Tips On Managing Your Personal Finances
People today tend to spend way too much money, even using credit cards and loans to spend money they do not have. If you are one of these individuals, and you need help learning to manage your finances better, read on for some tips that will get you on your way.
Start saving the receipts from everything you spend money on, from lattes to lunches, and everything in between. After a month of collecting these receipts, take a look at where your money is going. See if you can cut out any items that could save you money. You can ease into this if you can't go cold turkey. If you eat lunch out every day at work, start bringing your own lunch twice each week. You could easily save 20.00 or more, and that's 80.00 per month you can put into savings. Little sacrifices can add up to big money.
Cut back wherever you can. Use less meat in your recipes. Buy store brand groceries, as they taste just as good. Shop the thrift stores for great deals on clothing and shoes. Have a family movie night instead of going to the theater. Make your own popcorn and snacks. Quality time with family may just be more fun. These are just a few ways to cut back without feeling it too much.
For many people, especially families where both parents work, eating out has become a way of life. Unfortunately, a family of four eating at McDonald's can easily spend thirty dollars for a few burgers and fries. Try eliminating the fatty fast foods and pricey restaurant food in favor of making your own burgers and baked fries. Enlist the help of your spouse and kids, and dinner can take less time to prepare and be much healthier for everyone.
Bargain and thrift store shopping no longer have the "poor man" stereotype they had years ago. It is stylish and fun rummaging around for great deals on designer jeans, shoes and housewares. Make it a girl's day, and take your friends along for a fun day of bargain hunting.
Using credit cards is tempting, but remember, you are borrowing money from a bank, just like a loan. And the finance charges can be outrageous, many times upward of twenty percent. Make the break. Pay the credit cards off, and close your accounts. Take the money you used to spend on the finance charges, and put it into savings. This way, you pay yourself, instead of spending money on items that you may no longer use by the time they are paid for!
If you are really in financial straits, don't overlook the possibility of taking on a second job, even temporarily, until you get your finances under control. It will be a sacrifice of your time and energy, but the money you could make at a second job can go a long way to pay off bills and get out of debt. Your peace of mind is worth it.
Make certain to pay your bills on time, or even ahead of time, if possible. Late bills mean added fees and points off your credit score. If you think you may come up short on a bill one month, eliminate something else, maybe a manicure or work lunches,in order to pay on time.
It can be fun to shop at thrift stores, but you can have your own fun by selling off some of your old, unused items on sites like Craigslist or local selling sites. Then use the money you make to pay off a credit card, or buy extra meat at the grocery store that you can freeze and use later. There are lots of ways to save with the money you make.
Think of other ways you can make a little extra money. Babysitting, clipping coupons for groceries and pet sitting are all good ways to make extra cash without taking on another job. Even stay-at-home moms can contribute to the household income with these tips.
By using these tips, along with a few of your own, you will be saving money while working your way to becoming more financially secure. You will also be investing in your future as you learn how to live within your means.
