It doesn’t take much in this economy to go from living in the lap of luxury to struggling to make rent. Finding yourself in a cycle of debt can be stressful, embarrassing, and upsetting. 

Perhaps you aren’t in debt, but instead, you want to elevate your living standard – and know that fixing your finances is the way to do it. 

There is a lot of shame still attached to money, and this can make it tricky to get everything under control. 

Here are some top tips for fixing your finance and finally getting the bank balance you want. 

Photo by Markus Spiske on Unsplash


One of the best places to head to is the library or the internet. You don’t need to spend money on the book in order to get the most from them. 

There are many financial experts out there who have penned some of the best-loved financial books. They are brimming with practical advice, tips, and support to help you get your finances in the best shape they’ve ever been. 

While you might be tempted to head to Amazon and buy the books asap, instead, try to find them secondhand on eBay or in your local library. 

Part of excellent money management is only spending when you have to. 

Understand your own finances

We might think we have a firm grip on our own finances, but most of the time, a lot slips through the net. 

Just because you know what your monthly income is, doesn’t mean that you understand how it could be better spread over the month to give you a steady amount in your account. 

Many people make the mistake of having all of their bills go out at random times. This can mean that some weeks in the month, you dip very low and might struggle. If you moved a few bills around, would that still be the case? 

What are you currently paying for that you don’t need? It might be more than you think. 

Credit score

Although having a bad credit score isn’t the end of the world – it can really cut back the options you have for mortgages, loans, and things like car finance. 

Often you can use an online credit score company for information about your creditors, how much is outstanding – as well as tips about how you can improve your score and the type of finance options you might be able to access. 

Before you jump at the first finance options, always make sure you use a calculator fit for purpose, like a car finance calculator, for example. 

Think in dollars

While it is great to treat yourself to the things you want, be it a small coffee, a designer bag, or a shirt that you have to have. It is important that you start thinking about it in dollars. 

Most of the time, when we are considering our financial future, we set some goals. A savings amount we want to meet, or something that we want to buy. 

Every purchase in between that moment of decision-making and your goal (bar bills) should be considered cash that could’ve gone towards your true goals. 

When you start looking at take-out coffee like $5 that could go into your savings fund instead of a tasty treat, you will begin to see more value in skipping it than drinking it. 


Debts are one of the biggest drains on finances, and unfortunately, there is no real way to avoid them. 

You need to pay back what you have borrowed in a timely manner. Many types of credit come with interest – and when you only pay the minimum amount back, you will soon find that you’re not making a dent in the total. 

It is a nightmarish spiral. However, there are many debt management plans that can help you to get your debts in check. 

When you check your credit score, you can get a list of who you owe and what you owe. You can contact each of the companies on the list and offer a repayment plan that meets your requirements. 

You can ask them to freeze the interest, reduce the rate, or try to consolidate the debts into a single debt. 

Something that many people who are paying off debt are using is the snowball method. Paying off the smallest of the loans the fastest, and then the money you save from clearing that goes on to the next debt. 

30 days of waiting

Every time you find something that you have to have, make yourself wait 30 days before you are allowed to buy it. Adding a time limit can help you to manage any impulsive spending that you usually do. 

Not only that, but by the time the 30 days have arrived, you will most likely realize that you don’t want the item anymore. 

You can extend this for things that are regularly available to 60 or even 120 days. It gives you the opportunity to consider the purchase and also save up for it. 

Additional income

Sometimes in order to have the bank account, we truly want, we need to make some sacrifices. In some cases, any free time that you have is what will be sacrificed. There are many different ways that you can supplement your income with just a few hours of extra work per day. 

Alternatively, you can skill yourself up and apply for jobs that have more pay. Consider how many hours a day you are spending watching TV or scrolling through your phone – could they be better used? Most likely! 

Finding something that you enjoy on the side of your regular income can be a great way to help you increase your savings, or all of the extra income you make could go directly to paying off your debts. 

There are plenty of ways that you can make a little extra cash, but it is important that you maximize your work-time to make it worth it: 5 Ways to Reduce the Stress of Working From Home