Perhaps you’re feeling overwhelmed by your increasing debt. Worse still, you’re under-earning, perhaps because you’re still in college, or you’re stuck in an entry-level position, or you just started a new job and need to work your way up the corporate ladder.
When you think about your finances, you feel agitated. Even a single unexpected expense throws you into a panic. You know you should set aside some money for a rainy day, but you’re barely making enough to make ends meet as it is.
While you’d love to talk to a financial advisor, someone who can help you figure out a financial game plan that will free you from chronic stress, you can’t afford to get the expert guidance you need.
Although your situation may seem hopeless, there are three practical steps you can take to get a grip on your personal finances. Let’s take a look at how getting a consolidated loan to reduce your high-interest credit card debts, learning how to keep track of your money, and getting better at negotiating can end your financial desperation.
1. Get a consolidated loan to reduce your high-interest credit card debts.
With a consolidated loan, you won’t have to deal with a large number of creditors. If you’re being harassed by collection agencies calling you at all hours of the day, every day of the week, this will stop. If you’re paying high interest rates on your credit card debts, you’ll be able to get a lower interest rate. This type of loan will also simplify your debt repayment schedule. Instead of paying on multiple accounts to different lenders, you’ll now have a single payment.
A consolidated loan from Polo Funding will give you a flexible repayment plan. You’ll only pay what you can consistently afford every month. You won’t have to live on Ramen noodles during the last week of the month. Another wonderful thing about this debt-reduction payment plan is that it covers all your defaulted loans — so, you’ll get a fresh start because you’ll be in good standing. In time, as long as you make the agreed-upon payment, your credit score will improve, too.
2. Learn how to keep track of your money.
One thing you should do sooner rather than later is to create a budget. Doing this will help you gain a sense of control over how you manage your money. Your diminishing bank balance won’t mystify you. You’ll know exactly where every penny went. Reviewing your spending habits every month will help you figure out what you should stop buying and what products give you the best value for your money.
Conversely, if you skip this step, it’s going to mess up your finances. You’ll end up with too little money and too much month. You’ll also have no idea where your money goes or how to avoid incurring overdraft fines for spending more than your bank balance.
Your budget will help you figure out how much money you need to set aside every month from your income to pay for rent, utilities, food, clothing, transportation, and entertainment.
3. Get better at negotiations.
Sometimes you don’t have to accept the amount someone wants to pay you or how much something costs. If you learn how to negotiate, you’ll be able to negotiate your salary or get discounts on things you buy.
You can learn how to negotiate by reading books about it. You might even want to invest in a class to train yourself to be comfortable negotiating.
When you’re an excellent negotiator, you won’t settle for something that you don’t think is fair. You’ll stop accepting low-ball employment offers or paying full price for a product when the same product is cheaper at a competitor’s store.
Taking these three steps — reducing your debt burden, budgeting your money, and negotiating low offers and unfair prices — will help you get off the roller-coaster of economic desperation. These strategies will provide you with the building blocks you need to get increasingly better at your personal finances.