Many employees live from paycheck to paycheck. You may even have bills set aside for your future checks. You don’t have to live in debt forever. With some easy tips, you can take control of your finances and set aside money for your savings.
Spend Time Planning
Millionaires set aside time each month to plan out their finances. If you have hopes of getting out of debt, you want to spend time planning. One hour each week should be enough to tweak your budget. You can also review your upcoming costs, pay bills and check your bank account for accuracy. The more in touch you are with the amount of money you have to spend, the more successful you will be at it. Being realistic about your current money situation can also help you curb your spending. To make this planning time less stressful, turn on your favorite tunes and light soothing candles.
Take Time to Negotiate
People waste money paying for fees that they shouldn’t have to pay. With a little time and effort, you can cut down on these expenses. Your phone and cable may be on contract terms. Input the contract expirations dates on your calendar. Before its set to expire, call your providers and ask for a better deal. If you pay your credit cards on time, you can call the company to ask for a lower financing rate. When you’re ready to purchase a home, a fixer upper may be a cost-effective option. Applying for an FHA 203k loan affords you the chance to purchase an older dwelling and make the repairs on it. The lender gives you the money to buy the home and do the repairs also.
Get it In Writing
A major money management mistake many individuals make is failing to get things in writing. Whether it’s a vendor contract, divorce settlement, service agreement or job offer, this piece of paper can save you lots of time and money. It should also have the appropriate signatures. If you were promised a specific amount for services rendered, you can refer back to your paperwork. It can also prove beneficial to keep emails and any other correspondence related to the transaction.
Household Budgeting Should be a Shared Responsibility
You’re not going to be able to take command of your finances unless everyone in your household contributes. If you’re trying to get out of debt, sit down with your partner and children. Develop a plan on ways that you can save money. If your children are old enough, encourage them to get a job. The extra money could be used on their own expenses such as gas, clothes and going out with friends. Set a weekly time to meet with your family members to go over your financial progress. You can make saving money fun. Place a canister where everyone can contribute change and unspent money for the week. When the funds add up to something substantial, the family can decide on a vacation spot or luxury item.
It can be difficult separating your money from love and friendship.But if you’re family members or friends consistently ask for money, you need to find a balance. When a special person is in money troubles, look for a solution that doesn’t involve using your own funds. There are options such as assisting them in writing a resume, lending an ear to listen or cooking a meal. If you do decide to lend a loved one money, draw up a contract. This can include payback terms and interest. If they don’t agree to your terms, help them fill out paperwork to securing a loan from their local bank or lender.