Jan 7 2013
How nice it would be if we could just have enough money to do exactly what we want, when we want? To not have to worry about any more debt? We all dream of that financial freedom, but unfortunately it is very difficult for some of us to achieve. But it can be done. Credit card debt consolidation is the perfect way to start reducing your credit card debt, for example.
Take a hard look at your Situation
The first thing you can do to improve your financial situation is figure out how much is going where. Get your data together and figure out what items are producing income, and what items are draining income. You want to see more production and less draining. Positive income production items are: Having an IRA, having a second job or home-based business, maximizing all tax deductions, having investments, stocks, bonds or mutual funds.
What can be a financial strain is: Too much credit card debt, no emergency funds, high mortgage, casual spending, or no savings plans or investments. After you have a good idea of what your financial strengths and weaknesses are it’s time to begin eliminating the burdens and increasing the cash flow. You will need to know what works, and what doesn’t.
Take the Uphill Climb
There are so many things one can do to improve their savings and take care of what is financially draining. For starters, if you are in any sort of credit card debt, look into joining a credit card debt consolidation program. This is a good way to change the interest rate, or even reduce the overall debt that you have. Credit card debt consolidation is not like bankruptcy and is better for your credit overall. After you have an idea of what your monthly payments are going to be through the credit card debt consolidation program, you can take a look at what else you can do to save money.
Taking a look at your vehicle use is another potential way to save on money. See if you can get better gas mileage, and make sure repairs are up to date. If you are on medications, inquire about getting into a prescription drug program discount plan. Many pharmacies offer these types of programs now. You can look into your utility companies to see if you can save money, or switch satellite or cable providers. For your banking needs, try not to use the ATM outside of your network. That can easily save $3 a transaction. Hopefully these tips will help out your financial situation.
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Jake Alexander is a free lance writer who enjoys writing about finances. Follow him @JakeAlexander17.