Wednesday, June 26, 2013, AM | 1 Comment
A major part of getting in control of your money is learning to save it. In order to save money, though, you first have to cut back on your expenses. The following tips from Power Finance El Paso can help you save nearly $500 a month
Pay off your highest interest credit card debt first
Power Finance in El Paso recommends paying off your highest interest credit card debt first. This debt is costing you the most in interest charges, and by prioritizing it above lower interest debt can save you hundreds of dollars a month.
Make minimum payments on your other loans until you get this debt paid off, then divert the money to pay your next highest interest debt. After paying off your first one or two credit cards you’ll be saving money and you’ll have cut down on the number of bills you have to keep track of every month.
Cut your cable and cell phone
Many people pay over $300 a month for each of these services, so cutting them makes sense if you need to save money. Odds are you won’t miss the cable if you can stream free shows online, and a pre-paid basic cell plan will let you work through emergencies.
Sell your car
This may seem drastic, but if you live in an area with good public transportation you can get around without paying a high car payment, gas, and car maintenance.
If you still owe money on your car, use the money you make by selling it to pay off your loan, and use any remaining balance to pay off debt.
In the meantime, use the money you save by not making the payment each month to pay off debt and build up your savings.
Even if you do not have access to public transit, it might make sense to sell one car in your family and share rides with your spouse, parents, or children.
Get a second income
Experts in payday loan in Houston TX suggest this might mean finding a part-time job, but a lot of people turn a hobby into a business in order to make a little extra income each month.
Consider mowing lawns, babysitting, or even selling crafts online. Odds are you can earn $500 a month by working ten hours a week a less. Use all of the extra money you make to pay off debt or build up your emergency fund.
Get a roommate
In addition to being able to charge rent, a roommate will also help with utilities bills.
If you are still having trouble paying your bills, consider a payday loan Houston TX residents use these loans frequently to pay a bill.Facebook.com/doable.finance