After compiling your bills, you check your account balance. Unfortunately, it’s not where you need it to be. Is money slipping through your fingers? Do you want the decimation to stop right now before you’re totally broke? Here are a number of ways to stop overspending in its tracks and rehabilitate those finances.
Start using a budgeting app. Maybe you’re just not great with finances. That’s okay, as today, there are a number of apps available to help you track your finances and create a budget that works for you. Some of these apps can even help you price shop for better deals, or sneak money into savings for you.
In a pinch, make it up with a loan. If it’s an emergency, you might consider getting a loan from a lender like LittleLoans. Of course, with emergency loans, you can expect high-interest rates, so don’t dive in without formulating a solid plan to pay it back on time.
Do not attempt to keep up appearances. Why are you buying what you can’t afford? If it’s because you socialize with people who buy these things, or simply want to live a certain kind of lifestyle, it’s time to stop. Reevaluate what it really is to live within your means.
Start doing things for yourself. How handy are you? What skills have you picked up over the course of your life, and what new ones are you ready to learn? From cutting your own hair to cooking your own food, you can save money easily by taking advantage of your greatest resource – your own abilities.
Cut out the cards. The money you can’t see is easy to spend. Stop using any and all credit cards right now. Use cash for daily purchases, and leave your debit for bills and unexpected or emergency purchases. This will help keep what you owe monthly to a minimum.
Stick with your list. When you go to the grocery store, never go inside without a carefully planned list. It’s best that this list comes from a weekly menu plan you’ve made in advance. No matter what, resist buying anything that isn’t on this list. Always head to the checkout with a good idea of what you’re going to be paying.
Use community resources. Paying for gym memberships, movies, and Ubers? You can quit all three right now and save hundreds. Use public transportation instead of paying a premium to be chauffeured, borrow movies free from the local library, and jog around the park. Attend community events, such as concerts and festivals, instead of paying for entertainment.
Use free bank accounts. Are you paying too much in fees associated with your bank account? Ask today about moving to a free checking account; most banks offer them. This way, you won’t constantly be paying fees for transactions, minimum balance fees, and more.
It’s never too late to get smarter about your money. However, making changes as soon as you notice your balance going south is the best way to avoid financial ruin. How much can you save when you stick to cash, let an app make your budget, and start DIY-ing everything you can?
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