Finances to some aren’t easy, but we like to keep things as simple as possible. That is why we have been coming up with some easy ABC’s to remember when it comes to your finances. Check out A-E and F-J.
K - Keep Yourself In Check! – When it comes to paying off debt, the initial payments can be exciting! For once you are seeing that balance go down, and it’s great! However, “things come up” (which is why we encourage an emergency fund!). So this could affect what you could pay towards your debt. Don’t let it continue once the “emergency” is over. Keep a check on where your money is going (always tracking your accounts) so that you can spot any mishaps in your plans. Don’t get in the habit of making up your own “emergencies” as well. Just because your friends suddenly decide to go out tonight, and you want to go, don’t sacrifice your goals for one night of fun. That’s not to say you can’t go. Just try to find a way to cut costs.
L - Live life.. for your future – Many people will tell you that you should live for today, because you just don’t know what will happen tomorrow, and you should have fun! Well, while that may be partially true, you can say the same about tomorrow. You don’t know if you will lose your job, or if your child will get sick. So the best thing you could do is “set yourself up for success” so that when these things come up, you are prepared. And keep in mind, there are still plenty of things you can do to enjoy today! You just have to be willing to think outside the box at times.
M - Make it possible – Whatever your goals are, you have the power to make them reality. Take a proactive role in your finances, and you will find ways to make this possible. Don’t make enough to put towards your debts? Find ways to create more income: second, part-time jobs (they only have to be temporary), a home-based business, try to move up in your current job, etc. If you simply don’t know what you owe, create a list of what you do know about. Think there are more to it? Check your credit report. (This is also beneficial for looking into possibly mistakes on your credit report.)
N - Never go to the grocery store hungry – Here’s a tip that pertains to savings money on an easy task that everyone has to do at some point: If you are going grocery shopping, try to eat at least a snack before you go. This will help curb the tendency to put whatever looks good in the moment into your cart. When you are hungry, and you are looking at an aisle of food, everything may look good and you won’t be saving money! (Remember to take your list with you to the store as well!)
O – Offer to take on extra shifts – We mentioned earlier about creating more income with work. An easier way to do this would be to simply take on extra shifts at work if you can. This will allow you to not have to add a new job, but will still create more income for you to put towards your debts. All you have to do is calculate how much extra you would have from the extra shift(s), and then apply that to a debt.
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Tags: Business, Credit history, Debt, Food industry, Grocery store, home, money, Personal finance
