Do you ever feel like your personal finance is holding you back from success? Many working adults can end up in an attitudinal rut when their income doesn’t give them enough room to expand their horizons, learn new skills, travel at least once per year, or enjoy long weekends out of town with friends. For millions of diligent people, the only thing keeping them from enjoying a taste of success is a strong dose of budgeting.
What if the subject of personal finance is as foreign to you as ancient Russian literature? Don’t worry. There are several simple ways to tame the budgetary beast and come out at the end of each month with a monetary surplus. Step one is to face your monthly budget and find ways to slice expenses. That can begin by refinancing any outstanding education debt left over from college. Refinancing is a powerful tool in your cost cutting arsenal. After that, attack the plastic by paying down high-interest credit cards as quickly as possible. Additionally, using one or more of the latest coupon apps can be an excellent way to chop grocery bills and spending on common household goods. Here’s how to get underway.
Reduce Monthly Expenses
If you owe on a couple of old college loans, there’s a solid opportunity right in front of you. That’s because you can refinance multiple obligations into a single loan that usually comes with better terms, more time to pay, lower monthly payments, and additional flexibility. One of the many advantages of a refi is that it puts money in your pocket almost immediately. Many working people choose a NaviRefi student loan refinance agreement to get their college loans in order. Plus, after you refinance, there’s just one monthly payment to keep track of. This one strategy can make a significant difference in your lifestyle and help you build up a savings account at the same time.
Kill the Bad Plastic
If you’re like most, you carry more than two pieces of plastic with you at all times. There’s nothing inherently wrong with credit cards unless they come with higher-than-normal interest, and you use them in an unwise way. Ideally, you should be able to pay off all the balances at the end of each month. If you have high-interest cards, focus on the one with the lowest balance and go on a mission to pay it off as quickly as possible, even if you need to cut back on eating out and social activities for a few months.
Use Coupon Apps
Years ago, coupon apps were poorly designed and hard to navigate. The newer versions are streamlined little powerhouses that anyone can use to save at least 5% on groceries and common household items. The good news is twofold: there are many such apps out there, and they’re all free. Be aware that you might need to join a club or divulge some personal information to gain access to the best ones, but in most cases, the exchange is worth it. There are apps that let you simply transmit images of all your receipts to earn cash. Others are more traditional but electronic versions of standard coupons that you can scan at checkout for a fixed amount or percentage off all purchases.