Managing Your Money

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[by Steven Fitzpatrick] It will mean the difference of financial stability or daily stress of making it from paycheck to paycheck. Being smart with your money will allow you to be able to do what you want when you want too.

You Must Have a Budget

Having a budget is the best thing you can do for your overall financial stability. By doing this you will know exactly how much you earn every month and how much are your expenses. Take a look at your non-essential expenses and find ways to reduce or eliminate all together, this will free up more money you could put into savings.

Do You Have Credit Card Debt?

Look at your credit card debt; try to pay down as much as you can to pay them off. If you have more than one credit card, eliminate so you only have one. Shop around for a better interest rate; ask your current company if they will reduce their going rate. If they don’t, you can always shop around for a card with a better interest rate.

How’s Your Credit Score?

Keep an eye on your credit score. From time to time it is important to make sure the current information reported to the agencies is accurate. A wrong or misleading ping on your score will cost you more money. If you notice a problem with the information posted, contact the agency and correct it. This could mean the difference in your interest rates on credit cards and an approval or denial with getting credit.

Download Your Bank Statement

Look into downloading your bank statement into a program like ‘Quicken’ or ‘QuickBooks,’ they can track your spending with a click of a button. It is a quick way to track all your financial matters. Some people like to see where their money is going every month, and will options like graphs and reports it makes it so much easier to understand. It’s like your own little accountant with the click of a button.

Avoid Impulse Buys or Retail Therapy

Avoid impulse buying or retail therapy, as some of you like to call it. You can prevent this by sitting down to make a list as to what you would like to purchase in the future. Save for it, and when you have the funds set aside look for potential coupon codes and then buy it. Impulse buying and shopping just because it makes you feel better only costs you money you may not have budgeted for.

Take a look at what you make every month and then study your expenses. Put them in order of necessity. Judge for yourself what are your essential expenses and non-essential expenses. Spend your money wisely, and find ways to save it. In the end you will have financial freedom and not live with the daily fear of making it until the next pay check.

More Information:

Frugal Soldier is a website that is packed full of resourceful information on how to save money. Individuals who would like to save money are encouraged to take a look at the site.

Source: http://www.PopularArticles.com/article461700.html