Managing your money is no easy task these days.
Between paying off student loans, credit card debt, saving for retirement and attempting to navigate the complicated and expensive housing market, most of us are overwhelmed, and unable to manage our money effectively, but we’re here to help!
Some people resort to financial advisors and outsource the task to people who specialize in it, but the good news is that managing your own money is much simpler than most people think, and something that you should be doing to ensure there’s more in your account at the end of each month.
Here are 5 easy tips to help you regain control of your finances, figure out where your cash is going, and ensure that you’re saving as much as possible from each paycheck.
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Ignore Your Salary
Whether or not you’re making good money, it’s time to return to living beneath your means.
Your job may require professional clothes and expensive housing, but you’ll want to cut costs basically everywhere else.
Don’t get a new car, don’t buy an expensive computer, use your old phone and forget about going out to fancy dinners – you’re in money saving mode now, and the savings will start to rack up quickly.
Hundreds to thousands of dollars a year can be saved simply by saying no to unnecessary expenses, so start doing that now and you’ll soon see big savings accumulating in your account.
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Limit Credit Card Debt
Don’t rack up any more debt than you’ve already got, especially on non-essential purchases.
Remember, you need to cut costs wherever you can, and part of that is limiting the amount of exposure you have to interest on debt, which is one of the most expensive and unnecessary ways to waste money.
Credit cards carry high interest rates, tons of fees, and other costs that can cause big problems for your bank account, so avoid them wherever possible, and use cash, checks, or a debit card for everything you purchase.
Unless you’re facing a serious emergency, it’s best to avoid those credit cards altogether.
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Pay off Debt
Keeping debt in mind, your goal should be paying it off in full each month, whenever that’s possible.
If you owe money, then it’s time to start paying off your debt as soon as possible. To decide which debts to pay off first, choose the one with the highest interest rate, as that’s the one that’ll cost you the most money in the long-run.
Put any money saved from Steps 1 & 2 towards paying down your debt, and get rid of those expensive and wasteful interest charges as quickly as you can.
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Create an Emergency Cushion
Once you’ve got some breathing room, put together a cash cushion of at least $500 for emergency expenses, like car repairs, unexpected medical or dental costs and other absolute emergencies.
It’s not easy to stash cash, but having a cushion will help soften the blow to your bank account when that rainy day comes, and could prevent you from having to resort to new loans.
Your goal should be to have six months’ worth of expenses stored in your bank account just in case you hit a major disaster, like unexpected unemployment, or a serious injury that prevents you from earning any income.
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Monitor Your Investments
Many people forget to keep their eyes on their investments, checking the fees, management costs and portfolio balance as their investments age.
This can result in a loss of earnings and a serious lack of preparedness for the day that retirement comes calling, which is a major problem.
Be sure to check your accounts quarterly, at the very least, and ask whoever handles your investments (if you have outsourced that task) questions about fees, opportunities and everything else.
Make sure that money is working for you, or it’s sure to be working for someone else at your expense!
Car Capital Financial
Whether you end up incorporating all of these ideas, or just a few, as long as you can keep your expenses under control you should have no trouble making some huge savings.
However, if you’re still coming up short, keep in mind that you can always give us a call here at Car Capital Financial to get a low-interest secured personal loan.
We deliver car and other vehicle title loans within minutes of receiving your call, providing you with cold, hard cash, and requiring nothing more than temporary possession of your vehicle’s title.
Whether you’ve got great credit, terrible credit, or no credit at all, we are ready and willing to help. Title loans are issued based on the borrower’s ability to repay the loan.
Call us at 1-888-500-9887 now to find out if one of our safe, reliable and affordable auto title loans would be a good fit with your financial needs.