skip to Main Content

How to Solve Your Financial Shortfalls?

Financial short falls are one of the problems every hard working household faces on an everyday basis. There is never enough money to cover all the expenses, and sometimes even with mediocre expenses trimming or major cuts over spending you are not able to cover your debts. However, some of the ways in which you can procure a more strengthened financial dashboard are listed below.

Find a debt counselor

Seeking expert advice has never harmed anyone. Seek out a debt counselor, and target those who provide their services for free. These people are trained to point out your excess expenses and help to save you money. Also, they may help you to locate house deals with lesser rent or credit cards with cheaper fees.

Save on mortgage and rent

House payments are the one expense that chucks out a large bunch of money from your savings. Contact your lender and ask him or her to reduce the rent, or introduce a more flexible plan for you. If you live in an elite class area, you could consider down grading to a more affordable apartment. Or you could ask your agent to give you time until you pay off all the other debts. Remember, you should only make such arrangements if you are sure that you will pay all the other debts soon, because piling up your mortgage can be destroying to your finances too.

Hunt down the insurance covers

Check your property documents if you have insurance cover for your house or car, because such arrangements will pay your mortgage if your income falls due to an accident, or if you’re sick or redundant from work. If you are expecting to lose a job or moving into a new house, obtain insurance for that property as soon as you can to account for the rainy days.

Use the last resort

It is always a good idea to raise money by selling stuff than by leasing it. Expensive jewelry, pricey items of clothing, magnificent paintings hanging in your lounge, even your car sometimes can help you raise enough to repay it all. If you have somehow accumulated so much debt that you cannot repay even if you sell your house, you should contact local charities to help you with the payments. In today’s world especially, people love philanthropy work so be prepared to accept help from others.

How to Solve Your Financial Shortfalls? was last modified: May 5th, 2014 by Tammy Richards

Author:

Finance Expert, Writer, Entrepreneur

Tammy Richards is a passionate finance expert who is also a writer and business owner. With over 10 years of experience as a finance expert, Tammy wants to share her knowledge with her readers.

Tammy covers and simplifies a range of financial topics, including how start-ups can raise capital and how established businesses can grow successfully. It is clear that she is firmly on the side of Australian small business owners.
Tammy keeps her fingers on the pulse of financial updates. Through her articles, she regularly shares the latest tips and traps around financial products such as business loans and credit cards. She also delivers her information in an easily consumable and interesting way.

Tammy is a keen advocate of promoting financial literacy. She aims to educate small business owners by providing financial insights into common financial problems that businesses face.

“More than anything, I am enthusiastic about using my experience to help Australian small business owners to achieve their financial and business goals,” she says.

Like it? Share it!