Do You Have Financial Phobia
The very thought of your personal finances can make your feel queasy. If you have financial phobia then it is high time that you take action. There are several ways that will help you to tackle your financial phobia. Try following them and you will find a huge difference in your confidence as well as financial situation.
First Step To End Your Financial Phobia
If you are scared of opening your bank statement, then you should find a bank that sends you text message updates instead of mail about the balance in your current account. Thus, your statement will never completely shock you. Try to leave your credit card at home whenever you are going outside. Carry only a set amount of cash and stop spending when your wallet is empty. Create a budget and take it seriously
Start Making Progress
Once you have realized how rewarding it can be when you are careful about your spending and take a bit of interest in your cash, you can start taking further steps. Try to work out on the debts that you have and use the spare money that you have to pay for it. You can also try to find a better savings rate and set yourself a monthly budget. It can be tough but stick to your budget no matter what.
Get The Best Money Deal
You can now consider switching to a bank that will pay you good interest on your current account. So, even when you are unable to put aside cash in a savings account, you will know that your money is working hard. Besides, always try to leave an amount on your regular amount right after you have been paid every month. You will be surprised when you open your bank statements and find your savings growing.
Take Further Steps To Shedding Your Phobia
Start by transferring the balance that you have on your credit card to cards that that charges 0% interest rates for the first six months. You can then start paying off the capital amount and not the interest on your outstanding debt. Sort out the overdraft so that you do not get penalized. You can check for free overdraft extension or choose a bank that offers such facility. Make sure you go through your bank statement carefully when it arrives to ensure that all the money you have paid in is listed and no extra cash has been deducted.
Start Making Your Own Decisions
Once you overcome you financial phobia, start going through the finance news stories on the web and in the paper. Going through such stories will keep you well informed of better deals and special offers. You will also find more information about the rip-off financial products available. You can also compare the charges of the utility providers and save hundreds of pounds per year. You can use the various online comparison tools for such comparison.
It’s Time To Start Long Term Planning
Every week you should set aside a few hours to go through a quick health check of your finances and to ensure you have got the best deals in hand. You can think about remortgaging if you have a house or flat. Do use the online calculators to see if you would be better off when you switch your lender. No matter what your age and your financial situation is, think about what you want in your life, what you want to do, how you would like to retire and where you want to travel. Having a dream and a goal will always inspire you to look after your money and achieve them.