Ideas to help you manage your finances
By Mark Lambie
A big part of budgeting and financial management is making sure that you
have enough money each month to pay your bills. Many people do not. In
some ways it's nice to know that you're like everyone else, but not in this
If you have made poor financial decisions over time - and it happens to the
best of us - you may have allowed your bills (your loans) to get out of
control. This could come back to haunt you if you want a loan for a car or a
house or anything else you need to get a loan to buy.
Here's what you need to make sure that you have control over your
financial situation. Here are some valuable budgeting techniques to guide
you in your expenses and income.
The first thing you want to do is make sure that you pay for your utilities on
time and in full every month. Don't wait until it's too late to pay them. The
second thing you need to do is make sure that you don't have too many
credit cards. Only a few credit cards are necessary to get by in life. You
should consider cutting up the rest of them. And the third thing you should
do you, if your bills have gotten the best of you, is to consolidate them into
a single loan. This will enable you to pay them off over time without getting
slammed with high interest rates.
Finally, establish a budget for yourself. This seems difficult and that's why
most people don't do it. And because people don't have a budget they find
themselves in financial straits.
The easiest way to establish a budget is to take a draw a line down the
middle of a piece of paper. On the left, write down your after tax household
income. Be sure to write down the after tax amount as you want to
measure available income only. After all, you don't get to spend the before
tax amount, right?
In the right column, list an average of each monthly bill. But you should
also include your typical spending habits as well, like eating out, or
impulse shopping. Don't forget to include paying off your credit card as
part of the bills!
Now that you have a list of income and expenses, see if there's a way to
increase your income, or reduce your expenses. Usually you'll find a way
to do a little to both.
While it seems so simplistic, so few people do it. And yet, creating a
budget and sticking to it often separates the successful people from
everyone else. What's stopping you from doing it right now?
About the Author
Mark Lambie is the founder of Loan Source, a website for UK residents seeking secured loans. Visit our website today for a free Secured Loan quote and find out how much we can save you.
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