Everyone needs to face the financial facts of their daily life. You may feel that your money goes tumbling into any empty hole whenever you have a little extra. Even though that may be the case, you are able to learn ways of coping better with your personal finances so that, instead of spending too much, you save.
Put the Dasani back on the shelf. It is too expensive, and tap water is free. If you don’t like the taste, consider adding a flavored drink mix to the water or purchasing a filter for your faucet. Both of these solutions can improve the taste of the water and encourage you to stay away from bottled water for good.
If you take advantage of online banking and bill paying, see what kinds of alerts you can set up with your bank. You can set your account to notify you automatically, via phone or email, when certain things happen to your account. Sign up for both low balance warnings to prevent overdrafts and unusual withdrawal warnings to catch fraud within minutes.
Looking into one of the many flexible spending accounts for medical expenses can be a smart idea. Everything that you put away will lower your tax liability on your payroll check.
Over a period of a few weeks or months, monitor your expenses. When you better understand where your money is going, you will be able to see where you can save money by cutting back or eliminating things completely.
Having a credit score of at least 740 is helpful when looking for a mortgage. When you have great credit, you can expect lowers interest rates on your mortgage. Take the time to improve your credit score if you need to. If your credit score is low, don’t apply for a mortgage unless it is necessary.
If you invested or saved the $25 that many people spend weekly on lottery tickets, you would definitely have more money. This is a guaranteed way to ensure you have money.
Get rid of any debt on credit cards as soon as possible. Even a small amount of revolving debt results in unnecessary interest charges. You don’t want to spend that money! Try your hardest to pay the credit card off each month instead of carrying a balance.
Small steps can help you get your personal finances in the right shape. Stop going to the convince store or fancy coffee shop for your morning coffee, and make your own. That alone can save up to $25 a week. Consider public transportation over driving your gas guzzling vehicle. The savings here could easily be several hundred dollars every month. Dollars saved through small sacrifices can beef up your savings and retirement accounts over time. You will benefit much more from this than from a cup of coffee!
Now that you’ve finished reading these tips, you know how you can save in spite of the numerous expenses you might have. Don’t worry if it is a long process to improve your finances. Just like anything else in life, there is no quick fix. If you stick to the advice listed, you’ll eventually see some positive changes.
Being responsible financially requires proper discipline. Wall Street Journal best-selling author Orrin Woodward wrote a book called “RESOLVED: 13 Resolutions for LIFE” that illustrates elevating personal excellence, including financially, superbly well. Pick up your copy today.