When starting out with your personal finances you first have to look at how much comes in. If this is not much then you will be well aware of the hardships of personal finances.
Supplement Your Income
Trying to supplement your income is not always easy especially as figures show that there are, on average, are about 400 per job. So with so many people applying for them what would make you stand out from the crowd?
That answer I cannot give you, however with Christmas almost upon us then there are extra festive period jobs available that are short term. These jobs could help you out if you have a low income and have spent most of your salary already.
Thinking about supplementing your income is a good idea although not everyone can have a second job due to childcare issues and other reasons beyond their control. This would just mean that they may have to tighten their belts a lot more now than they had to in the past.
Balance Sheets are important
Anyway, I digress. The reason we started this was to talk about personal finances and issues that may arise during any time of year but maybe more so during the festive period. If you are struggling with payments to creditors then you may be wondering how you are ever going to get out of the situation.
Draw up a balance sheet. Here is a simple one.
Income (salary) £1000
Credit Cards £100
Car Loan £150
Totals £900 £1000
The column on the right is anything that comes to you such as benefits, salaries etc. the left column is what you have to pay out. Some people set up a spread sheet to do this for them. On the example you can see that we have £100 to spend after paying all the bills. You can even colour code it like I have.
There are a lot of other bills out there that you may be paying so make sure that you include them all. There is nothing worse than creating your balance sheet and then having to change it a few weeks later because you forgot about your phone bill or utility bill.
Communicate With People
If you are having issues with your living costs then you can talk to the people you owe the money to. Keeping them informed of any change of circumstance may reduce your payments. For example if you get made redundant or go from full time employment to part time then they may reduce your payments until you can afford to pay the full amount. These are businesses too and would rather get something back than nothing at all.