Would you like to know if there's anything more you can do to stretch the money you have coming in these days? Well this article is for you. We've thought of six actions you can take to make sure you're getting the most out of every dollar you're working for.
Cut out unnecessary expenses
At one time or another, you may have signed up for a subscription to Amazon or Apple and forgotten all about it. If you have unnecessary costs like these coming out of your bank account each month or being charged to a credit card each month that you no longer need, stop it and repurpose that money towards a more vital expense or savings.
Pay your bills on time to avoid late fees
If you're anything like me, I despise paying late fees on my monthly bills. The extra $10 to $50 in late fees could be used on something more essential like gas or groceries! Try paying your bills on time to keep these frivolous amounts from eating up your precious dollars.
Stop using your credit cards
If you owe balances on your credit cards and you are not able to pay them off, and/or you are not able to pay off any new charges by the end of the month when they come due, then avoid running up the bill on this high interest debt. Use cash available for purchases you need. If you don't have the cash available and it's not a life or death situation, wait until you do.
Request removal of late fees and interest on credit cards
If you have never requested a removal of these types of fees, chances are you're overdue for at least a one time pass. Can't hurt to ask, even if you've been granted a removal of these fees before. Consider moving your due date, if this will help you avoid late fees going forward.
Take advantage of budget plans and deferments
If you could use an extra month or two to gather up some extra money to pay your bills, take advantage of any deferments you may qualify for from your mortgagor or auto loan financier. Utility companies also have budget plans that help keep your monthly cost leveled throughout the year.
Reassess your phone and cable bills
It's always good to at least on an annual basis, ensure that you're getting the best promotional deals your cable or phone company has to offer. Getting the same or similar service for a cheaper price is always a nice added value to your pocket book!
Whether we're flying high in a booming economy or counting our last coins during a recession, it is always necessary to reassess our finances annually, at minimum, to ensure that we are not wasting money that could be put towards long or short term savings, a much deserved vacation, etc.
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