Coming up to Christmas and the end of the year, many people can become frustrated, worried, concerned about mortgage repayments, loans, debt, and credit card expenses. If you are one of those who live from payday to payday, then anxiety may even cause you to become ill.
If you are considering refinancing, it is helpful to a financial advisor about your home mortgage, debts and/or investment portfolios.
Why should you do this? If you find yourself stressed and ill, you need to plan and often it can help if you can talk to someone “outside the picture”. John Wooden says, “It is not so important who starts the game but who finishes it.”
If you have started and finding your financial situation frustrating then you need to work out a plan to finish successfully. What’s your goals? Own your home, have a successful business, retire early, have funds available to help your children through higher education?
• Work through your budget – what is necessary and important for day-today living (e.g. food, shelter, transport, medication)
• Talk to a financial advisor/bank – can you arrange a lower payment on your mortgage for a period of time, to help overcome some of the debt or consolidate your debt into one repayment plan
• Is the credit card really necessary or do you put it away for emergencies only
• Communication between you and your spouse, don’t let financial concerns ruin your relationship
• Research different ways to lower living expenses e.g. changing shopping habits, or even what day you go to town to shop.
• Spend time with successful people who encourage you – you might have to go looking for these
Everyone starts the game (or running the race) of life from different starting blocks, but how you start is notwhat is important, it’s how you finish, so make the best of the running!