Smart budgeting prevents eviction, increased credit card debt, ruined credit score, and ruined credit scores. It’s never too late to achieve your financial goals. Get started now with these 10 steps to make your financial life less stressful.1. Follow a budget that reflects your earnings.
Review Credit Card Payments and Due Dates
Avoiding credit card payments will only worsen your debt
- Go over all your bills to see what must be paid first and then set up a payment schedule based on your pay days
- Call the bill companies to see how much you can pay now to get back on track toward positive status
- Be honest about what you can afford to pay
Seek Out New Sources of Income
If your current budget doesn’t balance or you’re barely scraping by, you may need to look at working overtime, getting a second job, or possibly getting a new, higher-paying job.
- Employing sound money management can mean the difference between financial disaster and financial stability.
Review Your Past Month’s Spending
Call your credit card companies and ask for an interest rate reduction.
- All cutbacks should start with items you wouldn’t miss, such as switching car insurance companies to get a cheaper rate, or reducing your fresh food purchases if you find food spoiling before you can eat it.
Journal a New Budget for One Month
Track your money by dividing expenses into categories
- Rent, food, clothing, utilities
- If you find you are over budget, make changes to your budget
- Cooking from scratch can eliminate the cost of pre-packaged foods
- Opting for generic brands over brand names can equal big savings on groceries
- Utilities can be reduced by using a lamp instead of track lighting
