Personal finance is one of the hardest aspects of balancing when becoming a responsible adult. Everyday we are faced with financial choices both necessity and frivolous that our brain must weight and choose carefully. If we bought everything we saw, heard or read during the course of our day, we would be broke however what happens when you have cut your frivolous spending and you still need to pay the bills, food, etc.? The answer create a predetermined budget and stick to it.
Every month you will have reoccurring expenses, such as food, gas/transportation, mortgage/rent, credit card bills, other loans or outstanding debt, electric/phone. These are the bills you HAVE to pay in order to keep your credit good and your debt low. However some bills you may see as a necessity may not be. Try eliminating one of these items to cut costs
Cable/Internet- Most people need access to the internet in this day and age but remember there are still places like Libraries where you can use this free. At least at the low-end of things lower the speed of your internet connection. This can save you up to $25 a month!
TV/Cable- While cable is great, who needs it now with Hulu. Ditch your cable and watch your shows online and get a basic transformer box to watch you local stations if you wish (this is a one-time $50 cost for a converter box)
Cell Phone/Phone- You really don’t need a home phone and a cell phone anymore so get rid of one. If you are a cell phone person look to pay as you go phones as they are less tempting to “go over” on minutes and you won’t use it for texting or surfing the internet, which can add fees quickly to your month budget. Remember keep it basic!
Here are some other good tips
Call and try to reduce your credit card interest rates. This equals lower monthly payments
Use the least amount of electricity possible to save money
Move or rent a smaller place or in a up and coming are
Save gas! Walk, bike or take the bus to get around!
Shop at low-cost grocery stores, plan your meals in advance so you don’t waste fppd or money
Limit your fun and entertainment budget. Supplement with low cost activities like, swimming, going to the park, reading a book, catching up with a friend.
And always try and save for emergencies so you don’t have to use a credit card or costly payday advance