It seems like each month there are more bills to pay and less money to work with to pay them. It’s important to get a grasp of the finances in the family before they get out of hand as this could result in severe debt that can increase each month.
There are a few things that you can easily do to get your finances in line in a short time so that you have a little extra money to save for an emergency.
Get a free credit report to see where you stand with your credit score and what you need to get paid off. There are resources online where you can view your score for free, and you can contact the larger credit reporting companies to get one free report. If you see something that seems like it shouldn’t be on the report, contact the company to dispute the amount.
When possible, bundle services that are provided. Cable, internet and phone companies often allow you to bundle multiple services together for a lower rate each month. Talk to energy companies, like Lumo Energy, to see if you can get on a prepaid plan. This would mean that you know how much your bill is each month as it’s the same thing. At the end of the year, you might get money back from paying too much or have to pay a small amount if you didn’t pay enough for the energy use in the home.
Decrease Extra Spending
It’s nice to go out to eat with the family so you don’t have to cook or enjoy time at the movies. These activities take money out of the bank account that could be used for a bill that needs to be paid or to get groceries and gas. Cut back on some of the extra things that you do, saving the money that you would spend for emergencies.
Make A Budget
Each week or each month, sit down and talk about the money that you have coming into the home and what you need to pay each month. Stick to the budget that you create. If there’s something that you need to get for the kids, then you want to budget that amount as well.
When you take the time to think about keeping your finances in line and make plans to adjust some of the payments made each month, then you can begin to see a small savings accrue instead of more debt. Talk to a professional if needed to discuss your finances. Once you start to catch up on what you owe, begin to pay a little ahead so that you don’t get behind again and get those finances in line.
Guest Post: Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.