Save Money queen

Published on July 18th, 2013 | by Pete

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4 Recommendations for Money Troubles

Financial troubles can take a toll on your health, relationships, and home life. Disagreements over spending habits are the leading cause of arguments throughout the world. Next time you’re experiencing a difference in opinion regarding money take a peek at these four helpful recommendations.

Problem: No Plan

In theory, planning is a great idea but sometimes we get consumed with work, family, and friends that we don’t find the time or see the value in having a plan. It can also be quite overwhelming when you’re confronted with all your expenses head on. However, not planning can have detrimental effects. Aside from having no clue where your income is going, you might be spending more than you need to on basic packages like TV, internet, and phone.

Recommendation: Make a Budget

You’ll never go wrong if you have a solid budget in hand. A proper budget will have the inflow and outflow of cash categorically organized in such a way that you can easily identify luxuries from necessities. It doesn’t take long to make, and will guarantee to save you tons of money.

Problem: Spending Too Much

Overspending is an issue that plagues most middle class families. It can take the form of buying a house out of your price range or paying top dollar for daily expenditures like certain brand name coffees.

Recommendation: Record in a Spending Journal

By documenting all your expenses (similar to a budget) you’ll be able to see the stark reality of how much you spending on non-essentials. Rather than buying your coffee on your way to work every morning, maybe it would be wiser to make it at home. You’d be amazed how fast those non-fat mocha lattes add up to big bucks!

Problem: Credit Card Crisis

Have you ever opened you credit card bill only to find a colossal number printed in the “balance due” section? Credit cards can easily be abused if you don’t keep track of how many times you’re swiping them. Paying off only the minimum amounts won’t help you either once the interest rates accumulate.

Recommendation: Shred ‘Em

When in doubt, toss them out! If you spending has gotten out of control and you no longer trust yourself to make responsible decisions with credit cards in hand, it’s best to cut them up and throw them out. After you do that it’s your job to pay them off as quickly as possible because the longer you procrastinate the higher the balance will get. If you’ve tried doing this and are still unable to manage your debt, maybe it’s time to consult the experts. Agencies offer the services needed to get you out of debt and on your way towards brighter days.

Whatever the financial dilemma, there is a cure. Refer to these helpful hints the next time you’re confronted with a serious money management issue.

This is a guest post.

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