Managing money can be challenging – and you are not alone. The first step in making any financial progress is taking control of your money. Here are several solutions to help you make the most of your finances while working to build better money habits along the way.
1. Track your spending: Start by tracking all expenses for a month to understand where the money is going. This helps identify areas where spending can be reduced. Our LMY Mobile app can help with this, too.
2. Create a spending plan: Based on your tracked spending, create a spending plan, aka realistic budget, that allocates your money for necessities (like rent, utilities, groceries, and transportation first), then funds for discretionary spending monthly.
3. Prioritize debt repayment: If you have outstanding debts, prioritize paying them off after this. Focus on high-interest debts first, while making minimum payments on others. Avoid past due payments and overdraws.
4. Cut out discretionary spending: Identify non-essential expenses that can be reduced or eliminated from your spending plan. This might include dining out less, cancelling unused subscriptions, or finding cheaper alternatives.
5. Build an emergency fund: Aim to save a small amount each month toward unexpected expenses. Even a small fund can help cover an unplanned expense and prevent further reliance on racking up credit.
6. Consider secured credit cards: Secured credit cards can be easier to obtain with a low credit score. They require a security deposit, but responsible use can help rebuild your credit over time. Note that a secured credit card will usually only benefit someone who does not already have credit card debt.
7. Negotiate bills: Contact service providers like cable companies or cell phone carriers to negotiate lower rates. Many providers offer discounts or promotions for long-term customers.
Ultimately, managing your money strategically is most important when working to gain control of your finances. Nothing is impossible, and the hardest part is getting started. If you think meeting with a certified expert is your next step, visit our scheduler to get time with a Life. Money. You.® Financial Coach – oh, and it's free!
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