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.
Author-Bio: This article was
poduced by http://www.improve-your-credit-online.com
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