Are you looking for some helpful tips to build a better budget and stay clear of online cash advances or maxed out credit cards? You are one in a million looking to get a better handle on cost of life and then some. The New York based debt relief company released a tip sheet to assist those looking to either start, restart or maintain a 2013 budget. There is nothing new, in theory, on the list, but it may cause you to think about how you handled some money matters in the past and set up new habits for the future. It is comforting to read about other companies looking to help consumers make better choices with their money instead of only promoting company growth.
Who wants to be reliable on cash advances or payday loans?
I’m sure the whole class will be waiving their hands yelling, “Not me!!”, at least I would hope so. Who wants to depend on third party money to make ends meet?
Here is a list of five suggestions from a debt relief company. Maybe some will help or perhaps you already practice these tips. Do read them just in case you find one to be helpful in getting your finances back on track.
- Take your vacations locally. Look for bargains or rental cabins/condos to refrain from traveling costs. You can bring your own groceries, save on plane tickets and rental cars.
- Items which are used often and are non-perishable should be purchased in bulk. You can join a warehouse club or if you prefer to shop at local markets, find larger packaged products. I’d like to add to this tip; it is always a good idea to watch the unit price. Sometimes, the smaller packaged items go on sale and end up costing less than the bulk price.
- Schedule entertainment costs. Do things less often to make them more memorable. Whether this includes dining out, going to the movies, or a ball game. Use a special occasion as a motivator to get the kids to step up their game at home or at school. Set up a budgeted cost for these types of extras. One more point I would like to add; keep your extras within the budget, you can always carry over money not spent to the next month, but you definitely do not want to dip into other areas to support the extra spending.
- The debt company suggests shredding all credit cards but one. Use this card only for emergencies and pay it off quickly. Okay, I tend to disagree, so I will offer my own personal belief having read and written about this topic for so long. If you want to build your credit, you will want to continue using the cards. The available balances are part of your utilization ratio. How much credit you have available compared to how much you have used. It is never good to close an account, especially if you owe money. Use one card a month and rotate cards. Pay off the balance each month. This keeps everything fresh and in your favor. It represents you managing lots of available credit in a credit score strengthening way.
- Know when to ask for help and do it. Whether you need to call a creditor and ask for an extension or go to a friend or cash advance lender for a loan to float through to the next payday; do what you can to at least make minimum payments each month.
The more you cut back the more room you will have to start paying off your debt or even begin saving. Cutting costs may not have been a suggested tip from the debt relief company, but doing so will surely bring you financial relief in the long run.
