Planning Your Budget? 5 Monthly Costs You Can Alter to Lower Your Spending

Preparing a budget is a great way to start getting your finances in order. If you actually want to start saving money or improving your finances, you will need to start making changes in how you spend money. 

In some cases, you don’t need to make cuts, but you can certainly lower some of your costs for the same thing. Here are five ways to alter some of your monthly costs to lower your spending.

Food

Obviously you aren’t going to cut out food entirely, but it is important to look at how you spend money on food. If you spend $10 a day on lunch, that adds up to between $200—$250 a month just on lunch alone. 

If you spend $5 a day on coffee, that’s $100—$150 a month. You don’t have to cut out eating out entirely, but the point of a budget is to budget the money you spend on eating out.

Cut the Cable

The average cost of cable in the US is around $100. Conversely, you can pay for several premium subscription services each month for less than $10 each. Even better is you can start and stop them on demand. 



You might want to do Hulu, Netflix and HBO for a few months until you get caught up on your favorite shows, then switch to Amazon Prime and Showtime for a few months.

Car

If you drive an SUV, you might consider switching to a smaller, more fuel efficient car. You can also check to see if you qualify for refinancing at a lower rate on your current auto loan. Another great way to save some money is to walk more, bike to work or take public transportation a few times a month. You might be surprised at how much you can save.

Pay down (or Off) Your Credit Cards

When you add up all the interest you pay every month on your credit cards, you might be shocked by just how much it is. In some cases people can be spending $200- $300 a month in interest alone. While it may only be $10 or $20 per card, if you have a number of store cards or credit cards with high limits, the interest each month can really add up.

Insurance

While getting quotes on insurance can be a pain, it’s something you should do at least once a year. While getting online quotes may be easiest, you might get better rates calling an independent agent, such as Bear River Insurance. Much like accountants, agents can often help you find discounts you didn’t even know you were eligible for.

You don’t have to give up everything good in life to lower your spending. In fact, by getting rid of some of the things that don’t actually matter much to you, you may find you have even more money to spend on the things that really do.

Finances and Funds: How Smart Families Insure a Secure Future

Being financially responsible can sometimes feel as though it means that you can’t have any fun. Curbing your spending habits doesn’t mean that you need to miss out on the important things in life. Here are some techniques to ensure a secure financial future for your family.

Live within Your Means

Creating a budget will help you to live within your means. You know how much income is coming into your home, but you may not be aware of how much is going out. Taking a hard look at your monthly bills is the first place to start. 

There may be places that you can work to save some money. Evaluate the services that you’re receiving and determine if you can qualify for any discount programs. Many companies will offer you incentives in order to stay with your service provider.

Obtain Adequate Insurance

Insurance may seem like a waste of money until you really need. This includes health insurance, home owners insurance, and car insurance. Something terrible could occur and you would be on the hook for all of the bills that were associated with it. 


Start by getting several quotes so that you can find an insurance plan that will fit within your budgetary restraints. For example, getting an auto insurance quote from several different companies may vary widely in the price range that’s available to you.

Watch Your Expenditures

You have your set monthly expenses which include things like your bills, but there are also other expenditures that can start to add up. For example, dining out and entertainment costs can blow your budget if you don’t keep an eye on them. 

Set a limit on how much you can spend in these areas. There are always free forms of entertainment available for families that could help you to get out of the house without having to break the bank.

Save Each Month

Setting monthly saving goals will help to secure your financial future. This can be more difficult when you’re first starting out because you’re used to spending more each month on other items. 

Slowly scale back so that you don’t feel as though you’re having to make large sacrifices. For example, setting a goal of twenty dollars a week is more doable than trying to save it all at the end of each month. This money could come from giving up going out to coffee each day.

Being smarter about your money starts by examining your spending habits. Use these guidelines so that you can secure your family’s finances.

3 Ways to Make Essential Life Costs Fit Better in Your Budget

If you live on a tight budget, you may have already cut back on spending in every reasonable way that you can think of. Many people believe that they are living as frugally as possible, but there may actually be several ways for you to cut back further and to save money regularly on essential expenses. 

These are some of the leading ways that most people may be able to reduce spending even further.

Compare Insurance Rates

Personal insurance is a veritable necessity. After all, it provides you with the financial means to pay for unexpected events that may happen from time to time. 

You may think that your insurance premium is a fixed cost that you have no control over, but this is not the case. Comparing insurance rates periodically may help you to keep this expense as low as possible. 

Most agencies have websites, like marineagency.com, that make it easy to see what is offered. Remember to carefully choose your coverage to avoid paying more money than necessary on your insurance policies.

Plan Your Meals

Food is a necessary expense, but you may be spending much more than necessary on meals and snacks. Spend a few minutes planning your meals and snacks before you head to the grocery store. 




Pay attention to which meals may provide you with leftovers, and try to estimate the cost of ingredients for different meals. You may find that some of your regular meals cost a fortune compared to other more affordable meals that your family may love. 

You can also plan meals around the specials available at your grocery store each week.

Choose Alternative Transportation Methods

You understandably need to travel to and from work regularly, but you may be spending an excessive amount on transportation. If you are like many others, you may commute dozens of miles to and from work daily, and you may drive alone in your vehicle. 

Consider taking a commuter train or subway, if available. An alternative is to create a carpool to conserve gas. You may also downsize to a smaller and more fuel-efficient vehicle that also has a more affordable auto loan payment. 

Again, this calls for an evaluation of your insurance. You can search Google with local terms like “New Jersey personal insurance” and find what will work best for you in your area.

These are expenses that you may have previously believed are relatively fixed in your budget, but now you can see that you may be able to cut back in these areas. 

In fact, by following these tips, you may be able to save hundreds of dollars each month. This is a substantial amount of money that can be used for debt reduction, savings or other important purposes.

Building Retirement Savings After 50

Financial advisors recommend saving money for retirement during every phase of life, but it's not uncommon for couples and individuals to reach their 50s without enough money saved for their eventual retirement. 

The average citizen spends the majority of his or her income on food, shelter, and transportation, as well as small amounts on healthcare, education, recreation, and general household purchases. 

Regularly saving money for retirement isn't always part of the monthly budget. Families, couples, and individuals can begin saving money for retirement in any decade of life but doing so after the age of fifty does require a different strategy than doing so as a twenty-something or thirty-something worker.

Maximize Contributions to a Registered Retirement Savings Plan

Contributions to a Registered Retirement Savings Plan (RRSP) reduces taxable income each year, and investment income made from the bonds, shares, Guaranteed Investment Certificates, and other investment types within the RRSP isn't taxed either. 

Speaking with an investment professional can help individuals and couples who haven't yet begun saving for retirement choose the best investment path. However, it's not necessary to create an official investment account to begin saving. Putting some money aside in a run-of-the-mill savings account is an excellent first step for anyone who hasn't started saving. 




Other investment options include Voluntary Retirement Savings Plans (VRSP) and Tax-Free Savings Accounts (TFSA), but it's important to note that contributions should only reach a point where borrowing from the accounts doesn't become necessary unless an emergency occurs. 

While it's possible to borrow money from retirement accounts, those loans are taxed as income at the end of the year.

Modify the Monthly Budget to Accommodate Retirement Savings

Living life to the fullest at every age can help couples maintain their health throughout the decades before retirement, but it's important to consider building some savings over time. 

Those living on tight budgets may need to rearrange certain facets of their monthly budget to establish a savings account. Future retirees do have some radical options for building retirement savings if they own their own home or other valuable items. 

Moving from a large house to a small residence where there is no mortgage payment can allow the family to send the money that would otherwise pay the mortgage into a retirement account. 

Less drastic options also exist where couples can rearrange facets of the monthly budget to ensure some money exists each month for savings accounts, retirement accounts, and other investments. 

Researching better prices on necessary goods and services can also help. For example, it's beneficial to shop around to compare life insurance quotes, car insurance, as well as examine monthly bills for cell phones, gym memberships, and cable television services. 

Modifying habits like eating out at restaurants and buying unnecessary clothing or furnishings can also help increase the amount of money available for placement in retirement accounts.

Retirement Planning is Possible at Any Age

The cost of living will only increase as time passes, and actively saving money for retirement is a beneficial and necessary step in every person's life. Future retirees have many options for building retirement savings and may wish to explore all available options to determine the best path toward a comfortable retirement.

4 Websites to Keep Your Finances and Budget Organized in 2018

Budgeting is essential in anyone’s life. From having money to pay rent or mortgage payments each month, to allocating funds to pay credit cards, and of course daily expenditures, you have to budget accordingly. 

If you need help setting and maintaining your budget, there are several sites/apps you can use to assist you. These are a few which can help you get your spending under control, and possibly even start to save a bit each month.

OnTrees

It is not only one of the top apps on the Apple-store, it is convenient and easy to use as well. 

It offers features like SMS text if you are close to monthly expenditures, or are considering making a purchase which isn’t within your budget. This is ideal for over-spenders or compulsive shoppers.

Your Wealth

Online calculators, budgeting tools, and professional expert-advice, you have all the financial planning tools and guidance you need, to keep you on track. There is also a money-borrowing hub to help you find lower interest rates and the best repayment terms. 



A simple to use tool which will keep you on track, and help you allocate monthly funds to avoid over spending.

Money Vista 

This site uses a “life chart” to help you at different phases of your life. Depending on age, spending habits, earnings, and what you want to do in life (plan for a trip, pricey purchase, save, etc.), the life-chart will help you get there. 

It is easy to use and will help you maintain your budget accordingly if you need to keep your financial spending under control.

Chargify

More and more small business owners have started to use chargify because it is a great way to keep on track with all of your payments. It allows you to automatically send out invoices if they are recurring. There are loads of other brilliant things you can use. If you would like to know more about chargify visit topbusinessalternatives.com.

Most individuals need help with financing and budgeting but not all can afford a professional financial planner to help them. These online budgeting tools are easy to use, convenient, and highly-affordable. No matter where you are in life, these are simple tools you can utilise to help you track spending/saving.

Time to Take Charge of Your Money

The new year is a great time. It's the time when it's OK to move on from the mistakes of the past. The slate is wiped clean and you have another chance to get it right. Why not try some of these websites and apps to see if you can get your finacial lives organized. There's no better time than now to get started.

How Teens Can Organize Their Finances for Essential Expenses

Teens who learn to manage their money will reap the benefits of financial stability, goal attainment, and monetary self-control. There are many life skills to teach a youth, but financial responsibility is one of those skills that needs to be taught, not only by academic knowledge, but by example.

Create a Budget

No matter how much money a teen has to spend, a clear understanding of what their expenses are is necessary. A written budget is a great tool to use for itemizing necessary and discretionary expenditures. 

When this information is in written form, there is more awareness of which expenses are truly valid and which are too extravagant for a teen’s budget. The method used to prepare a budget can be computerized, as a basic spreadsheet, or in a more simplistic way, as a handwritten list.

Shop Wisely

If a teen looks hard enough, there are usually lower prices for the products and services that a teenager spends their money on. Brand loyalty can be sabotaging to a limited income so buying less advertised, and less popular items becomes a better way to stay within their budget. 

Comparative shopping may take a little extra time, but a wise consumer, even a less seasoned one, should not want to squander their money. This can be one of their first lessons in developing an eye for quality and fair pricing.

Buy an Automobile

When a teenager purchases a car, this is one of their first steps toward independence, and learning the value of setting financial goals. 

Teaching a teen to save money for a car is a lesson that requires emphasis of patience, perseverance, and accomplishment. A teen’s budget that includes provision for saving, will be the starting point for buying a car. 

Some companies, such as Bay Ridge Nissan, know that setting a monetary goal like this is crucial. When the lesson of spending less, and saving more becomes a habit, a teen will begin to master the skill of reaching important goals in their life.

Document Spending

A budget is not effective if there are no records to show spending transactions. Again, a valuable lesson for teens is to be disciplined enough to keep a money log. This written account of their expenditures will be a wake-up call to them if they are being careless with their funds.

Teenagers will grow up to be fiscally responsible adults if they receive early guidance about saving and spending money. Our society will prosper if our younger citizens accept their financial obligations, and create monetary stability for themselves and their future families.

Freedom Debt Relief Reviews Tips to Live Better on a Budget

If you're currently trying to lower your household spending, you're not certainly not alone- Freedom Debt Relief Reviews has found that the majority of homes in America have less than $500 in savings. 

The best way to begin to work your way towards a better financial future is to start living on a budget. However, many people believe that living on a budget means they'll have to significantly decrease their quality of life. 

Freedom Debt Relief Reviews knows that it's easy to set up a budget and stick to it while also making time and money for the fun in life. Here are some of our best tips to enjoy life while also finding opportunities to save!

Create a budget- and stick to it

The first step to saving money is to figure out how much you're spending and nail down areas in which you can afford to cut back without too much of a sacrifice. When you "wing it" every month without a solid budget, it's easy to let money slip through the cracks that you might not even know about- after all, small purchases a few times a week will quickly add up to big bucks that you could have put in the bank. 



Sit down with your spouse and collect all of your bank statements and pay stubs, and open up your checking account to track exactly where your money is going. Then, identify areas in which you can afford to cut back without too much of a sacrifice- for example, if you spend on fast food twice a week, cooking at home just once a week can save you up to $20 a week if you're feeding a family of four.

Control your grocery bill

Freedom Debt Relief Reviews has found that one of the easiest ways to save money without cutting your lifestyle is to plan ahead when it comes to your grocery bill. Writing a grocery list before you head out to do your shopping can reduce the possibility that you indulge in expensive impulsive purchases, which will save you money in the long run. 

Research also suggests that shoppers have a tendency to spend more when they hit the shops on an empty stomach-so be sure to have lunch before you fill up your shopping cart. To save even more, you can even shop wholesale for nonperishable items like canned foods and sauces, paper products, and cleaning supplies. 

All of these steps are ways that you can reduce your grocery bill's strain on your budget without reducing your quality of life.

Budget for your travel

Freedom Debt Relief Reviews has found that many consumers believe that a vacation is an automatic budget buster. However, with a bit of planning, you can take the time off that you want without completely throwing you off track towards your financial goals. 

Take time to research destinations that offer a favorable exchange rate, and if you're staying domestic for your vacation, consider going in the off-season when prices are lower. 

If you find that you won't be able to stretch your dollars far enough to afford the vacation that you want, planning a "stay-cation" within your own town can give you a completely new lease on your area, and can be just as fun as a traditional vacation!

The secret to saving when you're living on a budget? Planning ahead! Freedom Debt Relief Reviews has found that if you don't want to make drastic cuts to your lifestyle, taking the time to plan what you're going to purchase ahead of time is necessary to avoid the impulse purchases that can be a big drain on your budget. It's possible for anyone to start on the path towards a healthier financial future with a little bit of work!

How to Financially Handle Unforeseen Circumstances In Your Family

If your family is like most, there never seems to be enough money to go around. Therefore, every dollar that the family does have must be accounted for and spent wisely. 

Unfortunately, there may be circumstances beyond your control that may stretch or break your budget. What can you do to handle those events as best as possible?

How to Handle Automobile Repair Costs

While you may be able to anticipate the need for some car repairs, you never know when your vehicle will simply refuse to start before work one morning. 

Even worse, it could refuse to start in the mall parking lot or when you are out of town. The first thing that you need to do is get the vehicle to a shop and yourself to a safe place. 




When you get the estimate for the repair costs, you shouldn't panic. Instead, ask about any financing programs that a service center may offer. Depending on the reason why your car won't start or otherwise won't run, it may be possible to file an insurance claim. 

If those options aren't available, you can ask for money from your friends or parents. In an absolute worst case scenario, payday lenders may be able to send the money to your bank account within minutes.

How to Handle Unexpected Tax Bills

Most people get refunds from the IRS and from their state government each year when they file their taxes. 

However, if you owe money, it may be tough to scrape together the necessary funds to pay that debt. It may be even harder to pay the bill if you don't know that you owe the money until you file your return in January.

In this scenario, you should request a six-month extension to file your return. Although it doesn't give you an extension to pay, the penalties for not paying on time are generally less severe than the penalties for not filing on time. 

Other options include asking for an offer-in-compromise, which is similar to a debt settlement with other creditors.

How to Handle Unexpected Dental Costs

It is difficult to deal with tooth pain for more than a few hours. Failing to see a specialist at a family dentistry in Roanoke Rapids, North Carolina or one such establishment that is in your area quickly after breaking a tooth could also cause long-term oral and other related health problems. 

In many cases, dentists offer payment plans to help you better afford your care. It may be possible to use personal credit cards or CareCredit to get the work done. 

CareCredit is typical an interest-free loan, which means that you don't have to worry about the expense compounding if it isn't paid off in a timely manner. If you have insurance, your policy may cover some of the work that needs to be done.

How to Handle Unexpected Property Damage

If your home is damaged by a storm, a pest infestation or some other unexpected event, it could cost thousands to repair the damage. If you need emergency repair work to a furnace or some other component to your home, that could cost even more. 

Your first option is to file a claim with your homeowners’ insurance company. Other options include applying for personal loans or using credit cards to pay for the repairs if the insurance claim is denied. In the aftermath of a devastating storm, relief funds may be available to help you rebuild.

There is never a good time for an emergency expense to arise. However, it may not be possible to simply let your car, home or tax bill linger for weeks or months. 

Therefore, knowing where to go to get help paying those expenses can keep your family safe and healthy despite your financial issues.

Learn How Smartphones Can Help You Grow Your Retirement Nest Egg

Your retirement may be close, but you've got plenty of time to grow that nest egg. Your smartphone is a potentially untapped resource for growing your retirement money, so make sure you take advantage of the opportunities it presents.

Use Investment Apps

Personal finance apps like E*Trade let average people invest in the market without a broker. Before you jump on personal finance apps, do some research about the types of investments you want to make. 

Many people later in life prefer safer investments, though there is definitely an advantage to short-term investments that could bring higher returns. As long as you understand what investment strategy you're comfortable with, you're ready to try out an investment app.




Start slowly until you get the hang of how it works. Investing is difficult even for the pros, but one piece of advice endures: invest in businesses and people, not in market trends. 

If you know about or can learn about a business, entrepreneur, or an industry, center your investments there. Industry information will be more helpful than trying to analyze what the market is doing.

Save Spare Change

Getting the money to invest can be a struggle. If you have kids in college, have medical bills to pay, or are on a fixed income, you may not have much saved for investing. 

A spare change app rounds up every debit card transaction you make and puts the spare change into a separate account. Then, most of those apps, like Acorns, invest or save that spare change for you.

You don't have to put in a lot of effort in the investments, because the app companies have financial advisers creating portfolios for the app users to invest in. Spare change apps have another advantage: the minimums for investing are very low. 

You don't need $1,000 to open an account; the amount is more like $5 or $10, an easy amount to accumulate in spare change over a month.

Create a Budget

You're no stranger to making a budget, and you've probably had money pulled from your paycheck for your 401k for years. When you reach your 50s, it's time to make a more aggressive investment budget. 

Take a look at your finances, especially your expenses and how much you're saving. If you're not saving much each month, try to trim some of those expenses so you can put away more money. 

Switching from digital cable to a streaming service like Hulu can save you almost $100 each month, for example.

Use a budgeting app like PocketGuard to keep track of exactly where your money is going. A visual will help you discover places you could be spending too much. When you set aside savings each month, remember to invest some. 

However you decide to invest, whether on your own or through a financial adviser, make sure some of that money is going into a higher-yield account than your savings.

Video Chat With Financial Advisers

We don't all have time to visit a financial adviser's office in person, especially with kids in high school, doctor's appointments to go to, and homes to care for. 

But fitting in an appointment with a financial adviser becomes easier when you do that appointment via video chat. Let your adviser explain your financial information face to face instead of over an impersonal phone call.

For a successful video chat experience, use the right equipment and the right network. Let's face it, using new technology isn't always the easiest, and focusing on a small screen while trying to talk to another person can be frustrating. 

Focus on finances, not on a bad video connection, by connecting with a quality smartphone on a good network. The Galaxy S8, paired with T-Mobile's 4G LTE network, for example, is a great combination. 

The Galaxy has a 5.8-inch infinity screen with a sharp display, and 4G LTE will give you a high-quality video connection.

It's never too late to start saving for and investing in retirement. Personalize your investment strategy with your smartphone, whether you use it to connect with a financial adviser or choose to manage your own investment apps.

7 Late-Stage Retirement Techniques That Allow you to Play Catch Up

If you’re fast approaching the retirement stage of your life with minimal savings, you may have cause for worry. But taking the necessary precautions now with the following 7 retirement techniques can help increase your nest egg and without a lot of sacrifice. 

Work Your 401(k)

Benefits such as an employer matching retirement program equate to a valuable perk when looking for a job. If your employer offers a 401(k) program through work, you need to fund it to the highest level you can afford. 

After paying your mortgage, utilities and other household expenses, place the remainder of your funds into this account. If you’re 40 years-of-age and put away close to $17,000 each year, you could accumulate over $1 million by the time you reach 65.

Know Your Healthcare Options

Healthcare coverage is integral at any age as it covers important health services such as doctor, emergency and hospital visits. With the right plan, you also won’t have to use your retirement savings to pay for medical expenses incurred as you age. 

 During your employment, your employer may pay the majority of the premium and leave the responsibility of the deductible to the employee. If you’re 65 and older or you receive social security disability insurance or end-stage renal disease, you’re eligible for Medicare.

Re-Tool Your Budget

Savings can add up quickly if you re-tool your household budget. Take a look at your spending for the previous month to determine the areas where you can tweak. If you normally enjoy a latte at your local cafe, skip the coffee run and make your own blend at home. 



Dining out can be another major household expense. Instead of going out to eat regularly, whittle it down to once each month or on special occasions.

Bank Additional Money

The rewards of working hard at your job are usually shown through a holiday bonus and raise. While you may want to spend the additional income on frivolous things such as a T.V., bank the additional money instead. You’ve never had this amount of money before, so you won’t miss it. 

The same advice can used if you get a tax refund from Uncle Sam. As long as you can live comfortably and pay your loans and bills on time, putting the money away for your future will help boost your retirement nest egg.

Eliminate Debt

Debt placed on credit cards quickly can add up. If you can’t afford the items that you’re placing on your charge cards, don’t make any new purchases. If you’re looking to pay down debt, begin by paying off cards with the highest interest rates. 

You may also be able to take advantage of transfer balance cards with zero interest. The sooner that you stop overspending and pay down the amounts on your credit cards, the sooner you’ll have more money to save for your retirement. 

If you feel like your debt is at the point where you will never be able to catch up, you can look at benefits of Chapter 7 bankruptcy. Although this type of bankruptcy discharges most debt, typically, there are income limitations. 

It’s imperative you look at all your options before you lean towards a bankruptcy. Some people even look into getting a 0% APR credit card to give them more time to pay off their credit card debts.

Downsize

As parents age, their lives change. While you were once consumed with raising your family, you may now see yourself as empty nesters. As your children leave the home to go off to college or get married, you don’t need as big a dwelling as before. 

This is the ideal time to downsize your living arrangements. From a condo and townhome to a smaller house, the possibilities are endless. If your home is paid off, use the funds to pay for your new dwelling. Additional money left from the sale will all go toward your retirement account.

Convert Assets

Assets such as jewelry, antiques and other collectible items may be worth a lot of money. This type of collection could be converted into a proper retirement investment. 

Make a list of the items that you have such as a boat you no longer use, vacation home that’s too far or expensive hobby that’s collecting dust. Do your homework to determine fair market value for the items. Once sold, you can boost your retirement savings significantly.

Whether you were a procrastinator or you had other outlets for your money such as putting your kids through college, your retirement account may have taken a hit. The good news is that with the above techniques, it’s never too late to play catch up.

Freedom Debt Relief Has A Quick Guide to Stable Finances

Everyone wants to avoid financial stress, especially debt, but it’s so easy for things to get out of control. Between avoiding impulsive purchases, keeping up with bills, and covering surprise expenses, there’s a minefield of potential obstacles to staying on track.

But it needn’t be so hard. The key is to leverage the power of your daily and monthly habits. Over time, small adjustments to your daily spending habits will pay huge dividends. More than preventing yourself from going into debt, you’ll be able to leverage the power of savings.

Freedom Debt Relief deals with plenty of consumers and has seen what happens when things go wrong. To help you make sure things go right, we’ve put together this quick guide.

Budget Differently

You’ve been told to make a budget before, but have you been told how? The problem with most budgets is that they assume that you need to fit your income to your budget.

While, of course, you don’t want to spend more than you earn, you should make your budget based on your whole life, not just your income. Lay out your life goals. Life goals include long-term goals, like retirement savings and short-term goals, like your desired lifestyle. If you want to take a two-week vacation each year, budget for that too. 


By focusing on what you want first, you can decide whether you need to make more money or where you can cut back to make those goals happen. Above all, a budget should set out your priorities so you can see what’s worth spending money on and what you can cut out.

Be Responsible with Credit Cards

Some savings experts will tell you to avoid credit cards altogether. But credit cards are a useful tool. You just have to use them responsibly. Only use your credit cards to pay for things you can afford. 

There are few things worse for your long-term financial health than partial, late, or unpaid credit card payments.Partial payments result in a snowball of interest, while late and unpaid payments ruin your credit score. 

Research credit card offers extensively before you choose to use one. All the information about fees and costs is there. You might have to do some digging to find it, but there’s no excuse for being surprised by a credit card fee.

Change your Shopping Habits

Whether it’s transportation, entertainment or living expenses, you can find ways to save on almost everything. Shop for clothes at second-hand stores when possible. Use promotional offers for outings to movie theaters or restaurants. 

Enroll in loyalty programs to save on groceries and gas. Wait for desired items to go on sale, and only buy certain food when it’s in season.

It may seem like a pain, but once you get in the habit of finding savings on everyday items, it will become second nature. The best part is that all those little savings add up to allow you to save for retirement and plan fun vacations.

Create a System for Bill Payment

Kevin Gallegos, of Freedom Debt Relief, recommends setting up, “a system that works for you and that you’ll use consistently.” Seems pretty simple, right? Yet, so often consumers must pay an overdraft or late fee. Avoiding those sorts of easy-to-avoid expenses is another habit that pays dividends over time.

Find out what works for you. Gallegos says that it could be “automatic online payments, a spreadsheet, a cell phone reminder, or a list on the refrigerator.” All that matters is that it gets you to pay your bills and cash your checks on time.

Map out Long-Term Goals and Review Regularly

“Financial success” is different for everyone. That’s why it’s so important to dedicate some time to figuring out what you want to accomplish and what that’s going to cost. 

No one would jump in a car with only a vague idea of the route to their desired destination and expect to arrive without getting lost. So why would anyone expect an easy road to their financial goals without extensive planning?

Create milestones for your goals so you can figure out when and how much you need to save. Then, review your finances regularly—ideally once a month—to make sure you’re on the right path.

By reviewing your finances, you serve yourself in two ways. First, you’ll be in tune to your spending habits so you can adjust accordingly to stay on track. And second, you can keep track of any discrepancies on your credit card and bank statements.

Most credit card companies have a limitation on when you can dispute a claim. So, even if you have a legitimate claim, you might not be able to work it out if you make the claim too late.

Pay Yourself First

Monthly savings cannot be viewed as anything less than mandatory. Gallegos of Freedom Debt Relief recommends considering additions to your savings as a requirement, rather than a chore. 

Treat it like a required payment to your future retired self who will need financial support. Don’t overextend yourself by paying too much, but find some room in your budget even if it means sacrificing some fun money.

“Know what you have to spend—and spend less”

This last tip comes directly from the Vice President of Freedom Debt Relief. He says that learning to live below your means, “taking responsibility and choosing where your money goes,” could help you immeasurably in avoiding financial trouble.

To use this tip, reevaluate your budget completely. Search for expenses that you can reduce or eliminate and stick to your plan. Err on the side of cutting too much—you can always add subscriptions or memberships that you end up missing. Chances are though, you won’t even notice they’re gone.

Achieving your financial goals is most easily achieved by making small changes to your daily routine. Consistently enact these changes to your spending and savings habits, and you’ll be amazed at the difference small things can make over time.

Expert Expenditures: 4 Tips to Make Your Monthly Spending More Effective

Establishing yourself financially is a process that can take a fair amount of time and effort. Many young people struggle, especially during their first few years on their own, to manage their finances well and achieve stability. 

If you are currently in this situation, however, there are some excellent steps you can take to position yourself for better security down the road. In particular, you should be focusing on your monthly expenses, as limiting what you spend will give you more money to save or invest. 

Here are four ways to make your monthly spending more effective and free up more of your income.

Get Your Debts Paid Off

One thing many younger people struggle with is personal debt, often from credit cards. If you find that you're making monthly debt payments, your first focus should be to pay this debt off as quickly as possible and avoid taking on more in the future unless it is necessary. 

There are exceptions, such as student loan debts and home loans, but credit card and personal loans will do nothing to help your financial position. Be sure to pay down whatever debt carries the highest total balance first, as this will allow you to reduce your monthly expenses more quickly.

Buy Food in Bulk

Though it may seem like an insignificant expense on a day-to-day basis, most people spend a great deal more than they realize on food. An easy solution to this is to buy foodstuffs, especially meat, in bulk at the beginning of a given week. 

This will not only let you track your spending more easily, but also help you get better deals on the food you buy. A freezer is also useful, as it will let you save excess food for later consumption.

Stop Renting and Buy a Home

One of the best financial decisions you can ever make is to stop paying rent and purchase a home. On a month-to-month basis, your payments will often be lower than they would be for rent. 

In addition, you will be building equity in your own asset instead of paying for your landlord's equity. The only people for whom owning a home isn't advisable are those who plan on moving out of the area in which they live sometime in the near future. 

For these people, the advantages of home ownership are few.

For everyone else, however, owning a more makes vastly more sense than renting a house or apartment. 

Look for construction in the area you want to end up in eventually, like new homes in Utah County or build a house in Houston, to ensure that you end up where you want to be.

Try to Consolidate Bills

These days, most people have many more bills than an average person did in the past. Some, though certainly not all, of these bills can be consolidated. For example, many phone service providers also offer internet and television. 

The cost of bundling your services together with one company, rather than having multiple accounts, can be significantly lower. Keep in mind that even small savings on monthly recurring payments can add up over time.

If you save just $10 per month by bundling bills together, you'll save a total of $600 over the next five years. Such small changes can make a big difference when it comes to your finances, so be sure to take advantage of them when possible. 

Becoming financially stable will take effort on your part, but the rewards of it later in life are significant. The more money you can save and invest now, the greater your opportunities will be in your 40s, 50s and beyond. 

Be sure to explore all avenues that can save you money on your monthly bills, and you'll be on the path to basic financial security before you know it.