To tackle money is one of the biggest challenges for many people. Even if the rising cost of living is not a serious threat to people in some parts of countries, a large number of people are struggling to keep their finances in order.
Every year a new blog post is released to reveal tips for cutting back on overspending during the festive season, yet people struggle to make a fresh start in the following year waiting for them.
Overspending, followed by surmounting debt and shrinking savings, are popular reasons why you end up with your back against the wall. This blog discusses some most common money problems along with ways to tackle them.
The key to curbing overspending is budgeting, and thankfully there are various apps to help with it. At the outset, you would find it a bit difficult as your brain is not wired to self-control, but once you stick to your plan, you will soon take it in your stride.
If you have multiple debts like credit card bills, overdrafts, and payday loans in Ireland, it is going to take some time. There are more effective solutions than making minimum payments toward each type of debt. You should instead check what works in your favour currently.
There are several pension schemes in Ireland that your employer may opt for. To be eligible to make a contribution to any of them, you must be earning above and over a fixed sum of money. However, if this facility is not available or you do not earn that much money, you can use a private pension scheme.
It is never too late to start a pension contribution. As your income grows, you can increase your contribution as well. If your employer has put you on a workplace pension scheme, ask them if they can contribute more money if you do more.
Owning a car is extremely expensive. You finance it with a personal loan, which means you have already paid more money than the actual value of the car. Further, maintenance and fuel expenses kill your budget, and worse when you are to take out loans like Provident in Ireland to meet car-related expenses.
Energy bills are primarily responsible for killing the budget. Although there are some suggestions by experts like ‘turn off the heater in the cold weather,’ you are at risk of falling sick. Here is how you can save on energy bills:
By taking these steps, you will be able to save around €250 to €300 per year.
Although parents manage to save some of the money to help their children get by for university courses, research has revealed that around 10% of students feel that they get less support from them.
Saving is the only solution to tackle this situation. Try to contribute more. It is better if you start the contribution now. As soon as you become a parent, you should start setting aside money for their university programmes.
If you are really scared of high food bills, the first thing you should do is not to waste food. According to a survey, households dump more than 70% of food that they can eat the next day. First off, you should cook meals based on consumption.
Money problems seem to be eternal, but you can easily tackle them by taking stock of your finances and cutting back on frivolous purchases.
Set an aim and follow the tips as mentioned earlier. It will take some time, but you will certainly see a positive change in your financial condition.