If you are struggling to pay you mortgage then there are things that you can do. It might feel that you just have too much to manage and if you have other loans as well then you may feel like you are spending too much on these and do not have anything left for other things. It is worth analysing your spending though as it could be that you will be able to reduce what you are paying out for all sorts of things and this could help you to manage a lot better.
Reduce mortgage and loan costs
To start with, you might find that you are paying more than necessary for your mortgage and loans. If you can get the costs of these down, then you might be able to make things easier without changing anything else. It can be worth comparing prices to see whether you can change, either to a different way of borrowing with the same lender or by changing to another one. It is worth noting though that you may have to pay a fee to swap lenders. Ask your current lender about this and then you will be able to allow for this cost when you calculate whether this is a good idea. You can compare the costs using a variety of methods such as comparison websites, looking at individual lenders sites and going through a financial advisor. These all have pros and cons and you will need to find the method which works best for you.
Compare costs of utilities, contracts and subscriptions
Most of us have regular payments that we pay out, usually by direct debit. These tend to be for utilities such as gas, electric, water and subscriptions such as television and broadband and well a contract such as those for our mobile phones. These can add up to a lot of money and it is worth reviewing them. Firstly, think about whether you really need the all as you might find that you will be able to save money by just cutting some of them out. Also, you might be able to change to different suppliers and save money. Compare the costs of alternatives and you might be able to switch when your current contract comes to an end. It might even be possible to swap some right away and begin saving money immediately.
Compare prices on food and travel
Other things that we all buy include costs of travel and food. We may be able to save money on these as well by finding cheaper alternatives. Using cheaper supermarkets and buying cheaper food products can help a lot. Also only buying enough food, rather than buying snacks and things we do not need or food that we end up wasting as we do not use it until it goes off could make a difference. Consider how much you travel and whether you can reduce your transport use and walk or cycle more. Also see whether it is cheaper for you to buy petrol elsewhere or to travel using a different and cheaper means of transport.
Budget carefully for luxuries
We all buy things that we do not really need. However, we could still do this on a budget and just limit how much we buy. This would help us to manage better. It is good to start by working out how much we spend on doing this and then we will be able to decide how much we would like to cut down. You can work this out by looking at your bank statement. You will be able to see what you buy and how much you spend on it. However, if you use cash, it is harder to see what you have spent it on, so you may need to go a few months noting down what you are buying which will help you to know how much you are spending and what you are buying.
Hopefully, you will find that as there are a selection of options here that you will be able to try that will enable you to spend less. Some of them will take a bit of research, but once they are in place, you will not need to think any more about them. Others will take more constant adjusting but they really could help you to change the way you spend and benefit long term. If you can get all of the family involved in helping you as well, then this can be a big benefit. It can feel really hard if you are cutting own and no one else is and so if you can ask everyone to budget then you will all be able to spend less and there could be significant savings that will make the mortgage easier to manage. You might even find that you will be able to spend so much less that you will have some left over that you can put towards paying off your mortgage or other loans that will save even more money.