Seven Tips To Save Money

Oct. 6, 2009 - PRLog -- Im sure we can all agree, it’s a lot easier to get into debt than out. Learning how to manage your personal finances won’t make magic with your current debt dilemma but it can help avoid repeating the process in future ventures. With a conscience effort and these helpful tips you can start the road to financial freedom right away. The key is commitment. Get locked into a solid budget and stay focused on your financial goals.
Use these helpful tips to get you going on the right path:  
1. Stop unnecessary spending. You don’t need the new iPod when you have an iPhone. It already has an mp3 player so why bother? Shop at secondary stores like Ross, Marshalls, TJ Max. Sure its fun to go to the mall and shop till you drop but were not in high school anymore and the demand for coolness has come down a bit. You can wear name brand clothing from these stores it just doesnt have to be the new line season.
2. Try not to pay more than you owe. Installment payments are designed so it looks easy and affordable, provides comfort and confidence to a consumer to encourage the purchase. Make enough money to cover your bills and life necessities, use whats remaining to save for those short terms goals or that rainy day we all get once or twice a year.
3. Stop eating out so much. Im not saying your banned from Red Lobster for life but cut backs usually can be made in any home. Start small so it doesnt hurt so much. Maybe you dont need that $5.00 star bucks coffee EVERY morning, or the fruit smoothie in the afternoon. Try the dollar menu instead of super-sizing you way into heart failure. Pick and plan out a dinner date with your loved once a month instead of having a once a week policy. The dinner date will be something to look forward to and desire instead of being viewed as a lifestyle.
4. Replace those plastic cards in your wallet with family photos. Close your credit cards and leave ONE open ‘just in case’. Many Americans are LIVING off their credit cards in these trying times. This is a bomb waiting to blow. Your credit card/loan payments shouldn’t exceed one quarter of your net monthly income. Yes, that’s right, one quarter. You were raised not to steal so stop robbing Peter to pay Paul.
5. Research investment options and always be thinking. We have become a country that consumes but doesn’t produce much anymore. This play-pen party is starting to crash as we can see with unemployment and bank bail outs. Think of new ways to earn money. Keep your day job but try and coincide your happy habits and activities with a new way to generate income.
6. Be realistic when it comes to creating a savings plan. You probably shouldn’t start off with a Hawaii vacation goal six months down the road if your in the rears on your monthly budget. Playing Powerball isnt the answer to your payment problems. If it took years to incur the debt surely its going to take just as long if not longer to absolve the debt. Its a lot easier to pack on weight than to take it off, right? Same deal with debt. Its a muffin top thats going to take more than a morning jog to eliminate.
7. Make your minimum monthlies instead of breaking your budget to pay back what youre going to spend again the next cycle. If youre not getting anywhere with minimums look into a non-profit credit counseling program. Most of these services provide free budget counseling and solid credit consolidation plans that are realistic and work around your finances and due dates. Working through a 3rd party credit counseling organization allows you to pay back at an affordable monthly payment with reduced interest rates and the stopping of any fees when past due or over-limit.
Once you’ve assessed your budget and get a game plan the key is to stick to it. Be prepared to make small conscience changes. Start light so it doesnt sting as bad and make short terms goals that can be followed by long term goals. Working with a certified credit counselor is free and they usually have various ways you can reduce your monthly bills that may not have come to mind when self assessing. Remember, these services are free with the right agency and always check out a business with the BBB before committing.

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Certified credit counselors work with potential clients to assess their current financial situation and determine what their best option may be.