If you feel like your finances have gone off the rails recently, then you’re not alone. More and more people are struggling to keep paying their bills and mortgages. Unfortunately, life happens and it can get messy sometimes. The more responsibilities you have, the more difficult it is to bring your finances back into order and to gain some momentum. The trick is to put the right strategies in place and know what your rights are.

Face the numbers

The first step in the process is to face the numbers. Knowing exactly where you stand financially is one of the most powerful things you can do to turn any bad situation around. Spend a few minutes logging into your accounts and writing down various numbers, for example:

• Total debt that you face
• Interest rate on it
• Monthly burn rates

Once you have this information, you can then make better decisions about how to allocate your finances in the future.

See what your subscriptions are

Next, you’ll want to do what’s called a subscription audit. This is one of the best ways to find extra money quickly. Look through your last 30 days and see what you’re paying for on a monthly basis. If you see any direct debits or automated card payments in it from service providers you recognise, then it’s likely a subscription, many of which you don’t need. Check how much you’re paying for software, for instance, or whether you’ve forgotten any old subscriptions in your Google Play account.

Look for windfall options

Sometimes you might be able to find windfall opportunities to get your finances back on track. For example, if you’ve been mistreated in the workplace, it might be worth talking to an attorney about your rights to compensation. You could also sell an asset you own.

You’d be surprised how victories like these can transform your financial situation and turn things around completely. It gives you a sort of fresh start that allows you to do much more than you ever thought was possible.

Use the high/low strategy

Another quick tip for getting your finances back on track is to use the so-called high-low strategy. The idea here is to aim at high-interest debt, usually over 7% on credit cards or personal loans, and pay this off quickly while also looking for low-hanging fruits such as large variable expenses that you can cut within a week. These could include things like Amazon impulse buys or dining out. While these are things that are nice to have, they’re not essential for life, and you’ll find that your life can get back on track faster if you eliminate them.

Use the 48-hour rule

Finally, it’s worthwhile using the 48-hour rule. This is when you wait two days when you want to buy something to avoid impulse buys. The idea is to give yourself a cooling-off period for any non-essential purchases over $30. Once you’re out of the shop, you’re often able to think more clearly about what you want.