We all struggle with our finances from time to time, whether that’s because of the rising cost of living or being hit with an unexpected bill. However, there are plenty of steps that you can take to help you get back on the right path again.
Read on to find out more!
Check if you are owed money. This tip may seem a little unusual, as you’re likely to know ahead of time whether or not you’re owed any money, but this isn’t always the case. For example, between 2007 and 2021, motorists across the country were mis-sold car finance when buying BMWs and could now be owed thousands of pounds. The only thing you need to do is to check your eligibility and make a claim. You can find out more about BMW car finance claims here.
Seek out money-making opportunities. Perhaps the most obvious way in which you can set about improving your financial situation is through finding new ways to make money (in addition to your 9-5 role). For example, you could actually make quite a bit of money through decluttering your home and selling anything you no longer need or use. This comes with the additional benefit of helping you to better organize your home, too.
Alternatively, you could start to earn some extra money (or vouchers) through participating in online focus groups and studies. While there are many online platforms you can join to try this out, some pay more than others, so make sure you research them carefully to get a decent payout for your time and energy.
The more you’re able to better your financial situation, the better you’ll feel. Not only that, but it means you can finance your travels and adventures overseas too!
Shop second-hand. As a parent, the rate at which you need to buy your children new clothes or toys is hard to wrap your head around. In fact, these items are likely among the biggest drains on your finances at this moment in time. This can be remedied by shopping second-hand. In addition to visiting local charity stores or platforms such as Vinted, you may also be able to find items on online mother and baby groups. Remember, there’s nothing wrong with buying second-hand, either for yourself or for your children. This gives you greater control over your spending and will allow you to build a stronger financial future for your family.
Ask for help. If you feel as though you’re doing everything you can to better your finances, but falling further and further into trouble, then there’s no shame in asking for some help and support. For example, now may be the perfect time to reach out to a financial advisor, who can assess your current situation and help you decide what steps you need to take moving forward.
Final thoughts. While nobody likes to admit that they are struggling with their finances, this is a common situation to find yourself in, especially as a parent juggling multiple responsibilities at once. Fortunately, there are many steps that you can take to improve your financial situation, from seeking out compensation to asking for help!
