Once you understand your expenses and income and have a firm understanding of the money coming in and out of your life, it’s time to take some additional steps to best manage your money.
4. Consolidate your debt
Debt, the dreaded word. No one likes debt. No one. And most people that need help managing money actually need help getting out of debt. Sound familiar? If you are like the majority of Americans (
The first thing to do is to get it under control and work on getting rid of it. If you have credit card debts, student loans, and other debts; look to consolidate them and try to get the lowest interest rate possible.
Again, its all about taking the proper steps to control your money. There are options out there that allow you to combine several unsecured debts such as credit cards, personal loans, and payday loans, into one bill rather than pay them individually.
If you only have a single credit card debt and are on a tight budget, try paying at least the minimum amount as soon as you get the credit card bill. Then, if your finances permit it, and you come across some more money, try to make the same payment a few weeks later.
5. Slash or remove unnecessary expenses
Big fan of Starbucks? Continue reading “7. Save 10 to 15 percent for retirement”