Adult life is not all it’s cracked up to be. We spent a lot of our childhood years wishing our lives away, hoping to quickly become an adult to enjoy all of the perks that come with it. But we soon realise that adult life is not all it’s cracked up to be. We don’t have all this free money that we thought we would be able to go and spend. Instead, most of us find ourselves living from payment to payment. Over the years it’s so easy to sign up to subscriptions, have the bills to pay, and take out a loan or two to cover the Christmas period. We’re not very good at planning and financial decision making as adults. Some people are highly financially educated, and carefully plan each penny that they’re going to spend. If this isn’t you, and you’ve found yourself living from payment to payment, we’re going to try and help. Hopefully after this the amount of payments you have, will be far less.
One Big Payment
There are many ways to get yourself into financial hot water, and one of them is through debt. Debt often starts at the beginning of adult life, and we find ourselves lured into the credit card unknown. We seem to fail to realise that one day we will eventually have to pay the money back. This slowly leads to other little loans, perhaps to cover a birthday or Christmas or two. We’re lured in because the repayments look easy. But when you’re repaying a loan or two and a credit card, as well as your bills and other outgoings, it slowly becomes rather suffocating. One tactic you could use is debt consolidation. This pulls everything into one big payment, which is often easier for people to manage. The major benefit of this being that you only have one payment to focus on, making it easier to manage. However, they often come with high interest rates, and the payment of your debts are consolidated to might be high, making it look far worse in your mind.
Cut Down Your Ties
We love to be tied to things, it helps us feel some sort of stability. But these can slowly build up, making our bank account uncesserarily low. From singing up to four different TV subscriptions, to having random monthly beauty boxes, we’re just a sucker for a subscription. But you add them altogether, and you look at the ones you don’t really use, you’ll see they’re a large chunk of your wage gone. So try and condense it to just a subscription or two. The more you can save at this time of year, the better.
Finally, the best advice anyone can give you is to live a little more frugally. It’s easy to fall into the trap of overspending when we move into our own homes, when there are so many choices that’ll allow you to live a low budget lifestyles. There’s shops dedicated to discounted food and household products. But there’s also going to be chances for you to live a different lifestyle, such as not eating out more than once a month.
(This is a collaborative post)