You spend far too much of your precious time and energy earning it and even more time and energy wishing you had more. Money is unfortunately for most us, as the song goes, too tight to mention. When you can barely get through the door at night because there are so many final demand letters piled up in the hallway and a distinct lack of billionaires offering you their hand in marriage, it is difficult to see the light at the end of the tunnel.
It may seem like the only solution is to spend what little money you have left on a Ronald Reagan mask and follow in the Point Break gang’s larcenous footsteps, but there are practical and realistic options available that won’t involve you having to serve a life sentence for armed robbery.
Don’t Bury Your Head in the Sand
When you are up the creek without a surfboard it is tempting to file every bill you get under ‘I’ for ‘Ignore, but pretending it isn’t happening is only going to raise your blood pressure and deplete your current account even more. As daunting as it is, being honest with yourself about your mounting debts and facing the problem head on is the only way to regain control of your finances.
Ask yourself whether your lifestyle is exacerbating your money woes. Are you living a champagne lifestyle on a Cava budget? Are there changes you could make to your spending habits that would help you escape from financial dire straits? Do you really need that new handbag/smoothie maker/Steven Seagal box set?
Carry Out the Right Kind of Bank Job
If you are having trouble repaying overdrafts or bank loans, go into your local branch and discuss the situation with an adviser. Be upfront about your current economic status and see if you can reach an agreement with your bank about altering your repayment structure. Being as honest and realistic as possible is always the best approach (and remember to leave the Ronald Reagan mask at home).
Make Sure you are the One Holding the Cash
Doing your sums and devising a realistic budget that you will stick to will help you to win back control of your money. Withdrawing a set amount of money every week and paying for everything in cash will allow you to keep track of your spending and make you more aware of where your money is going. You don’t have to worry about only using unmarked non-sequential bills.
Don’t Jump Without a Parachute
As well as showing your wallet who is boss, it is important not to panic and end up making a rash decision that could aggravate the situation. Don’t be afraid to ask for help. That doesn’t mean you have to crawl on your knees with your hat in your hands and a hangdog expression on your face and plead your case to an affluent relative, or prowl around the beach looking for someone who would make a decent getaway driver. Instead, do some research into loan options and seek advice about debt management to determine which is the best choice for you as what works for someone else may not work for you. There is a lot of advice out there that will help you make an informed decision that won’t result in you getting drawn into a shootout with the FBI.
Wendy Derbyshire is a freelance writer who provides great advice on how to apply for loans and how to receive debt management to help you do the perfect bank job.