This post may contain affiliate links which means that if you click through to a product or service and then buy it, I receive a small commission. There is no additional charge to you.

This is a collaborative post. 

If building a financially stable future is a key item on your agenda, you already know the value of a well paid job. However, this isn’t the only ingredient in the recipe for success, which is why you must pay attention to the other key factors.

Here are some of the commonly overlooked issues that could be holding you back, along with how you can regain control of the situation. 

Credit scores

We may all need to borrow money from time to time. Whether it’s a home mortgage, a personal loan, or lines of credit doesn’t matter. A healthier credit history will open the door to more opportunities, including lower interest rates. This guide to boosting your credit score should point you in the right direction. You should see noticeable improvements to your score within a matter of months. As long as you continue to use the future credit in a responsible way, this can be the start of a far happier future.

Repayment plans

It is common for consumers to make larger purchases over the course of several months or years. When you take this route, though, you must view the full picture to avoid costly errors. When looking at a car finance deal, the monthly fees are just the start. Additional factors like term duration and potential balloon payments should enter your calculations. Only then can you find the right plan for your financial health. For other purchases, you may need to consider admin and processing fees too.

Sale values

As well as making your capital work harder, it’s important to get more out of your assets. This can include possessions that are no longer needed. Selling them via online channels or garage sales can claw back valuable money. Whether those funds are used as deposit payments on major purchases or to cover some bills is up to you. Either way, it will go a long way to lifting a weight of stress from your shoulders. The fact that this move can save space around the home is a bonus.

Protect your future self

Financial stability isn’t just about today. Anyone who wants to build a winning situation must also think about tomorrow. If your boss offers matched pension contributions, you should grab this opportunity with both hands. It is essentially free money that will serve you very well in later life. As well as your retirement, it is worth considering health insurance in case you are forced to stop working due to an injury. If you want to secure your family’s future, writing a will and covering your funeral costs will 

Fees

Poor organisational skills can cost you dearly in the bid for financial stability. Late payment fees, rejected transaction fees, and overdrafts are just three items that may cost you dearly. Whether creating a spreadsheet or using an app, getting your finances more organised will be key. This helps you avoid the unnecessary charges. Being in control of your income and outgoings can deliver many benefits for your frame of mind. In turn, making smarter financial decisions should be easy.