Managing Your Finances
My brother came to me about two month ago to talk about his financial situation. I’ve always been pretty good with money, always kept my bank balance in the black and never had any problems. My brother, however, is a little different, and finds it hard to manage his finances – he always has done.
As soon as he gets paid, he gets on the internet and thinks about what he can buy himself. Within a week, he’s scraping the bottom of his bank account to pay for his bills – and wonders why his situation isn’t getting any better.
Well, the good thing is, he knows it needs sorting. He has debts (they aren’t too bad, though) and knows that he needs greater self control over his money. This is where I can help him. (If you need a bank account but have bad credit, try these guys…)
I’ve told him to look into debt management. It’s a technique that some debt advisers teach people. It is basically managing debts more effectively, prioritising them and making sure all payments are made on time every month.
He has gone away to do some research, which is good for him because it shows he is willing to change his ways. No longer will he be spending his money on things he doesn’t actually need – I hope!
I’ve already taught him how to budget properly, helping him come up with a realistic budget – ensuring he can keep on top of his spending. He now writes down everything he earns each month and then everything he spends. By doing this, he could see how much money he’s been wasting on things he doesn’t need, and now he only spends money on the things he has to…like food, petrol and bills.
I really hope that by looking into debt management he will be able to regain full control over his finances – it won’t take him long to repay his debts if he does!
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