A good number of of us wish we could make our money stretch further or at least not vanish as quickly. We work long & hard to earn it after all. Knowing your budget & spending carefully is the answer. The plan is to discover where your money goes, help you get the greatest value you can and hopefully start to put some aside for unexpected costs.
Best place to start is to set yourself a goal or goals. Look at what you’re aiming for. Are you saving for a particular big-ticket item? Are debts your immediate concern? If you know what you're aiming for and set it as a goal for budget setting success is much more likely.
Start to track your spending. Include all the normal charges such as mortgage or rent, utilities & taxes, frequent spending such as food bills & automobile expenses and your day-to-day expenses. Until you discover where your cash is going it’s impossible to start to work out where to save. Could you reduce any expenses? Do you need a coffee daily? Why not cook some pasta to take in for lunch It’s remarkable how quickly the financial savings get to four figures a year with practically no pain.
Consider what you owe. Make certain you pay the minimum amount every month, on time to prevent late payment penalties. Use any unused funds to pay extra off the most costly debt first. Once that’s disappeared, move on to the next most expensive. This will save you the most cash undoubtedly. Pay off the same amount each month since gradually more and more is paying off capital as opposed to interest.
To conclude determine how much you have left each month after meeting all your bills. This is the cash you can either put away as an emergency fund or if you have high debts you may use some of it to cut those debts down, as the interest you’ll earn on savings is very small in contrast to the interest charged on debt.
These steps are a great start to saving some cash each month and reducing your costly credit card debts. You won’t regret doing them & you will have more cash.
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