Most of us are feeling some sort of strain from the current economic situation, even those who are good with money. The loss of a job or a cut in pay to keep a job are both real events happening all around us. How are we to make “ends meet” with money so tight and not negatively impact our credit?
There is no easy answer to that question. However, here are nine suggestions that may offer an option to your personal financial situation.
Look at your spending habits and determine what are real NEEDS vs. WANTS.
Reduce your spending to only needs, and learn to live within your new means.
Stop using your credit cards. If you can’t “part” with your credit cards, here is a suggestion: Take a plastic container, fill it with water and place your credit cards in the container. Place the container in the freezer, and let it freeze. This is putting a “freeze” to your credit card spending.
Create a weekly meal plan. Make a list of the foods that you will need for your food plan. When you go shopping, ONLY buy what is on the list.
Clip coupons. Did you know that the average household could save almost $100.00 a month by using coupons?
Stop eating out. Statistics show that we spend an average of 14% of our income on eating out. This can be in restaurants, vending machines, snack bars or fast food.
Avoid the temptation to spend money by avoiding the malls or stores just for entertainment. If you need something, make a list and take only enough money for the items you need.
Trim your “entertainment” expenses. Everyone has a hobby or something that they enjoy doing, but if it costs money and your budget is tight, you …Read More