Read below to know the 5 financial tips for the first week of December 2013.Tip no 1: Start an automatic savings plan by transferring a part of every paycheck to the savings account. Try to develop a habit of saving by starting with a smaller amount.
If you want to develop a habit of saving, then the first thing you need to do is set up an automatic savings plan. Transfer a portion of your income to the automatic savings account every month. You don't have to keep a huge amount of money in the automated savings account every month. Initially, start with a small amount. Increase the amount gradually.
Ask your employer to deposit a part of your income directly to the automated savings account. The amount can be as little as $10, but at least you'll save some money every month.Tip no 2: Don't accept store credit cards in a hurry for they charge higher interest rates than average credit cards.
Average credit cards come at an interest rate of 15 percent. On the other hand, retail or store credit cards carry a very high interest rate. Several retail credit cards carry an interest rate of 20 percent. This means you have to pay 5 percent extra on interest.
If you can manage to pay off the full balance every month, then you may get lucky and avoid paying an exorbitant interest rate. However, if you can't clear the total balance every month, then it is likely that you would have to pay a very high APR. So, if you've a high chance of carrying balance, then it's better you don't opt for store credit cards.Tip no 3: Something is always better than nothing. If your ex can't pay any money for child support, then try to get it reduced through court.
If your ex is not doing a great job or lives on a very small income, then this doesn't mean that you should let him skip his responsibility easily. If he is broke, then ask him to get a job. In addition to that, ask your ex to seek help from the court regarding child support. Request your ex to ask the court to reduce the child support till he gets a better job with a good pay scale. He can consult a family attorney who knows about the anti-retroactive modification laws as well.Tip no 4: Make a stark distinction between your needs and wants especially when you're living on a minimum wage. Otherwise life will only get tough for you.
You can't afford to make additional expenses when you're living on a minimum wage. That is way beyond your means. In fact, what you need to do is to understand the difference between the wants and needs. For instance, you may love to drive a luxurious car to your office everyday. However, when your budget is tight, what you need to do is reduce your extra expenses. You can do that by sharing your car with your spouse. You can sell your second car to reduce its maintenance cost. Use all the opportunities to minimize your spending and try to take advantage of all the situations that will help you increase your savings.Tip no 5: Want not and waste not to keep debt problems at bay. Start loving frugal lifestyle to build a solid financial house.
Don't waste anything even if you have plenty of money. Keep it in mind that money is precious. If you keep on spending your money unnecessarily, then you'll be in serious debt problems very soon. Recycle the old materials to make something useful. For instance, don't throw away your jeans. Rather, use them to make some nice bags. Don't throw your coffee mugs. You can paint the mugs and use them as pen stands.
Last but not the least, don't want anything that would drain your funds all of a sudden. Try to have minimum needs and wants so that you can save money gradually.
With proper help you can
- Lower your monthly payments
- Reduce credit card interest rates
- Waive late fees
- Reduce collection calls
- Avoid bankruptcy
- Have only one monthly payment