Six Full-Proof Ways to Cut Your Budget

Posted by Inigo On June - 6 - 2014 0 Comment

Credit Cards

Many people struggle with debt and their spending habits and it is increasingly common for them to become overwhelmed in their financial situation. It’s difficult to create a budget and stick with it but it is not impossible and with a little hard work and dedication anyone can do it.

Track Your Spending

One great way to gain insight into your financial situation is to track your spending for a few months. Add up what you spend on groceries, gas, dining out, entertainment, etc. You’ll be surprised how much your daily trip to Starbucks or McDonalds is costing you in the long run.

Avoid Impulse Purchases

Impulse purchases are one of the main causes of escalating credit card debt and spending and many shoppers find themselves picking up extra items they didn’t intend to purchase when they went into the store. This problem can be avoided by creating a shopping list and sticking to it.

Carry Cash for Your Everyday Spending

If you find that you are unable to keep track of your spending and end up overdrawing your checking account, carry cash for your everyday spending. It’s a good idea for people who need a visual and you won’t be able to spend more money than you have for the week, month, etc.

Automatic Funds Transfer

One of the easiest and most effective ways to boost your budget and account is to have money automatically transferred into your savings account when you get paid. It’s infinitely easier to take the funds from your paycheck at the beginning of the week than at the end.

Get Rewarded for Spending

Nearly all debit and credit cards companies offer rewards just for using their cards. Make sure when you are swiping your debit card you are choosing the credit option and signing for your transaction so you build rewards. Check the websites of all the companies where you are a cardholder to see what points you have built up, as you can often redeem them for gift cards, merchandise, or even cash.

Pay Less for the Loans You Have

Pull out all of your loan documents and credit card agreements and check the rates you are receiving. Banks are constantly changing their rates and lowering them for special promotions and you can take advantage of this by refinancing your vehicle loan, credit cards, and mortgage to their lower rates. You can easily view their rates online and compare them to yours to see how much money you could be saving.

If you are following this advice and still find yourself extremely overwhelmed and burdened with your debts, it may be time to talk to a professional like the ones at Paddon & Yorke Inc about your different options

 

Guest post by Karleia Steiner

 

 

 

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