Personal Finance: What To Do When Income Does Not Cover Bills?

We are going through a phase of adjustments in the political landscape and in the economy of the country to regain stability. At this time, new habits are being adopted by people, families and companies to try to double the odds, so that it is possible to live with quality without going through major difficulties, even at times like the present.

Thus, the “financial organization” has become a motto, and a theme we are increasingly interested in, as it can bring us solutions to balance finances in an uncomplicated way. So let’s show some simple actions we can take on a daily basis to organize our personal finances and even save. Track, put into practice and make your family financial management very efficient!


Identify the problems

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The first step in satisfying financial management is to identify problems. A thorough survey involving all gains and expenses is an essential step of the financial organization. Only with this survey, which will show the whole family financial picture, is it possible to correctly check where the money is going, how much of our monthly amount is spent on mandatory and superfluous spending – which can be cut – and how much of our monthly income is devoted loans and financing which may be rethought.


Define spending

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In the survey of expenditures, it is also indispensable that the categories be defined, that the financial picture can be clearly visualized. First, it defines all essential expenditures, such as those for food, housing, health, and education. The other expenses are intermediaries, which can be reduced, such as electricity and clothing, and those we can classify as disposable, such as leisure and gym, for example. Remembering that it is not necessary to cut these activities, but to find more economical alternatives.


Settle debts


If there are debts, consider repaying them. If necessary, make an asset that is not being useful at this time. Reassess your needs and use selling something that is not being used so much to pay off debt, and thus prevent the situation from getting worse further in the future.


Focus on control

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Carelessness in some everyday attitudes involving our finances is more common than we think. One of the biggest pitfalls we fall into is credit card, which we often use unplanned, often failing to take into consideration its interest rate – we often don’t even know its values. Therefore, find out about these values ​​and, if necessary, create new habits regarding the use of your credit card.


Consider refinancing

After the financial survey, problem identification, and expenditure definition, some actions may have to be taken in order to organize personal finances and balance the picture. A tip in this regard is to consider refinancing – vehicles, real estate and other categories, which may set lower rates and longer time to repay the property. This is a very popular option today, because it is a very simple alternative to pay off debt or even invest in something.

These are some of the possible, efficient and practical solutions for making personal finance organization a reality.

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