Taking care of your money is no easy task. In theory, not spending too much and paying your bills seems really easy. However, extra costs crop up all of the time like a broken washing machine, colder days leading to your heating being on for longer, and even going a little too overboard on your grocery shopping. Offers like buy now pay later are also lethal because it’s all too easy to forget about your upcoming payments, and then inadvertently landing yourself in debt. So how do you keep track of everything if you don’t know that you’re doing anything wrong? Take a look at these financial blunders that will land you in more debt so that you can avoid them, get some debt help and keep track of your finances.

    Not seeking professional help when you are in debt

    Being in debt is embarrassing, and admitting that you’re in trouble takes a lot of courage. However, millions of people all over the world are in debt, and in similar positions to you, so there shouldn’t be any need to feel ashamed of what’s happening to your finances. There is help available, yet many people fail to seek professional help when they are in debt.

    If you’re struggling financially and you can’t see a clear route out of your debt, then it’s time to seek professional help. Companies like National Debt Advice can help you squeeze your debts into affordable monthly repayments. If after 5 years you’re still owing money back, the rest of your debt will be legally written off. Sometimes this can be up to 85% of people’s debts! Not only that, you can enjoy the fact that you will no longer receive harassing calls from the companies that you owe, so you will feel much less stressed about the whole situation. Do yourself and your finances a favour by seeking some debt help as soon as possible – you won’t regret it!

    Not keeping an eye on your credit report

    Your credit report is basically your financial history, and this information is sent to lenders when you apply for loans, mortgages, and finance. If you’ve got a bad history with your money handling, you’re likely to be declined. The same goes for if you’ve got no history at all. Lenders need to know that they can trust you with their money, and that they are going to get their money back. Not keeping an eye on your credit report could land you in more debt because credit report companies now offer advice on your finances. So, if you’re doing something right with your money, they will tell you and likewise for if you’re doing something bad. Sometimes you might not even know that something you’re doing is damaging your credit report. You can download and use a completely free app called Clear Score. They break down your spending, the good and bad things you’re doing, and also offer advice on how to improve your credit score. You will be offered ways of bettering your credit report like credit cards and loans, but just make sure you can afford repayments if you do decide to take these out.

    Failing to utilise help with your finances

    Another blunder that you might be making is failing to accept help with your finances. Things like coupons are super useful for grocery shopping and much more. Magazines, websites, and newspapers are always offering coupons that you can clip and use when you’re shopping. Some people even manage to pay for all of their groceries with coupons, and only have to pay a few dollars towards hundreds of dollars worth of shopping! You can also download apps like Receipt Hog and scan your receipts for cash back on the money that you do spend. These apps work because they are surveying the best products, and offer consumers cash rewards for using them. Be sure to take full advantage of help like this so that you can have more money in the bank at the end of the month.

    Avoiding saving any money

    It’s understandable that the idea of saving money when you’re in debt seems a little far fetched. However, getting into the habit of putting money away regardless of your financial situation will set you up nicely for when you are out of debt. Even if you can only manage a few dollars each month, you’re saving money for those days when you really need it.

    Finally, saving the change from the money that you do spend and putting it into a jar is another way of saving some money for a rainy day. So, if you spend $9.50, you’d put the 50 cents into a jar and so on. You’ll be surprised at how quickly your money rises!

    Use these tips to avoid any financial blunders in your life!