Saving money and budgeting can seem almost impossible when everywhere we go there seems to be some type of expense. How do people do it? How do people stay committed enough? Well, budgeting can actually be quite simple. That is, as long as you are truly dedicated.
These budgeting and savings tips are ones that you can start doing today to bring you a stable financial future. We’re not asking you to only eat one meal a day and to sell all your belongings. These are realistic and achievable saving techniques that you’ll definitely want to commit to if you’re saving or strategizing a budget.
- Sit Down With Your Money
Update yourself weekly on your spending. Did you spend more than you wanted to on food or entertainment? Are there areas where you didn’t expect to spend? Informing yourself on your financial status weekly will help keep your budget on track. Keep your spending on a mapped out, goal-oriented course.
- Cut Out Cable
With the many streaming services available, such as Netflix, Hulu, or Amazon Prime, cable seems to be another expense you could go without. Cable prices are only increasing and projected to grow to an average of $123 per month or $1,476 per year. That’s quite an amount of money that can be saved for other financial goals.
- Save On Food
Food is a necessity so you can’t cut it out. But what you can cut is your spending. There are multiple ways to save on food that you just probably hadn’t thought of or committed to. For example, plan your meals for the week and cook at home, have a potluck with friends instead of going out, or make coffee at home. Dollars spent on a quick bite here and there can really add up, so it’s all about planning.
- Travel Financially Smart
With modern leverage lodging rental websites like Airbnb, Travelmob, or Housetrip, you can often find a place to stay for vacation at a fraction of the hotel price. Plus these places often have kitchens you can cook in (to save more money) and you could rent out your place at the same time (more money!).
- Work More
This one seems obvious, but if your job allows it be sure to do it. Or get a side job or freelance. This also leaves less time for spending.
- Wait 48 Hours Before You Click “Buy”
Don’t buy items on impulse. Especially in the era of digital shopping, wait 48 hours before purchasing. You’ll often realize you really don’t need that extra jacket.
You can find plenty of “do it yourself” instructionals online to help you either fix things, create presents, or make household beauty treatments. Save money and learn a lifelong skill.
- Impress Yourself, Not Others
Learn to be impressed with your savings progress instead of attempting to keep up with other people’s spending habits. Just because someone has a fancy car or purse doesn’t mean you need one. Impress yourself with your money saving abilities.
- Chill With Your FOMO
The same concept applies with the “fear of missing out” or FOMO. Just because someone goes out for drinks everyday, doesn’t mean you have to. You’ll ultimately be happier with your savings accomplishments and forget that missed party.
- Don’t Get Discouraged
Even if your savings don’t seem to be going up exponentially, that doesn’t mean you should give up. Start by taking small steps and soon you’ll make a habit and then a lifestyle out of saving. Saving one percent more is better than nothing, so do your best and stick it out.
Right after the thrill of purchasing your dream house comes the reality of paying your mortgage. Most people stick with the traditional classic monthly loan payment plan, not realizing the time- and money-saving benefits of a biweekly mortgage payment strategy.
Many people wrongly assume that making biweekly mortgage payments means they’ll be paying twice as much. Not true! In fact, the additional money each month amounts to about 1/12th of your normal monthly payment: If your payment is $1,200 a month, you’ll only add on about an additional $100 a month.
If you like the thought of saving money and eliminating debt quickly, let’s take a closer look at a biweekly payment program and how making use of the AutoPayPlus biweekly mortgage calculator can show you how to save big on your home loan.
How AutoPayPlus Biweekly Payments Work
With the AutoPayPlus biweekly mortgage program, you’re debited one-half of the typical monthly mortgage payment every two weeks. There are 52 weeks each year, so that means 26 half payments will be withdrawn from your account, adding one extra monthly payment to principal per year. This shortens the life span of your loan and decreases the total amount of interest paid over time. You’ll be able to use those extra debt-free years to more fully appreciate life, or put funds away to create financial security for the future.
You can schedule automatic biweekly payment withdrawals with AutoPayPlus. You can even add extra payments to pay off your loan faster and save more on interest.
How to Use of the AutoPayPlus Biweekly Mortgage Calculator
It’s easy — go to the AutoPayPlus mortgage savings calculator and follow a few simple steps. Let’s use a sample mortgage of $250,000 for 30 years at 4.25% interest.
Enter 250000.00 for the complete loan amount, 30 years for the term (or put in the number of months till your loan matures) and 4.25 for the interest. Enter the exact date that your loan begins, or the date it started if it’s a current loan. Then hit the calculate button to see your results: You’re able to pay off the loan 52 months early and save up to $31,000!
The calculator shows your new biweekly payments, debt-freedom date and interest saved. Clear the fields to play with different scenarios and to view how adding extra money to your biweekly payment can dramatically boost your savings on interest and get you out of debt a lot faster.
AutoPayPlus can assist you in paying down debt more rapidly. Withdrawals out of your account every other week match conveniently with paychecks and your monthly budget, and an added half-payment twice a year toward principal reduces interest over the life of the loan. Visit this informative website to use a biweekly mortgage payment calculator and discover more ways to save money!
Budgeting income and remaining away from personal debt. It is something we can all work to do better. And we all know that there has to be some sort of change, but do we genuinely know exactly where to start? Fortunate for you, we did all the ground work for you. Now all you should do is adhere to these terrific ways that may help you handle and improve your month-to-month budget.
Automatic Bill Payment
Utilizing an auto-payment assistance company can save you time, worry, and income over time. AutoPayPlus is a provider that is definitely special mainly because it doesn’t just permit you to avoid costly late fees or handle your bills in a single place, but additionally collaborates with each of the creditors to employ an accelerated financial debt reduction payment agenda. AutoPayPlus really helps to move you away from personal debt much quicker and potentially can help to construct you valuable fairness and/or cut down full interest payments.
Never stress once more about once your expenses are owing or even the likelihood of “snowballing” into financial debt. Get your financial loans compensated off more rapidly and tailor your spending plan toward an everyday living that is debt-free.
A bank loan consolidation is often eye-catching to people that are up to their neck in debt.
While the appeal of paying out just one month-to-month payment at a low interest rate looks like a promising, it’s going to most likely cost you much more in the long haul. The chances are that you simply will not need to get yourself caught up carrying out a consolidation unless you’re genuinely and hopelessly drowning with higher interest levels and significant monthly payments.
But when that is the situation, understand what your month-to-month payment will be. If it’s equally as much, or larger but into your price range, you might simply need to consider paying off your expenses on your own with greater payments. Normally you’ll likely finish up having to pay more in interest payments, because your loan will likely be around an extended span of your time.
Choosing a Debt Management Plan Company may help you continue to be structured and on time with the expenditures through reasonable budgeting. Most fiscal authorities recommend using a DMP as the ideal strategy for financial debt consolidation. Through this technique, you send a single payment to the company managing your plan after which the amount will be broken up among your creditors. This may well have a negative affect on your credit score rating, but when you’ve paid off your financial debt in 3-5 years, your score should surely strengthen.
With the help of the certified credit counselor, you could be on your approach to meeting your economic plans, bettering your credit, and regaining control of your funds.
The most effective way to manage your debt along with your budget is to prevent debt in the first place. Of course, it is easier said then. However if you arrive at terms with the concept of sensible budgeting early on, the earlier you can be stress-free.
People with debt tend to find it intimidating when looking for a way out. Paying the monthly minimum payments won’t work. It seems like you’ll never pay off your debts. So you assume the best course of action is to not think about it.
That is definitely not the right course of action.
Although there are no instant solutions, there are options. Some of the best ways to pay down debt are effortless. Here are a handful of the best ways to pay off debt.
Renegotiate Interest Rates
A simple method to lower your debt is to renegotiate the interest rates on your credit card. Contact a customer-service representative and explain that you are upset with your current interest rate. State that you are calling to find out if there is a way to get it reduced. Ask for a supervisor if the customer representative says no.
Here are some other techniques for the best ways to reduce debt.
The Snowball Approach
Massive snowballs start with a handful of snow. Similarly, debt reduction can start small and gradually build momentum. You start by paying off your smallest debt first, and continuing until you pay off your largest debt.
First create a list of your debts and the amounts you owe on each, from least amount to largest amount:
$455 store charge card ($45 payment)
$2,000 medical bill ($60 payment)
$5,250 credit card ($140 payment)
$12,000 student loan ($226 payment)
Begin by making minimum payments on all your debts, except the one with the lowest amount —store charge card. For this debt, each month pay as much as you can. When that debt is paid off, take the next debt and redo the same steps. Put as much money as you can toward the monthly payment of the next lowest debt —medical bills. Follow these steps until you pay off your largest debt —student loan.
Biweekly Mortgage Payments
There are other options that offer some of the best ways to reduce debt for large amounts. A good course of action to gain huge savings and financial comfort is the biweekly mortgage payment plan.
With this process you pay half your regular mortgage payment every other week, instead of the entire payment once a month. You’ll end up paying 13 yearly payments instead of 12.
Your mortgage payment will increase by 1/12th, but the additional money reduces your principal. You never pay interest on parts of the principal you pay off early. The amount you save can be significant.
With a 30-year mortgage for $272,000 at 4.25% APR, the additional mortgage payments can save you more than $34,000 over the span of your mortgage. It could be possible for you to pay off your mortgage five years early! Biweekly payment plans are also available for other loan types.
Making biweekly payments can be extra work, but AutoPayPlus can make it easier for you. It will make sure your payments are made in a timely manner and ensure they are appropriately applied for the best debt-reduction advantage. To find out about biweekly payments and how they are one of the best ways to pay off debt, call us at 877-740-0524 or click here.
Finding ways to start a savings account nowadays seems like an almost impossible task. It can be done, with a bit of work and creativity. Here is a review of five ways to find money for your savings according to the Federal Trade Commission.
The first step is to have a clear idea of how much money you are bringing in and the amount you are spending. First create a list of your income sources, such as weekly paychecks, odd-jobs, or money from hobbies. Second make a list of your fixed monthly bills such as mortgage, electricity, and cell phones. Last write a list of other expenses such as gifts, haircuts, clothing, and your daily latte on your way to work. Small purchases can add up. These lists will give you a picture of where your finances are at.
The second step is to pay yourself first each paycheck. To make this easier set up an automatic deduction from you paycheck into a payroll savings plan, or an automatic transfer from a checking account into your savings. This step creates a routine for you to add money to your savings. This will increase your earnings quickly.
The third step is a bit formidable, don’t let that concern you. It’s doable. It just takes a bit of learning about compounding interest. According to The Federal Trade Commission compounding interest is “the interest you earn on your initial investment plus all the interest that accumulates over time.” In interest accounts there are simple interest and Compounding interest. Simple interest is when you earn interest on your initial investment only. Compounding interest is the better choice. Yup, it’s that easy.
The fourth step is finding “Extra” money. As an example, when you get a raise you can take that “extra” money from each paycheck and have it go into your savings. Or when you pay off a credit card debt you can take the monthly payment you would have made and have that go directly into your savings. To make it easier, you can have these payments automatically transferred from your checking account to your savings.
The fifth step is about being creative in ways to save money. Any money you save can go into your savings account. Some unique ways to save include having local beauty school students do your hair. They will often do this for free or at a reduced cost. Your local library has free books, music and DVD’s you can borrow. Bartering is another possibility. You have skills and items that people need, and people have skills and items you need. It’s all free and fun.
Starting a savings can be easy with a little thought and a bit of work. Go ahead and enjoy your latte on the way to work, just do it once a week as a treat. With this simple step you could be saving yourself over fifty dollars a month. That’s fifty dollars a month that can go directly into your savings account to pay off important things like student loan debt.