5 Ways to Make Your Budget Go FurtherSubmitted by Stone House Investment Management, LLC on January 8th, 2018
Maintaining a monthly budget isn't as simple as it may seem for the average family. Day to day expenses, bills, a mortgage payment, insurances, education costs, and saving for retirement can make or break a budget. So in these times, it’s important to take some relatively easy steps to stretch your budget.
Start with your credit cards and then look at your everyday, household expenses. Often, people overlook where their money is going when it’s as easy as a tap, not to mention interest and fees.
1. Pay your credit card balance in full each month. If you don’t pay your credit card balance in full each month, you will be paying steep interest rates on the balance. That interest rate could easily be 15% to 20% or more annually.
2. When getting cash from ATMs, use only those affiliated with your own bank so you can avoid the transaction fees charged by “foreign” banks. These fees typically run $2 to $3 per transaction. Look into getting a card from a bank that absorbs fees.
3. Look at your household bills each month: telephone, cell phone, cable/satellite, internet service provider, and trash removal service. Can any of these be reduced by switching service providers? Do you use all of the calling features that you pay for? Do you watch all those channels in your current cable or satellite package?
4. Consider getting rid of some of your non-essential household items. If you have a cell phone and a home phone, perhaps you can give one up. If you don’t mind watching television shows a bit after the premiere, you can save money by getting rid of cable or satellite service.2
5. Make sure you’re truly keeping track of your bills. Auto-payments make it too easy to let month after month goes by without tracking each item spent. Have you been reviewing your monthly bills that are set to withdraw from your account monthly?
Plan your financial future!
*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2014-2017 Advisor Websites.