Are you one in 10?
According to a recent poll by MoneySuperMarket one in 10 Brits have sleepless nights as a result of their financial situation. More than 61% worry about being in the red than worrying about the health of a loved one, a staggering 78% of people also said their debt worries surpass their anxiety about job security.
It's no surprise that the younger generations are suffering the most with money-related sleep loss, with 16% of 25 - 34-year-old’s saying their debts keep them wide awake at night, in comparison to 6% of over 55s. The poll also highlighted that only 40% of UK adults felt in control and satisfied with their current financial situation.
If your finances are a nightmare and keeping you up at night (especially post-Christmas!), here are some helpful tips on how to manage your pennies:
If you’re uncertain
Keeping track of your finances can be tricky, throw in some repayment deadlines and it gets a whole lot trickier, that’s why we suggest creating a monthly bill payment calendar. This type of calendar can help you figure out which bills need paying and keep you on track of when the next payment will be going out. Make sure to note down your pay day to remind you of your financial situation. Being organised, especially with your finances, can sometimes ease the stress that comes with debt. Being aware of what you owe and when you owe it can considerably help your situation.
If you’re strapped for cash
Reviewing your bank account post-Christmas is enough to give anyone nightmares but if you’ve splurged on Christmas presents using your credit card which needs repaying. You may be strapped for cash but make sure you make the minimum payment.
If you’re overdrawn
Let’s be honest, we’ve all been there but if you’re struggling with your overdraft it might be beneficial to switch your current account to an account that offers a free overdraft facility. Pop a visit to your local bank to see if they offer the service!
If you’ve got a loan
Many of us do, but if you’re paying your loan off slowly it might feel like freedom is forever within your grasp. One-off extra payments on top of your monthly payments might be beneficial for you but don’t forget to let your lender know – we don’t want you getting into trouble!
If you find yourself being kept up at night due to your debts, talk to Sensible Debt Advice today. We can provide advice and support on how to manage your debt. Call 01656 661426 for a confidential and free consultation, to discuss your options.