Social media, broad sheets and tabloids, regional and national television news talk it up relentlessly adding to the stress and anxiety many are already feeling.
Whilst there is no magic wand to sort the situation out, there are many ways you can help yourself to feel better about it.
- Prepare a budget, be sure to include:
- Check your bank statements every month Check that there aren’t payments on there that you do not know what they are for. Investigate if there are.
- Decide what is important to you – Netflix, Sky, gym membership? What could you do without in order to make things a little easier on your finances?
- If you are in a relationship, discuss your interwoven finances with your partner. Are you both paying for a service which you could combine to make it more cost effective i.e. AA membership or sharing streaming services.
- Can you keep something aside for emergencies? Boiler breakdowns or a flat tyre can be a surprise you don’t need if you don’t have a contingency fund.
It’s a good idea to get everyone in the household involved, sit down together and make a plan that you can all stick too.
Review your budget every few months. Things are changing quickly and unpredictably, so it’s a good idea to keep focused on what’s going on. There can of course be positive and negative change.
Sometimes debt becomes overwhelming, financially as well as emotionally. If you are feeling overwhelmed by your debt, have you talked to anyone about it?
The earlier you can discuss the situation, the more options you have.
Insolvency Practitioners (IP) will work with you to find a solution to your problem. This maybe a more formal and legal solution such as an IVA or a bankruptcy.
What the IP will do is thoroughly discuss what has happened and how to work through it and how it will impact upon you. Whilst debt can be scary, the more you are able to talk about it, the more control you will have in sorting out your finances. We’ll help you to:
The last point here is really important. One size does not fit all and what may have happened to a friend may not happen to you. Bankruptcy is an option in some cases, but not always necessary which is why it is essential that you get help sooner, rather than later.
Try not to be scared or frightened. Do be honest and open and be prepared to take action.
Whilst Insolvency Practitioners (IP) can help, there are also other organisations who will be willing to discuss your finances, such as:
· Christians Against Poverty (CAP)
If you’re experiencing financial distress in your business and need some help, please do get in contact with us for a no-cost initial and confidential conversation. Call us on 01202 237337.
We’re an experienced team with strong values. We like to understand your needs and ensure you have the best advice possible. We’re experts in all areas of insolvency; you can read more about us on our website here.
Our download guide is ideal for both accountants and business owners. You’ll get the benefits of our 30+ years experience in one easy to read guide.
Afterwards, you’ll not only gain a better understanding of the processes, but you’ll also discover how we’ve helped hundreds of companies and provided peace of mind to countless business owners.
