It’s no secret that many people are finding it hard to survive on the money they earn. The cost of things like groceries and utilities seems to rise each year, but our salaries stay the same! It can be even worse for people that have some credit card and loan debts.
Are you struggling to keep your head above water in a financial sense? If so, you’re not alone. I too struggled with my monthly expenses and debts. Things got to a point where my outgoings were almost more than what I earned! The good news is I managed to sort my finances out.
Today, we would like to share with you ten practical steps that I used in the past that will work for you too. Check them out:
1. Get a car that’s cheaper to run
Most of us need to have a car. In some places, it can be easy to get around using public transit systems. But, if you live in a rural area, a car is a necessity. You might not realize it, but the car you drive could be costing you a small fortune!
Sure, it may have been cheap to get but is it affordable to maintain? If the answer is no, it’s time to sell it and get a vehicle that’s more economical to run. Check out this Used Car Buying Guide for help finding your new ride!
2. Stop using your credit cards
It might sound obvious, but one way you can improve your finances is to stop using your credit cards. Unlike loans, they are a form of “revolving” credit. That means you can keep borrowing money to your limit. Loans are different in that you have a fixed term to make your payments, and the balance gets cleared.
You should also pay more than the basic monthly repayment on your credit cards. Otherwise, you could spend decades trying to pay them off!
3. Get a debt consolidation loan
If you have too many debts, you will no doubt be paying a lot of interest. In those cases, it makes sense to merge all those debts into one consolidation loan.
In a nutshell, you are taking out one big loan to pay off all your other smaller loans. The www.bestdebtconsolidationloans.org website can tell you more about how they work. The brilliant thing about such loans is they give you financial freedom each month when you get paid!
4. Get a better mortgage
Do you have a mortgage on the place you’re living at right now? Chances are you may have taken it out some years ago, perhaps at a favorable rate for the time.
It’s worth shopping around to see if you can get a new mortgage that offers lower interest rates. The aim of the exercise is to reduce your monthly outgoings. If you pay lower interest rates, your mortgage payments will be smaller. Be sure to check for any exclusions or limitations before you apply.
5. Cancel your cable or satellite TV subscription
It’s not unusual for people to pay three-figure sums each month for their cable or satellite TV fees! Some folks want to have movies and sports channels available to them at all times.
If you seldom watch TV, such subscriptions are just a waste of money. Even if you like watching TV, you could always stream programs from the Internet. By canceling your cable or satellite TV subscription, you could save a heap of money each month!
Some folks even occupy their time with other activities like taking up new hobbies. Giving up your premium TV channels could also do your social life the world of good!
6. Shop at more than one place for groceries
Many of us buy our groceries from just one store for the sake of convenience. But, the downside to that approach is you could end up paying way more than you need to for your food and drink!
You don’t need me to tell you there are scores of grocery stores you can visit each week. One thing you can do is use the Internet to help you determine which ones have the best deals.
After all; it’s not uncommon for one store to have a promotion but not the others!
7. Do some moonlighting
Sometimes it can help to earn some extra cash from a sideline. You might not know this, but there are plenty of ways to make money from home!
For example, if you’ve got a flair for writing, you could become a freelance copywriter. And if you’ve got lots of brand and product knowledge, you could take part in paid surveys.
In fact, there are hundreds of different things you could do from home to earn some extra cash.
8. Go green
There’s no denying that one of your biggest monthly expenses will be your energy bills. They just seem to get higher and higher, right?
Did you know that, by going green, you could cut down your electricity bills? For instance, you could replace your light bulbs with LEDs. They use much less energy and produce less heat. Check out www.homedepot.com to see some examples.
If you’ve got a large roof, you should consider getting solar panels fitted. You can then harness the power of the sun to provide electricity and heating for your home.
9. Insulate your rooms
During the colder months, you will use your heating system almost all the time. Especially if you live in a colder part of the country! The trouble is; many homes let the warm air escape into the atmosphere.
If your home’s insulation is poor, it’s time to do something about it. For example, seal any holes around window and door frames. Fit heavy curtains around them too so that you can help keep the heat indoors. And get your attic insulated with felt material to stop the heat escaping upwards.
10. Grow some fruits and vegetables
So you might be getting your groceries from cheaper supermarkets. To keep your grocery costs down even more, why not grow some fruits and vegetables?
Anyone can do that as long as they have some space in their garden. The best bit of all is that home-grown food is organic and tastes great!