At Krazy Deal Daze were not just about spending money on Krazy Deals!
In the event that your spending habits have you digging for pennies before the next payday, it might be time for a change. Unfortunately, running out of cash before payday, especially if you do it over and over, can cause a lot of undue stress that can negatively affect not only your pocketbook but your health as well.
However, all hope is not lost and you can reduce this stress and get back on track with your finances by reevaluating and altering your spending habits.
So how can you accomplish this?
Try these budgeting techniques:
Master List. The first step to any well-thought-out action plan is to develop
a list! So you’re going to start by making a list of all your loan payments and
credit card bills. You’ll expand your awareness about the number of creditors
you have, the total amount you owe, and the due dates of your monthly payments.
On the list, have 5 columns: the
name of the creditor, your monthly payment, the due date of each month’s
payment, the amount of interest you’re charged, and the total amount you owe.
monthly expenditures to your Master List. Next, list things like your rent
or mortgage payment, grocery costs, gasoline costs, and anything else you pay
monthly. Estimate the amounts for your cable, water, garbage, cell phone, and
utility bills, using last month’s statements. Your Master List should reflect
all your outgoing expenditures.
3. Establish priorities. Which bills do you see as the most important? Mark them in some way by highlighting or circling them.
Don’t know what bill has the highest
priority: A good place to start is your housing! Your rent or mortgage
should always be at the top of your list. If you require transportation to get
to your job, then I would personally have that as my second priority! If you
can’t get to work, that can definitely hinder your ability to make the money to
pay the bills.
the remaining bills. In looking at these
non-priority bills, you can most likely discover some areas in which you can
lower your costs.
5. Examine frivolous expenditures. Are you spending $50 a week on fancy coffees? Do you stop after work for a few beers with co-workers two or three days a week? Are you going out to eat or ordering takeout more than two times a week? If so, consider the amount of money you spend on these sorts of activities. Which expenditures can you reduce? Which can you cut out completely?
credit card and utility companies to request lower interest rates or payments. Make a notation on
your Master List of the reduced rates and/or payments you receive. Also, note any companies that
refuse to reduce your rates. Remember it never hurts to ask and the worst that could happen is they simply say no. Make the decision to stop using credit cards
with high-interest rates.
decisive steps to reduce your expenses. For example, if you’re paying out
$200 a month for premium cable channels and they are unwilling to reduce your
bill (In my personal experience they have always reduced my bill when I call and ask for a lower payment), you have
the power to cut your cable bill by removing the service completely.
how you can bring in additional dollars. You could consider getting a second job. There are other money-making opportunities you could consider as well. Are
you a crafter? Sell your crafts on Etsy. Do you have a lot of items around your
house that you don’t use or need anymore? Host a yard sale or list the items for
sale on a community marketplace site like Facebook marketplace. Use cashback apps and extension browsers
such as Fetch Rewards, Ibotta, Honey, and Rakuten when shopping for necessities. Then, use the extra
money you earn to pay off debts. Recognize you do have the power to change
Master List with you throughout the day. Each time you’re about to make a
purchase, glance at the list and reflect on your bills and financial goals. Ask
yourself if you truly need what you’re about to purchase. Allow yourself to
feel proud about this new routine.
10. Record your thoughts and feelings about the changes you’re making. It’s a challenge to try to change something about yourself, and how you manage your finances is no different. Write down how you’re feeling about adjusting your spending habits. It also helps to write about your financial goals, why you are trying to pay down your debt, why you’re trying to save money, and what are the financial goals you’re working towards. Be optimistic that you can and will change your financial situation.
If you consistently find yourself running out of cash and struggling to pay your bills, vow to follow these strategies to change your spending behaviors. You have the choice to alter your financial habits in powerful ways. You can do it!
Thank you for stopping by and checking out our Top 10 Budgeting Strategies To Help You Curb Overspending! Which tip was your favorite? Any other tips you'd like to add? Be sure to let us know in the comments below!
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