(ThySistas.com) For many people, one of the scariest things in life is checking their bank account after all the bills go out. Will there be anything left? Will that dreaded overdraft alert show up? No one wants their finances to be a game of Russian Roulette, so it’s time to get ahead. Consider these tips below so you can learn how to improve your financial position for now and into the future.
Borrow Responsibly
When you have cash flow problems, it may seem convenient to load everything on your credit card and worry about how to pay it off later. However, using your credit card when you know money is tight is like playing with fire. Why not try out low interest or no interest loans instead?
Credit card interest rates can be crippling, whereas the repayment
terms from a responsible lender with a quick cash loan won’t be, so long as you’ve done your research and selected a reputable company. Weigh up your options. There are many lenders out there who offer competitive lending criteria and repayment terms you can manage.
Say Goodbye to Impulse Buying
It’s terrifying to think that most Americans couldn’t afford a $1,000 emergency payment if something happened. What if you get sick, can’t work, or your car breaks down? What if you need to fly to a family member in crisis? Don’t let a credit card be your emergency fund.
It’s easier to get that $1,000 buffer than you think. Take a look at your bank statements. How many impulse purchases have you made? There might have been a cute pair of shoes you couldn’t resist or a TV on sale for one day only. From now on, curb your impulse buys. You’ll have that emergency buffer in no time.
Get Smart with Cooking
We live in the avocado smash era, with expensive ingredients a necessity for Instagram-worthy photos. However, if you want to get ahead with your finances, you have to make some sacrifices.
Swap those avocados for in-season vegetables, and French baguettes for affordable carbs like pasta. You can also save a fortune by dining out less, swapping burgers and fries for homemade lasagne and salad. You would be surprised at how a few menu changes can fatten your wallet.
Coupon Savings
Eight in ten Americans live paycheck to paycheck, with food one of the significant costs every week. You can bring your grocery bill down – even if it’s only ever so slightly – by making use of coupons.
It might seem like an arduous task, but coupon cutting can save you thousands of dollars over your lifetime. A few dollars here and there can all add up to getting you ahead with your finances – even if the checkout worker groans every time they see you coming.
Savings Schemes
If you want to be a financial success, you have to be on top of what’s available in the realm of savings schemes. Choose accounts offering the best interest rate, or even consider the 50/30/20 savings rule. This method is about putting away half of your income for necessities, 30% for wants, and 20% into savings. Before long, you can have a nice little nest egg that fulfills your desire for financial freedom.
Getting ahead with your finances doesn’t necessarily mean you have to find a higher paying job. Although, that can help. Much of the process involves being smarter with your money and using wise borrowing methods. If you change your shopping habits, look at savings options and even get savvy with coupon use, you’ll be saving money left, right, and center.
Staff Writer; Shelia Love