Money is the bane of many people’s existence. Maybe you feel like you never have enough coming in or maybe when you get paid your entire check is instantly gone the moment you pay your bills. You’re tired of that paycheck-to-paycheck lifestyle.
You can get control of your money, even if you don’t feel like you have enough to save. It’s a matter of learning what to spend, cutting back on spending, and growing a savings. Here are some things to do in order to start getting more control of the money you do have.
Keep Track Of Your Loans And Credit Cards
Start paying more attention to the money you owe and are paying into both loans and credit cards. The more you owe, the more your interest rate will bump that up each month. If you have a card that has a high-interest rate you could be paying far more for what you bought with it than you intended.
There is nothing wrong with having these things, and there are even loans out there for people that already have bad credit, but if you want to be in control of your money then you need to get these things paid off. Once your credit cards are all clear, take some to weed through them and get rid of the ones with high-interest rates.
Pay Your Bills On Time
If you’re always paying your bills on time you will be working toward preventing them from controlling you and your money. If you have a huge electric bill due and can’t pay it off, you risk shut-off. If you sign up for a payment plan to pay it down without that risk, you’re still at risk if you miss one payment and lose that protection.
Tally Your Checking Account
Always keep your checkbook tallied properly. Nothing can be more devastating, especially to someone living paycheck-to-paycheck, than an overdraft that causes you a bunch of extra fees all because you forgot to subtract out that trip to the grocery store or that automatic bill payment from the cable company.
Start A Savings Account
Everyone needs to have a savings account. It’s great to help you out in case of emergencies and it looks good to loan officers if you’re ever in need of money to buy something major, like a home. Save some money from every single paycheck you get.
You may also want to find a band that has interest-bearing savings accounts. The more money you have in there the more extra you’ll earn each year on that savings. It’s usually suggested you have more than three months worth of income in a savings account, just in case.