Short Term Financial Solutions and Budgeting Tips to Consider

 

We all run into a little financial difficulty from time to time.  Fear not. There are some solutions out there to help you recover and get back on tour feet.

I have some tips to help you stick to a budget and help with short term financial problems, so you can minimize the financial stress you may be feeling.

Pay Down High Interest Loans

There is nothing worse than having the burden of debt, especially when it is attached to a high interest rate.  Do your best to get debts paid off quickly so you can avoid paying interest. If you can afford to pay a little more than the minimum payment, do it.

Utilize Lists

It’s easy to go overboard when shopping.  You see that new item you want to try, or go shopping hungry and want to buy all the snacks.  Trust me I’ve done it myself. It’s important to be strict with your shopping list.  I use to go to the store with a $50 list and come out with $100 worth of junk I didn’t need.  It was straining my checkbook and I knew it. Now I make a meal menu, write down the ingredients, and buy what I need. Of course one or two items are okay to add, but try to stick to your list.  If it’s too tempting, utilize a grocery delivery service.

Spending Budgets are Important

Know your financial limits.  Know what your monthly budget is.  Make a list of all of your expenses and see where you can make changes. Be strict with your spending. Try to stick to buying things you need and not so many things you want.  Save slowly for big purchase items.

Use Coupons and Discounts Codes

Shop during sales! Do not pay full price for anything you don’t have to.  I always check circulars and online coupon sites for ways to save money.  I’m not a crazy coupon lady, but I’d rather have the money in my pocket then theirs.  Always check Sunday and midweek circulars for coupons and sales,  use clipless coupons and discount codes when possible. Reward sites and cash back credit cards can help you save.  Check out Swagbucks! I use it to get free gift cards! Just be sure if you use a credit card, you only buy what you can pay off that month. Every penny you save should go into an emergency fund or save towards a big purchase item. Be smart.

Invest Your Money

If you can afford to, invest your money in something that will give you a decent return. There are many different ways to invest, whether it be in CDs, bonds, real estate, or any other smart investments.  

Cash is King

Stop using those credit cards and put them away! Overspending is so easy when you have the credit cards with you.  Then the bill comes and you regret it.  If they tempt you to spend more, leave them home. How nice would it be to get a credit card statement with a zero balance? Bring the amount of cash you plan to spend and nothing more.  This way you are forced to stick to your budget.

Have a Back up Plan

Sometimes we come across an unexpected expense for the month.  It happens! Sinks break, cars break down, kids get sick. Have a contingency plan.  You never know what life will throw your way. Have a small contingency budget in case you face these problems. You will be glad you budgeted for this when you can afford to pay it without breaking a sweat.

Vacation with Family or Friends

Vacations are expensive but there are ways to save.  You can take day trips to free places to save money.  You can also travel with family or friends and split the costs. Don’t eat out every meal when you travel or get an all inclusive meal plan if it can help you save money. Research travel sites to save on hotels and experiences. If you have Club cards like AAA, Costco or something similar, you can see if they have any money saving offers. 

Save for The Coming Year

Set some money aside every week that you won’t miss.  Even if it’s only $5 or $10. Those small savings add up and come in handy.  I remember I use to stash dollars in a cookie jar when I was newly married and one month, we couldn’t pay a bill because an emergency had occurred. Luckily I had my cookie jar.  We were able to get the bill paid because of that. Of course I would’ve rather have spent it on a trip, but being responsible financially is most important.

Unfortunately, there are times we face financial hardship when we least expected to. The past couple of years have been difficult for a lot of us. If you ever have trouble with your debt or bad credit, and need help or advice with debt consolidation you can check out http://www.creditloan.com/ to see information on how you can get out of debt. This can be your first step to financial freedom and peace of mind.