In Financial Trouble? Read This Great Advice!

by Shirley Masser on March 4, 2012

Read these tips to find out how to save enough money to accomplish your projects. Even if you do not earn much, being educated about finances could help you a lot. For instance, you could invest money or find out how to reduce your budget. Personal finances is all about education.

If you’re opening up a savings account to put your emergency money, always look for a low-risk account, like a high-yield account. Here’s an oversimplification: The bank spends your money and then pays it back with interest, but your money is also guaranteed to be there. It’s a win-win situation.

Buy your staples in bulk and save big money. Instead of buying those tiny bags of sugar and flour think in terms of twenty-five pounds at a time. That might seem like a lot but the money you will save will justify the storage space it will require. Just make sure you store everything safely in tins or other rodent proof containers.

If you want to cut down on your hot water bill, consider using cold or warm water when doing your laundry. Cold water uses less energy than hot water which will save you money in the long run. Only use hot water when you have to.

There’s a good chance that if you are in financial dire straits, you are not along in your circle of friends. Get together and agree on a set amount for your social outings and dining out. Plan on participating in activities that will allow you all to abide by your shared goals for saving and spending.

Keep your checkbook balanced. It’s really not so hard and can save you the expense and embarrassment of bounced checks and overdrawn fees. Do not just call the bank for a balance and count on having that amount in your account. Some debits and checks may not have cleared yet, resulting in overdrafts when they hit the bank.

If you are under 21 and want a credit card, be aware that the rules have changed in recent years. In the past, cards were given to college age students freely. Now, you must have provable income or have a cosigner. Research the requirements for a specific card before applying.

Use cash for purchases. Eliminate credit cards and debit cards and use cash for purchases. Use the envelope system to allocate a budget for monthly expenses. Have a separate envelope for each different type of expense, and place a specific amount of cash in each one. This way, you won’t over-spend on any monthly expenses. A good idea is to have another envelope marked ‘emergency’, containing cash that can only be used if really necessary. Seal this envelope, as this will make you less tempted to ‘borrow’ from it.

Remember that developing good financial habits is a continual process. It won’t happen overnight, but you can make real improvement, if you achieve consistancy over a span of a few months. It is never too late to start getting your finances in order, so don’t ever doubt that you can turn things around. Hopefully it is clear that you can use these easy ideas when you have a use for them.

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