Cyclical weather patterns causing wet summer

Weather isn’t the only thing that can by cyclical; many aspects of our finances are as well.

10:32 21 June 2013

Scientists recently found that the wet UK summers were due to some cyclical warming patterns in the Atlantic. Just like our finances, the weather has cyclical patterns, some of which are more difficult to pinpoint than others.

We can experience the same issues when trying to pinpoint trouble areas in our finances. Here are a few ways to help you try and pinpoint any trouble areas that might exist.

• Keep credit cards to a minimum. The more you have the easier it is to lose track of payments, balances, interest charges and the overall amount of your debt. It also makes it easier to let your credit rating slip because there may be too many payments and different due dates to keep track of easily.

 

• Reviewing statements from medical bills, credit cards, and debit cards is crucial to staying on top of your finances. You might never realize that you’re being charged a small amount for an extended period of time if you don’t review all the statements you receive. If electronic statements don’t work for you, opt for the paper and be sure to recycle it when it’s no longer needed.

 

• Tight finances are one step away from snowballing into impossible situations. Try to find ways to free up funds within your budget so you can begin a savings account. Even if you don’t have much extra, you’ll want to ensure that you have a cushion of protection against minor financial upsets.

 

• If you have investments, even if someone takes care of an investment portfolio for you, you should still take the time to try and review things. Paying attention to this aspect of your finances means you’ll be able to let your portfolio manager know if you want to sell, or invest more money in particular fund options.