Financial Mistakes That Are Leaving You Short Of Cash

Winning the lotto, being left money by a relative or discovering a hoard of treasure in your garden aside, most of us could do with a bit more cash.  Achieving this may be something that is more viable than you think too, especially if you prevent yourself from making the mistakes described in the post below. To that end, read on to find out what they are and how to avoid them, ensuring your purse and coffers remain as full as possible!

Not claiming benefits that you are owed

One reason that many people can find themselves short of cash is that they are not claiming money or benefits that they are rightfully owed. In fact, in many countries benefits are awarded for those that are parents, those on lower incomes, and even those that have illness or disability, something you can find out more about at ssa.gov/disability/. The idea being that people that fit this description won't have to struggle financially.

Of course, you'd be bonkers to not to claim such benefits if you qualified to them! Therefore be sure to check online or at your local citizens’ advice bureau to see if there any you have missed.

Too much debt

Everyone has debt these days, but owing too much money can undoubtedly put you in a position where you are short of the cash you need. After all, the majority of your wages will need to be used to settle your minimum balances each month.

Happily, there are some actions you can take if your debts start to get out of control. The first is follow the tips at fool.com/the-ascent/, tighten your budget and pay off as much of the debt as possible. In fact, some money expert suggest that picking the one that you can clear the fastest is the best idea as it will motivate you to continue on.

Another option is to file for bankruptcy. This is when the courts wipe the majority of your debts, allowing you to effectively start again, in a financial sense.

Of course, there are disadvantages to going bankrupt that you need to understand before you take such action.  Happily, this is a topic that a good bankruptcy attorney such as the one you will find at NY-Bankruptcy.com/uniondale/ can help you with. In fact, they can explain the entire process to you, as well as help you build a compelling case that is much more likely to be passed in court,

Ignoring assets you already have

Lastly, another mistake that may be leaving you seriously short of cash is that you are ignoring valuable assets that you already have. In fact, in some cases, you may not even have any idea of how much some of the items you own are worth, a fact that is proved time and time again on antique evaluation shows on TV.

To that end, it's worth regularly sorting through any items that you own, and checking the resale price of the more expensive ones, especially if you aren't currently using them. Something you can get some advice on at antiques.lovetoknow.com/Free_Online_Antique_Price_Guide. After all, what is more, useful to you, some old vase or table that is using up space in the attic, or the cash that selling such an item could raise?