2007-06-25 20:36:44 · 7 answers · asked by ina_nrssb 1 in Business & Finance ➔ Personal Finance
My Seven Step Plan:
1. Cut up all of your credit cards. Pay for everything with cash or debit cards.
2. Carefully record how much you spend and on what each month.
3. Eliminate all unnecessary expenses. (You'd be surprised how much that daily Starbucks coffee can really add up.)
4. Make an expenditure budget to carefully moderate those expenses that you really need.
5. Anything that you can put aside should first go toward paying off debt: student loans, credit cards, mortgage, etc.
6. Consider using public transportation or carpooling. (Need I say more with gasoline prices what they are?)
7. Set realistic financial goals and stick to them.
2007-06-26 01:12:48 · answer #1 · answered by osaka_teacher 3 · 0⤊ 0⤋
to manage my spending in general i make a spreadsheet. at the top i put the amount of my paycheck for the week then below that deduct all my essential bills for the week. with an inserted formula i know how much i have left over for the week. so i dont say well in my account theres 100 right now so i can spend maybe 50 of that right now. i look to the end of the week and see that by the end of the week maybe i only have 20 after bills! so if i spend that 50 right now ill be short 30 before the week is through!! this could help you avoid spending money you wont have which is a first step in management. i make a new section starting with every paycheck and deduct upcoming bills so i always stay on top of things and dont end up short and have to rely on credit.
2007-06-25 21:36:27 · answer #2 · answered by mk.duran 2 · 0⤊ 0⤋
First, keep a journal so you know where you're spending money. Keep it for at least one week, but longer is better. Look for places to cut expenses. For example, borrow videos from the library, use the internet at the library, don't get cable, don't buy coffee out, eliminate trips to fast food places, use grocery coupons and and bring your lunch from home. Then, look for ways to earn more money, or get more education so you can apply for better jobs. If your employer pays for educational classes or training, take advantage of that, and if not, think about looking for one who does.
2007-06-25 21:00:05 · answer #3 · answered by Katherine W 7 · 0⤊ 0⤋
Besides all the previous recommendations, I would suggest finding alternative ways to get extra cash online.
It has really worked for me! I've stablished a steady income,, increasing from month to month!
If you are interested in knowing how to do so, check out:
www.website.ws/luwiton
2007-06-26 02:24:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Besides making monthly budget on all expenditures and keep control on all kinds of spending, you need to develop new sources of income. Not just cut cost but to increase the money in yr pocket! If you are interest in some kind of on-line lifelong business, leave me a contact! (as it is not proper to advertise here!)
2007-06-25 20:55:53 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Spent less is earned for Future. When you run on low income, AVOID Loans. Interests will eat away your income.
2007-06-25 20:48:54 · answer #6 · answered by Anonymous · 0⤊ 1⤋
You live with your means. if you bring home 300 you do not spend more then that .
2007-06-25 20:42:00 · answer #7 · answered by canivieu 5 · 0⤊ 1⤋