Saturday, May 21, 2016, AM | 2 Comments
As soon as you get paid, you may feel like your wallet is empty again after catching up on your overdue bills, and you probably still have more to pay. If that scenario sounds familiar, take heart.
Here are six tips to help you light your debt load when you’re having trouble keeping up with your bills and expenses.
Look into Refinancing and Consolidation
Find out if your mortgage or auto loan is eligible for refinancing. This could not only lower your monthly payments, but also save you thousands over the life of the loan.
If you have student loan debt, consolidating these loans can potentially lower your payments while allowing you to pay fewer bills each month.
And if you have credit card debt, look into balance transfers with zero percent interest as a way to pay your cards off faster.
Plan Your Meals Each Week
Cutting grocery expenses can be challenging, especially when you have children. But you can make it easier by planning your meals each week before shopping, based on items that are on sale, and purchasing only the items on your shopping list.
Consider buying bulk for household staples, and rely on freezer meals and leftovers to pack lunches rather than buying expensive takeout.
Talk To Experts
Get a financial advisor to help you make a plan and get out of debt. If you are behind on taxes, talk to a professional to get all your deductions and pay what’s due.
If you have struggling with medical bills due to a personal injury, talk to personal injury attorneys in Salt Lake City. They can help get you the compensation you deserve so you don’t feel strained to pay the bills.
Any professional advice can get you back on track financially.
With the advent of specialized streaming services, there’s really no reason to continue paying your costly cable bill. Cut the cord and rely on Netflix, Hulu, and other inexpensive subscriptions to get your binge watching fix.
Track Your Expenses
If you aren’t sure where your money is going, it’s impossible to save. Write down every dollar you spend for a month, then look for areas to cut costs. Seeing that you spend $100 a month on coffee can be eye opening when you have a perfectly good French press at home.
Lowering your electric and gas bills is as easy as unplugging your unused electronics when they aren’t in use.
Earn even more savings by investing in a programmable thermostat, which automatically adjusts the temperature of your home.
By lowering the air in summer and the heat in winter by just a few degrees, you can stand to see big savings on your bill.
By following these tips, you can get back on your feet again and feel like you have better control over your finances. Don’t wait for help until it is too late. With a little effort, you can gain control of your finances and start saving again.Facebook.com/doable.finance