6 tips to get your finances in order
Maybe you dream of a backpacking trip through Asia? Do you want to pay for music lessons for your child? Or do you want to have extra money left at the end of the month? No matter the reason, these tips can help you…
1. Create a digital budget
Technology allows you to automatically synchronise your bank statements with a household budget planner. This will automatically categorise your transactions so you can easily organise your income and expenses. This helps you to gain and maintain an overview.
2. Run your finances like a small business
It's smart to run your personal finances as a small business. The aim is to make a profit every month and not suffer a loss. If you suffer a loss, you can slowly get into debt without even realising it’s happening. When you make a profit, you can add money to your savings account, and your financial stability increases.
3. Pay off your debts
Make a down payment on your debt or loan. The longer you wait with this, the harder it will be to get out of financial trouble. Always contact the institution where you have an outstanding debt. Let them know what your income and expenses are and explain why you cannot pay the entire amount in one go. If you receive a letter from a collection agency, take it seriously and work with them to set up an affordable plan.
4. Using your mobile phone
Take care not to incur unnecessary costs when using your mobile phone. In addition to your subscription you may be charged for:
- (Paid) apps you download
- Data usage
- Roaming
- Hidden costs for other subscriptions and e-commerce
Check your bill so you know what you are paying for.
5. Sell unwanted items
Everyone has things they no longer need. Rather than getting rid of clothes, technology, furniture and other unwanted items, sell them online. Conversely, look online or in second-hand shops for good quality items to purchase. Buying a used bicycle, couch or table can make you significant savings.
6. Pay your bills on time
Make sure to pay your bills before the due date. This protects you against added charges. If you receive a reminder or demand, contact the organisation promptly to discuss your situation. At Intrum, we help people resolve their debts. You can speak to a trained and sympathetic customer adviser or use our online payment portal.
