Bank Account Blues: Overcoming Your Cash Crash*

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*This is a collaborative post*

We've probably all - at one time or another - experienced that sinking feeling when checking our bank accounts; looking at the figures dumbfounded, not entirely sure where all of our cash has gone. Do you feel that you're continually being put down by the numbers on your bank balance? It could even be that your bank account is stopping you from living the carefree life you wish you had. Never fear! There is a way to climb out of your downwards debt dive, but it will take some action on your part. Recognizing where you have gone wrong will be the initial place for you to start, so try to own the mistakes you have made first. The rest will fall into place later, but make sure you take it one step at a time.
Recognize and Recover
It is often hard to admit to our mistakes, especially when they have gone spiralling out of control and you are starting to feel slightly embarrassed. However, owning your errors is the best thing you can do at this point, so allow yourself to admit to the mistakes you have made and you will be able to start the recovery process. Whether you have overspent over a long period of time and can’t seem to pay off your credit cards or you have taken out several small loans and are struggling to keep on top of the repayments, there will be a solution to your problem and many others have come back stronger from it.  

Enquire and Examine
Now is the time to examine and look into your options. There are companies out there who can offer you expert advice on, which would involve combining all of your existing debt into one manageable lump sum. You will then be provided with a plan in order to help you keep on track with your monthly payments. Don’t be afraid to enquire and seek out the help which best suits you. Sometimes people get themselves into a pickle that they can’t escape on their own, so instead of keeping quiet about it, speak up and get the advice and support you need.
Listen and Learn
Once you have sought the relevant advice for your individual needs, make sure you listen to this information with an open mind. Many people are very good at actively seeking out help but don’t actually take the advice on board. You need to really make the effort to act upon the expert guidance that has been given to you and you will soon be able to reap the benefits. Learning from your mistakes will stop you from falling into the trap again, so always keep a note of the key points that will stop you spending unnecessary money.
Plot and Prepare
It is now time to prepare for the future and give yourself a workable plan to keep you and your bank account in check. Make a daily, weekly and monthly budget for yourself and always stick to it. Try out a handy personal financing app which will help you keep track of your spending habits.
You don’t want to live your life feeling disheartened by your dwindling bank balance and increasing debt. Take action now and you can look forward to a happier and more comfortable future.

*Contributed by Sam Jones

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