If you’re well versed with the techniques involved to keep a well-balanced bank account, it is not all that complicated to handle your finances. In fact, every individual should be able to manage their personal finances from an early age.

Incorporating money values at an early stage in life is the responsibility of the parents. However, it is never too late to learn finances and believe us; it saves you a lot of trouble.

If you are indeed well versed with handling your finances, are you sure you are doing it right? Have you ever considered taking a second opinion when it comes to taking financial decisions?

This article clearly states five signs that you may need help while managing your finances. If you have any doubt about the way you are dealing with your finances today, these signs will help you know whether you require any guidance or not.

So, read on

1: You have credit card debt

Having credit card debt is one of the most common signs of trouble, especially when you are unable to pay your credit card debt for months or are making minimum required repayments.

So, if you are unable to control your spending habits and end up using your credit card more than often, then it high time that you sit down and assess your debts.

In fact, if you wish to clear off your credit card debts in one go, then there is one way you can do so. Over years, payment protection insurance (PPI) policy was mis-sold to millions of customers across the country. It was sold alongside loans, mortgages and credit cards. If you have newly come across this information, you might want to go through your credit card statements to figure out whether you were sold PPI or not.

If you happen to discover that you had PPI and were mis-sold the PPI policy, you can move on and make a claim. The company that mis-sold PPI to you will deduct your credit card debt and credit the remaining compensation amount (if any).

Alternatively, if you do not have any such PPI policy under your name, then maybe you can seek help from a debt collector or a financial planner. They will surely help you plan and manage your debt so that you can focus on your repayments.

2: You receive late notices

Another common sigh that you need help to manage your finances is that you wait to pay your bills until a notice arrives. Most people even have overdue stamps or late payments penalties on them.

If you are among these people, it is time you budget properly for all your bills. You can move to a monthly payment plan, so the amount you pay is much smaller than the amount you pay quarterly or annually.

3: Your kindness is abused

This point is a shout-out for all the older citizens and those who are too kind to say a ‘No’. Be aware of any friends or families who come by too frequently, and the conversation always ends up with an outright request for monetary assistance.

We have come across many people who just feel sorry for them and are always ready to help them. Such request can get out of hand, depleting your savings much before you realise the damage. In such a situation, always seek a second opinion from your loved ones.

4: You are not on top of business finances

For all the people that own a small business, if your end-of –the-year financial reports are not completed until the very end of the tax year and your finances don’t look great, then you need assistance.

Although it may seem fine as long as you pay your bills, it is necessary to be in control of your business. You should be aware about your business expenses and earnings.

5: You are using home equity for lifestyle purchase

It is necessary that you examine your debt levels today with your debt levels five years ago. We know that the asset prices have shoot up during this period, but we have observed many people have been falling deep in their mortgage accounts to fund lifestyle assets.

For the record, you need to be on top of your mortgage payments, especially in your 50s. This helps you save for your retirement. The last thing you want is uncertainty about whether you’re going to have a roof over your head in your old age.

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