Spencer Lodge of Fund Advisers Dubai on Getting Control of Your Finances

BUSINESS BAY, UAE - Nov. 11, 2013 - PRLog -- How to get control of your finances is key says Spencer Lodge Fund Advisers.

The overall benefits gained by an individual or a family dealing with financial issues – saving money, lowering debt not only improves the bank balance but give a huge lift to personal esteem. Reducing debt reduces stress and in turn helps you enjoy life more.

Here are 6 great tips from Spencer Lodge from Fund Advisers designed to help you reduce debt, reduce your stress levels and get you motivated to take control of your finances

1.       Establish what your stress points are

This could be the realisation about losing your job or the fact you need to get more serious about saving for your retirement or even dealing with more pressing debt such as credit cards or loans. List the three biggest financial stress issues.  Keep it to just three as it’s very easy to become overwhelmed.

2.       Find a positive out of each one

Keeping a positive mind on things will keep you motivated and give you the ability to take on each task. Instead of looking at the bigger picture which may seem too big to address and resolve, make a commitment to yourself to spend less and start to pay off your debt so your balance declines by a fixed amount each month such as £100, £250 or more.

3.       Maintain achievable and sustainable steps

Decide what you can reasonably achieve and then focus and dedicate yourself to following through these goals each and every month.  Remember you still have to live each month but taking small and regular steps each month will gradually make a difference but in the long term lots of small, positive steps longer term add up to a great reduction in your debt. This way you won’t be overstretching each month which may result in you losing focus and giving up in a short space of time.

4.       Make you income go further

One of the biggest problems in reducing debt is the belief you simply don’t have enough money each month to start paying it off. Use a spending calculator for seeing how much you can save by making small changes to your budget.  You will be amazed just how much you can sae by changing supermarkets, mobile phone providers, gas and electricity suppliers and by using a simple device that measures you domestic electricity consumption.  Switching off appliances that aren’t being used can reduce your monthly electricity bill by as much as 30% a month. Simple tasks like this can lead you to saving a few hundred pounds a month that can go towards debt reduction.

5.       Don’t be too hard on yourself.

Reducing your monthly budget and sticking to it can be challenging even for the most disciplined amongst us. There will be days when simply you need  to reward yourself so don’t be hard on yourself.  When this happens remind yourself just how much you have achieved and make sure that you get back on track as soon as you can.

6.       Involve the family

All tasks are difficult if you have to do it all yourself.  Involve the rest of your family and close friends to make sure they help you achieve your goals. Sharing personal goals with help everyone keep you on track and help you further reduce those stress levels.

To learn more visit www.spencer-lodge.com