Step One: Know your Budget
Analyze all your money: income, savings and money owed. Look closely at recurring payments, one time bills, repeating quarterly payments etc.
Remember to calculate your cost of living expenses for the month. How much do you really spend, rather than what you think you spend.
Find out the total amount of money you owe.
It is amazing that one of the smallest rooms in the house is the often fought over the most!
This room of course, being the bathroom and who gets in first. Six people bickering over who has been in the bathroom for too long becomes exhausting. Each person “Needs” to get in “Now” so everyone gets rushed.
This was our stressful way to begin each work and school day. But not anymore!!
Do you know exactly how much money you earn? Of course you do!
Do you know exactly how much you spend, every month? Maybe not, as well. Spending is a more difficult number to pinpoint.
If you don’t know exactly where your money goes each month, it is probably a good time to think about a budget.
Did you overspend during the holidays this year? You are not alone.
Recent statistics from a National Survey report that 56% of consumers said they spend too much during the holidays.
Over 30% of consumers say they have gone into debt as a result of unplanned holiday purchases. Up to 43% of consumers surveyed say that their holidays are difficult to enjoy due to extra expenses and that holiday finances cause extra stress in their lives.
Here is a plan to wipe out that debt.
Do you have too many bills to pay?
Are you trying to pay down your debt?
By organizing your bills and debts and using a systematic method to pay them off, you can pay them faster. A payment system known as Debt Avalanche is my favorite.
It is simple and it works, so this is now the only method I will use. Try this easy Four Step method to get out of debt.
There are many credit card rewards programs to take advantage of, the trick is finding the cards and rewards that best fit your personal needs.
Some of the more popular rewards programs include free or discount flights, hotel stays, cash back, and shopping discounts.
Why pay for a hotel room if you don’t need to?
Do your teens spend and save their money wisely?
Do they really know the value of money?
Teach them to develop good money habits now, before they leave the nest.
Prepare your teens to enter the workforce as well equipped, Savers and Money Managers.
Read more for five important money lessons to teach your teens now.
Do you have an Emergency Fund yet?
If your answer is No or Not Really, you are in the same position as almost half of Americans.
No one plans to need an Emergency Fund, but it’s important to have one. If you plan ahead, you can avoid serious financial problems by having some money set aside for the unexpected events in life.
Read more to learn about 3 types of funds and why you need them.