When rich people say that more money brings more problems, do you roll your eyes and wish you could find out for yourself? The truth is that more money would probably solve a lot of your problems, but even those families earning three times as much income tend to struggle without a fixed budget. A budget gives you control over your finances and prevents that awful situation where there’s too much month at the end of the money. If that situation is familiar to you, here are five things you can do to get your house in order.
#1 – Pay Bills By the Due Date
Missing due dates blemishes your credit report, invites fines and penalties, and can make you feel out of control. If you haven’t already, write down all of your due dates in a spreadsheet. Check it daily to make sure you aren’t going to let another date slip by. Make paying bills your top priority, and eliminate any superfluous bills you can’t currently afford.
#2 – Prepare for the Unexpected
It’s too easy to spend your paycheck without wondering what might happen if an emergency arose. That emergency will come sooner or later, though, and you’ll be forced to make some tough decisions when it does. A much better approach is to create an emergency fund and put a predetermined amount in it when you get paid. You’ll be happy you did when your car breaks down or little Johnny needs antibiotics for an ear infection.
#3 – Slash Your Food Expenses
Everyone has to eat, but no one needs to dine out. Because so many Americans view dining at restaurants as a small pleasure, they end up spending far too much of their income on what amounts to a luxury. Some estimates have the average American family spending nearly $800 a month on food. It doesn’t need to be that way. If you aren’t cooking most of your meals at home, you could be throwing money away needlessly. Look for grocery store discounts, coupons, and budget-friendly meals that can put more money back in your wallet.
#4 – Stop Using Your Debit and Credit Cards
Debit and credit cards are strongly responsible for poor financial decisions. It’s too easy to justify a $10 movie ticket or a $50 dress when all it takes is a swipe of plastic. If you want to get serious about limiting your spending, take a certain amount of cash out at the beginning of the week and use only that for your discretionary spending.
#5 – Find New Sources of Income
Who says your income has to stay where it is? If you can’t get more money out of your job, consider taking a second one. There are plenty of ways to make extra cash, especially in the online age. Yard sales, freelancing, and recycling bottles are but a few of the ways to add extra cash to the coffers. If you find yourself in a jam, look to quick cash loans online from Lendgreen for a boost you can use to get you to the next paycheck.