Whenever times get tough, the experts spend forever arguing about how we got there. Well, maybe that's important, but so is figuring out how to get out of the mess. So, if you're finding yourself in a budget crunch, credit card trap, or other financial blunder, here are some tips to save yourself a few bucks.
Pay down more than the minimum on your credit cards. One of the biggest mistakes people can make is to only pay the minimum required each month on their credit card. Try increasing the payment, even by only 10%. It will get that card paid down and off much more quickly, even years earlier, if you're carrying a high debt.
Get your interest rate lowered on your credit card. If you've been paying that credit card off each month, phone up and ask for a lower interest rate. No matter how tight the economy gets, businesses want to retain good customers, and will do a lot to keep them.
Try a home vacation. If you usually travel somewhere with your family each year, consider staying at home. Make it extra special by planning home events like late nights watching the stars, walking tours of interesting areas of town, or even a few nights stay in a hotel near by. It'll still be great, and cost a lot less. Oh-and when you call that local hotel, tell them what you're doing-they may give you a super deal for staying in town.
It cannot be said enough: make a budget. Nothing will get you back on the right money track than when you see the numbers in black and white. Start easy by just collecting every receipt when you buy something, and making a list of what you're spending. Then cut back a little bit. If you find you're spending $200 each week on groceries, next week spend only $150. Look at where your money is going, and plug that financial leak. Do it one leak at a time, and before you know it, you'll have enough to float your financial boat.
Get a part-time job. If you have tried everything and you still cannot save enough money, or generate enough out of your job to pay the bills, it may be time to consider a second job. Let people know that you're looking. Even a few hours a week can sometimes make a huge difference, and keep you financially afloat.
Don't let tough economic times be an excuse to run up your credit cards, lower your credit score, or hurt your financial future. Money basics like budgets and watching costs are strategies for good times and bad.
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