If you are behind on your bills and are struggling to find a way to fix the problem, then you have come to the right place. Being behind on your bills can be tough and can definitely put a damper on your mood. People often find it hard to keep up with their payments because they simply do not make enough money to cover their expenses and so on, but don’t worry! There are steps that you can take to solve this issue once and for all, but you will need work hard and focus on cutting down your spending up if you want to catch up with your bills.
Step 1: Reduce your Expenses
If you want to catch up with your late payments, you are going to need to make a few cut backs. Simply cutting down the amount you spend on food shopping or keeping the heat turned down in your home can to reduce your expenses and help you to save money.
A good tip to remember is, the smallest changes can have the biggest impact!
You might also want to cut down on your luxury spending i.e. new clothes (unless your wardrobe is completely empty then yes, go buy yourself some clothes), eating out, cancelling your gym membership and so on. If you use credit cards then we would recommend that you stop using them until you sort your finances out. Continuing to use your credit cards will only make the situation worse.
Step 2: Earn some extra Cash
By looking for an extra source of income or a new job entirely, this will help you to put more money towards paying your bills. You could ask your boss to allow to work longer hours until you have caught up with your payments, or perhaps ask your boss if you are due a pay rise. Looking for a part-time job can also help boost your income. It will be tough but remember that it is only temporary. The sooner you catch up with your bills, the sooner you can quit.
If you are unable to work longer hours or look for a part-time job, then there are other ways you can earn some extra cash such as:
Online Surveys
This is a really popular way to earn some fast money. Signing up to websites such as One Poll or YouGov where you complete their surveys for their market research, you can be rewarded up to £50. The best part of it is, you can complete the surveys in the comfort of your home.
Babysitting
This another common way to earn some money. You can offer to look after your friends or families children, you could even start a childcare service from your home. Either way, you can be guaranteed that you will walk away with more money in your bank account.
Blogging
If you love writing and enjoy being creative, then this is another great way to boost your income. You can start up your own blog at home, or you can apply to blog for a company. You can even make a fulltime job out of this!
If you are looking for more ways to earn some more money, then visit https://www.basikmoney.com/11-ways-to-earn-some-extra-cash/ which gives you 11 different ways you can earn fast and easy money!
Step 3: Switch your Mortgage
If you are a homeowner, it’s worth checking if you are eligible to remortgage your home to get a cheaper rate. It also a convenient way to release existing capital in your home to use for whatever you see fit. Each remortgage case is different and the amount you can borrow will depend on how much equity you have in your property.
Step 4: Take out a Secured Loan
If you are behind on your bills and are struggling to raise funds, then perhaps taking out a secured loan will help you make the payments. When applying for a secured loan, your property is used to secure your borrowing, which will allow you to access more funding at cheaper rates than your standard personal loans. The borrowing can be done over a longer period of time, and the cheaper rates will grant you lower monthly repayments.
Step 5: Consolidating your Debts
If you are currently in debt, plus being behind on your bills then you are going to struggle immensely. Debt Consolidation allows you to merge your debts into one single monthly payment. This is usually done by taking out a secured loan – which is explained above – as the reduced interest rates will lower the monthly repayments. Keep in mind that Debt Consolidation can be a useful strategy for some, but for others it can involve extra costs and can ultimately make your situation much worse.
What you can do!
If you are struggling to raise funds to pay your bills, or you are drowning with multiple debts that are stopping you from paying those bills, then get in touch with Basik Money today on 0330 041 2299 to get free and friendly advice from our team of qualified advisors.
