When you’re strapped for cash and can’t imagine how you’ll ever get out of debt, you need to enact some rescue plans to save your finances. Although your situation may be unique, there are some things that everyone can do to balance their budget. Here are 5 ways to get out of financial trouble that are almost painless and always effective:
* Write it all down: Keep a written log of where your money goes. Write down everything you buy, including services you pay for, such as phone or internet. At the end of each day, go over your list and see what you bought that you could have done without.
* Find alternatives: If you regularly find yourself spending money of things you don’t actually need, find alternatives that are cheaper. For example, cancel newspaper and magazine subscriptions, and read your news online. Skip that cup of coffee and doughnut on the way to work, and have breakfast at home instead. If you smoke, and don’t want to quit, roll your own cigarettes. If you’re dealing with debt, look for christian debt solutions and other debt consolidation options that may help.
* Cut “activities”: Most children are over-scheduled as it is, so talk to your child about what classes or activities they would like to give up. Your tone-deaf daughter is never going to be a concert pianist, and your knee-high-to-a-grasshopper son will never be a professional basketball player, no matter how many lessons you pay for. Cut out the activities that are pointless, and replace them with fun, free time at home.
* Learn to save: “Saving” is not simply spending less, though spending less is a good start. Saving money means not spending it at all. Put your savings in a safe place where you can’t spend it for a period of time.
* Read the fine print: Go over your bank contracts, credit cards, even your phone service contract. Many times, there are hidden fees and charges that you may not even be aware of. Before you ditch your bank or cancel a service, call the company and tell them why you’re planning to switch. Many companies will renegotiate your contract to give you a better price. If they don’t, that’s fine; when you switch to a different company, tell them why you left the last one. You’ll get a better deal.
Remember: you didn’t get in this mess just last week, and it will take time to dig yourself out of trouble. But you are in control of your money. Make your money work for you instead of against you!
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