Financial education is seriously lacking in America. As a result, many adults find themselves in over their heads when they strike out on their own. Managing money doesn’t have to be a struggle, though. Try using these three strategies to rein in spending and get your budget under control without impacting your daily activities.
- Save Every Receipt
Ideally, you’ll create a budget to get a clear picture of income and expenses. While you are working on that, be sure to save receipts from every single purchase. Form a pack of gum to new electronics, if you spend money on it, then you have to keep a record of the transaction. This will highlight many of those small drains that can really add up and impact your cash flow.
- Negotiate With Service Providers
Once you know where your money is going, you can get to work cutting back on spending. One way to do that without impacting day to day living is by negotiating prices with companies you already use. Many internet, television and phone providers have retention departments that are authorized to offer a lower rate if you threaten to leave. Shop around with other providers, too. Reach out to South Carolina homeowners insurance companies that are more than happy to give you a quote.
- Know Your Interest Rates
The interest you pay each month on credit card balances or installment loans can really add up. Call each lender and ask about your interest rate. See if they will lock in a lower rate to help you manage debt better. If not, shop around for low-rate transfers or refinancing options. It could save you hundreds of dollars a month and help you pay off debt faster.
By tracking where your money goes, negotiating lower rates for services you use and moving debt to lower-rate options, you are taking charge of your spending and bringing your budget under control.