With our lives being more volatile now than they were fifty years ago, it is vital to ensure we have a solid strategy in place when it comes to money and personal finances. Recent research has shown that 57 million Americans have no emergency savings. Thirty-two percent of the population aged between 53 and 62 said they had no savings whatsoever, with this being the largest non-saving group.
If you feel like you are in a similar position and have little to no savings, now is the time for you to start putting a solid strategy in place for healthier finances. With the below guide, not only will you be in a position to finally pay off your debts, but you will also start saving money for any big project you have in mind.
If you are due for a salary increase but it hasn’t come through yet, one of the best ways to make payments with money that you don’t yet have but you know will come in soon is by using your credit card. Do NOT go into your overdraft for the sake of making monthly payments if you know this will cost you big time. Instead, you can use your credit card and pay the balance (or at least the minimum amount) when your bill comes in the following month. If you are clueless about credit card schemes, look into these best credit card offers to help you make the choice that suits your lifestyle best.
Hard as it might be, since temptation is all around us, the only way for us to ensure that we have enough cash at the end of the month is to restrict our impulse buying and focus instead on purchasing the bare essentials that we need to lead a balanced life. This means not hitting the shops when the working day is over to fish for bargains or deducted items, but sticking to a rigorous and well-managed plan that will see you cut the toxic spending in your life. If you would like to put in place a strict strategy that will see you manage your finances better, read this link for further advice.
Do you own a television that you no longer watch or a PC that is in excellent condition but is no longer being used? If you own things that you don’t need and would like to get rid of, why not do this while earning some extra cash? Online platforms like eBay and Amazon offer excellent ways of selling items like books and electronic goods that you no longer need in your surroundings. Arm yourself with strength and say goodbye to objects that have been with you for a while in order to earn yourself some fast and easy cash!
Excellent ideas Christy especially selling things we no longer need.
Best wishes dear .
Great tips! I just sold a bunch of books to Half Price Books :) Saving up for a much needed laptop!
Excellent tips! I get excited when it comes to finance! I’m always looking for new ways to boost my savings.
“Live within your means…no matter how much those means are! Spending $$ you’ve already made, vs making $$ you’ve already spent is the difference between Getting Ahead and Getting Along”
Reminds me of Ben Franklin… a penny saved is a penny earned
Great reminders Christy. We are finally on top of our finances and it feels great. One thing I noticed we used to do is have no trouble going out for coffee, which cost $5 each time, but we would complain that a bag of coffee at the store was over $10!
I cook at home way more now too…saves a bundle. We also cut way back on wine, which puts more into savings.
I need to get better at cooking at home, it’s just such a pain at the end of the day!
Crockpot for the week. Just load it up with chicken, meat and veg overnight, a bit of stock, salt and pepper and you’re done for the whole week. Remove skin though or it goes all fatty.
Great adwise, thanks for sharing Christy ❤️🎤
It’s always amazing to me when I see how few people have decent savings accounts and emergency funds. It seems to be something we’re just not teaching people anymore. I love the idea of selling non-necessary items. Getting rid of the clutter in our lives helps create clear minds and a bigger cash inflow.
I hate to say it, but I must respectfully disagree with the first point regarding the credit card. I’m all about getting rid of and avoiding personal debt, including credit card debt. But that’s just my opinion about my own budget, I don’t like to tell other people how to handle their finances.
Great tips, Christy! My family is always looking for ways to trim expenses; cooking more instead of eating out is better for our waistlines as well as our wallets.
What I like about credit cards is that (at least lately) you don´t have to pay interests and that you can earn points to eventually exchange them for gifts (airplane tickets included). Good tips, Chris.. <3
Over here we have high-interest credit cards (most of them), Aqui… So it sounds like perhaps a better system on the wallet where you are <3 Sending love!
Great tips Christy. Credit cards can be an asset if used properly. So many rob Peter to pay Paul. I don’t use my credit card unless I have the funds to cover the charges or I know I will not be able to pay at least half by the due date.
Reducing expenditure is a good way to start, as is selling items that are no longer in use. I think, though, that credit cards can be a big trap for anyone inclined to impulse buy. Credit cards must be used with the same respect as real money, as that is what they represent, essentially. That’s not to say they are not convenient though. I have had credit cards for longer than I care to admit and I am proud to say that I use them for convenience only (I rarely carry cash) and have always paid the amount in full each month and so have, over all those years, paid no interest fees.
Great tips, but perhaps reducing expenses should take priority over putting bills on credit cards out of “necessity.” A person with an out of control spending problem could easily take advantage of the idea of putting too many things on credit cards “because they need to,” where just cutting some unecessary expenses could easily solve short-term cash flow problems.
good read. taking the actions are more important.
I like the idea of selling things and minimizing the ‘junk’ around the house. Killing two birds with one stone. With so many in debt and no savings, you just need to be diligent with the credit card charges. Thanks for the reminder.
Great tips, thanks for sharing!!
Great article! The idea of responsibility (and consequently, opportunity) is something you do a great job of championing here. I also really love the idea of taking control of your finances by selling small things we may not utilize the value of anymore.
So useful thank you! x
Great points. Something I would add is Save first, Spend Second. A great way to make sure that you are always putting money aside for the future.
Great Points! You should put out a post on secured credit cards and which one is the best for credit building purposes. Options can be overwhelming.
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