warmer clothes and perhaps wrap a blanket over your knees or use a hot water bottle
- Review your energy Broadband and mobile suppliers; start with UW https://uw.co.uk/uwpartners/uw-home?position=N23914 If you bundle all the services together there are savings to be had
- Review your Buildings and Contents Insurance to see if you are covered correctly and at the best price;https://4unoworries.com/services/insurance/ SJL Insurance carries out a full holistic fact-find before it looks for the best provider for you. This also applies to Business Insurance if you are running your own business
- If you are a Business Owner have looked at online networking meetings; The Cobra Club is not just for networking but a business community
- Book an appointment to review your mortgage to see if there is a cheaper one or one that is fixed for a period of time https://4unoworries.com/services/mortgages/
- If you have a spare room then think about renting it out, for extra income.
- Recycle Clothes between siblings where possible and try shopping in Charity Shops; You will be amazed at what bargains you can purchase. Schools now do recycled Uniforms
- Look at your expenditure and decide what is necessary and what is just a luxury; it might mean cancelling the Gym and doing more walking or exercises at home. Stop the takeaways so often and look at shopping in discount stores and batch bake meals
- Declutter and sell anything you do not need or have not used in the last 6 months. There are some great sites; Facebook Marketplace, Vinted
- Try not run up large balances on your Credit Cards as the interest soon mounts up. Speak to the Provider of the Credit Card and see if they will accept a lower amount each month till the debt is clear. Once the debt is cleared rip up the card!
- Book an appointment with a Financial Planner who can do CashFlow planning. This looks at what you have coming in now and in the future via inheritances etc and what you have going out now and in the future. This will put your mind at rest. Excel 121 Ltd is an Independant and whole of Market firm of Chartered Financial Planners https://4unoworries.com/services/pensions/
- If you are still struggling then visit The Citizen Advice and seek help with doing an IVA to consolidate your debts. There is an online form available https://www.nationaldebtrelief.co.uk/iva/iva-application.html?ppcapplyiva=true&keyword=iva&matchtype=e&creative=439945100365&source=SearchNetwork&target=&placement=%C2%A9=[name]&position=&gclid=Cj0KCQjwsrWZBhC4ARIsAGGUJup_pcH7zNak1k5-bwT0-fdDFvZ-yj6EhXMHpQWBQJ1suY-FFx1KRRIaAtMzEALw_wcB
- Going forward why not sign up to Caitriona Ellis’s Financial Wellness Academy firstname.lastname@example.org