10 Ways to Fix Your Finances Right Now
Here are some ideas for getting your financial house in order. Many people don’t know where to start and don’t take action. There's no time like now to take charge of your financial future!
Make a household budget - Using a simple budget template in Excel or Google Sheets, figure out how to spend less than you make; look at your expenses for the past few months and ask yourself where you can reduce your spending; even if only a few dollars a month, it will allow you to save and get out of debt. Here's a simple Excel template I built that you can use. Just open in Excel and save down a copy and you can edit it. Acorns is an app I like that helps you build your savings and investments while tracking your spending.
Make sure you budget for automatic savings - if your company has a 401(k), contribute!
Pay off your credit cards - You can pay off your credit cards with lower interest personal loans that allow you to pay off the balance over time - I really like peer to peer lending networks like Prosper. I also like ICashLoans, GotLoans and ThriveFinance.
Review your monthly expenses regularly - what don’t you need to spend money on; what can you get for less money?
Look for side hustles - You can make extra money outside of your day job - here are some passive income ideas. If you want to start or grow a business, Kabbage can be a great option to get a loan.
Look for cheaper car insurance - many people don't realize how easy it is to shop around for car insurance and you may even get a better price if you use the same company for your homeowner's or renter's insurance.
Buy a pre-owned car instead of new - you can save a lot of money and still have lower maintenance cost, especially with a dealer-certified pre-owned car.
Eat more meals at home - eating out is very expensive; try to limit to one night a week and cook at home the rest of the week
After you pay them off, cut up your credit cards but keep one or two for emergencies only.
Stay away from the mall - shop online for only what you need - Amazon prime is great for saving money and getting free delivery, too.
I hope you find these ideas helpful. The most important thing is to take action now! Don’t wait until tomorrow!
Here are some other ideas for investing.
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