14 Ways to Save Your Money and Improve your Credit
1. Plan Whenever you go somewhere that you know will cost you
some money, make a plan. If you're going to do the groceries for
instance, make a list and stick to it. If you are going on
vacation, create an itinerary that you can stick with and stay
with your allotted expenses. Failing to plan can cause impulse
spending.
2. Budget This is one area many people fall in trouble with.
They just don't do it. Create a budget and put it on paper. You
will be amazed on how things become clearer when you see it all
in writing. If you don't know how to create a budget, look in
the yellow pages, some companies give free financial
consultations.
3. Allowance Give yourself an allowance. Even if you're in the
process of repairing your financial situation. It's important to
treat yourself once in awhile or depression may set in and cause
you to overspend.
4. Credit Cards It's just too easy to buy stuff using credit
cards. You should only use these cards for emergencies. Did you
know that on a balance of $1000 if you make the minimum monthly
payment, it will take you over 20 years to pay it off. TIP - if
you do have credit card debt and are in good standing, call them
and negotiate a lower interest rate.
5. Break some of those old Habits. Keep track of where your
money is going. Most of us develop bad habits over the years
that often add needlessly to our expenses. How many times have
you wondered to yourself - what did I do with my last 20 bucks?
We often get into the habit of making small purchases without
giving it much thought. Then wonder where the money went. If you
don't remember what you did with the money, chances are you just
blew it away.
6. Avoid Temptations Do you have some irresistible urges?
Casino, lottery tickets, racetrack, drinking, smoking? Do you
like to go shopping? Time to keep your allowance in mind. Resist
the temptation. Think about it. My wife and I quit smoking over
a year ago and the money we saved, paid for our monthly car
payments (Buick Regal). Hmmm. Quit smoking get a free car. How
about that one. Would you quit smoking for a free car? Just
wondering.
7. Know when to shop If you do the groceries while your hungry,
you will buy more food than you need. Everything looks good.
Especially the junk food. Be sure to shop on a full stomach. If
your shopping for clothing while in a blue mood, you will end up
buying something that cheers you up rather then what you
originally went shopping for.
8. Stop competing with the Joneses Stand up and be proud of who
you are. You don't need to compete with anyone. Let Mr. Jones
buy that brand new car and suffer the depreciation cost. You'll
be smart and save your money while buying used cars in order to
take that great vacation Mr. Jones only dreams about. Stay
within your means.
9. Visit the Dollar Store It seems it wasn't long ago that the
dollar store became popular. I always wondered why. All they had
was no name junk that would brake the minute you got it home.
That is no longer the case; the dollar store can often save you
mountains of money. Name brand laundry detergent, school and
office supplies, household items and much more. Be sure to visit
them.
10. Be Debt Free Make a list of all credit cards, banks, other
companies/people you owe money to. Target one of them. Pay them
more then the monthly minimum and get them paid in full as fast
as reasonably possible. Then target the next one and so on until
you become debt free.
11. Needs vs. Wants We all have needs and wants. Sometimes the
wants are a little too expensive aren't they? It's time to be
realistic. Can you afford it? Do you really NEED it? Stay with
your "need" list and you will spend less.
12. Refinance Consider a home equity loan if you own a house. Or
Visit your banker and see if you can consolidate your loans. If
you owe money on credit cards you can save a huge amount of
money by doing this.
13. Pay Your Bills On Time Paying late fees is such a total
waste of your money. Be prepared and organized when paying your
bills and avoid this waste. Mail that cheque early. Nsf cheques
can get expensive, and you get nothing in return. Avoid these
errors and you will learn to make every dollar count. Make sure
your money goes against the debt not useless fees.
14. Sell some Stuff Got stuff in the basement, attic or anywhere
else? It's amazing isn't it, on how things accumulate over the
years. What seemed like a great item a few years back is totally
useless to you today. Wait a sec. it may be useless to you, but
worth it's weight in gold to some one else. Gather it all up and
have yourself a garage sale. Raise some cash. If you don't want
to do that, you can sell it on eBay or even put an add in the
local paper.
Live within your means and your life will be so much simpler.
Let's face it, if you earn $40,000 a year you shouldn't be
driving $100,000 car. It doesn't work. The quickest way to
financial misery is to satisfy your "wants". Satisfy your
"needs" and you wont overspend.