Family Finance Help

When it comes to managing our finances too many of us seem to anxiously await our next pay cheque only to watch it disappear before our eyes as we pay those outstanding bills, which in turn means that we have to scrape by until the next pay cheque arrives. Often times wondering just how we’re ever going to actually be able to start saving some money each week.

At some point those in this predicament have no doubt tried to budget only to find it’s a lot easier said than done. I know each time I try I end up running into an unexpected expense or something I did account for ends up being much more than initially planned. While I eventually hope to have my budget under control, to the point where I have money left over after each pay period, there are a few things I’m doing in the interim to help me get into the habit of sticking to a budget.

The first thing I’ve done is for things like bills that I know I have to pay at certain intervals (phone, electricity etc) rather than just putting aside a few dollars each week while waiting for the bill to come in I actually send that payment to the company. This means that by the end of the quater (or other due date) I’ve either paid it in full or there’s only a small left to pay. It also means that I’m not suddenly dipping into any money I put aside for the telephone to cover another payment that has suddenly come in.

When it comes to things like credit cards, if for some reason I can’t pay the outstanding balance in full, I always pay more than the minimum required. One thing I’d suggest though is to visit with your bank or other financial institution and see if there’s a way you can consolidate your credit card payments into a loan of some sort. Be it adding to your mortgage or applying for a personal loan etc. Interest payments on bank loans are a lot lower than those of credit cards.

And I’m learning to say no. This is probably the hardest of all, but if something is not an absolute necessity, rather than buy on interest free terms or use money that could be better served somewhere else I just don’t purchase it. The funny thing is, is that by the time I have saved up for it I’m discovering that I can either get a better deal or don’t really want it any more.

These are just a few tips to help you get your budget under control, remember that once you have your budget planned and working before you know it when the next pay cheque arrives you’ll actually start having a little extra left over and you can start saving.