You may not have influence over the economy, but you do have power over your own behavior. Here are ten methods to manage your finances, courtesy of BALANCE.
Keep a record of your expenditures. Knowing where your money is going can make it easier to make changes if necessary. For a week or two, use BALANCE's Fritter Finder tool to see where your money is going.
Distinguish between wants and necessities. Is that 42-inch flat-screen television really necessary? When money is scarce, only spend what is absolutely essential.
Paying your debts using credit is not a good idea. While using credit may make things easier in the short term, it will simply increase your monthly payments in the long run.
Save on a regular basis. Set up a monthly automatic transfer from your checking to your savings account or have a portion of your paycheck put directly into your savings account.
Be cautious while making large expenditures on a regular basis, such as gifts and vacations. While spending money may make you feel good at the time, you may wish you had it afterwards.
Spending a considerable amount of money on recurring purchases, such as gifts and vacations, should be avoided. While spending money may make you feel good at the time, you may wish you had it afterwards.
Reduce or eliminate your services. Is it possible to get a cheaper cable bundle or go without cable entirely? Consider eliminating your land line if you have a cell phone.
Reduce your energy consumption. When appliances and lights are not in use, turn them off. Invest in energy-saving light bulbs. Use a fan instead of air conditioning or a sweater instead of putting on the heat when possible.
You might want to sign up for online bill payment. You will not only save money on stamps, but you will also ensure that your payments are received on time. Members can use VACU's online Bill Pay service for free.
Reduce the number of times you order takeout. Even if the meal isn't particularly costly, repeating it regularly might quickly add up. Once a week, a $10 pizza will cost you almost $500 in a year!