How To Take Charge Of Your Finances In Tough Circumstances

Jun 05, 2018 | 5 months ago | Read Time: 2 minutes | By iKnowledge Team

Someone from the family being seriously ill can be hard for the entire family. While tending to your loved one, you may end up going to work erratically and spend a lot on medical bills. Managing added expenses isn’t easy and can take a toll on you. This could possibly lead to a financial setback and you may need to take extra effort to make things better again. Here are 6 ways you can step up and take charge of your finances during tough circumstances:

1. Cut out unnecessary spends

At a time when finances are scarce, it can be difficult for a double-income family to save money. However, by cutting out frivolous expenses, you can tide over difficult financial circumstances easily. Instead of dining at expensive restaurants, organize a get-together at home, and save money. Try to car pool or use public transport to save some money on fuel.

2. Avoid being picky when it comes to jobs

When you are in a precarious position financially, it may not be wise to start being picky about the job you want. Instead, find a job that can keep your family financially secure. During a tough time, any job is a good job.

3. Take advantage of government schemes

The government occasionally comes up with schemes to help citizens save money. There are subsidies available that you can make use of and save money. Get to know of the various schemes and take advantage of any facilities or programs that may benefit you during a tough time. For instance, if you have a senior member in your family, you can make use of government benefits offered to senior citizens.

4. Don’t dip into your savings

No spend is worth dipping into your savings. Make sure you don’t give in to frivolous spends and use your savings on them. Saving is essential to fulfilling your long-term goals, so do not steer away from it. Even during a crisis, try to think of alternatives like a part time job instead of spending your savings.

5. Invest in your health

A healthy body and mind can help you cope well with life when you are hard up for money. Keep a check on your physical and mental health and work towards making them better. Cut down on junk food. This can also help you save more money. Ensure you follow a healthy diet, so you don’ fall ill often. By doing this, you can restore your finances easily. 

6. Generate more income from surplus

Once your finances are sorted, use the surplus to invest and generate more income for your family. This will come in handy for the future and help fulfill your financial goals. You can invest in mutual funds or  ULIPs to ensure some goals like children’s education, a second car or a child’s marriage are met. Proper financial planning will help you create a better investment plan and keep you prepared for future.

Conclusion

Stay motivated in the face of financial setbacks. If you take it one step at a time and keep saving, you can easily tide over a tough time.

Advt. no.: IA/MAY 2018/4012


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