End of The Month Money Blues? Read This!
Do you screech towards the end of the month, hoping and praying that you will have enough in your account to cover your bills? Well, you are not alone. In fact, many Americans live paycheck to paycheck, hoping that their bills will be covered until the next time they get paid. However, in most cases, this high-stress way of living is unnecessary because with a bit of smart planning you can be sure that you have enough money in your account, no matter what time of the month it is. Read on for more details.
First of all, the amount of money that is wasted on grocery shopping through poor planning is ridiculous! Luckily it isn’t too much of a task to redress this. First of all, if you aren’t using a meal planning system then start as quickly as possible. The reason that can save you money is that you can go around the store and only buy what you need for each recipe. Something that means you spend a lot less and you are left with minimal waste each week, which is real money that you are putting into the garbage!
Secondly, to save money on your grocery shopping make use of coupons wherever you can. I’m not saying that you need to take couponing up as a hobby, although if you do, you can save substantial amounts each month, and get a stockpile of items for free. However, even by using a few vouchers in each shop you will be making a positive contribution to your end of month balance, and after all every little helps!
Next, you could be suffering from end of the month money blues because you are paying for things that are other people’s responsibility. This is, of course, terrible way to manage your finances and needs to be addressed as soon as possible.
Within this category, you may find that you are paying for items for the kids that your ex’s child support should cover, or it may be that you forget to submit your work expense form and so are down a significant amount each month.
It can even be that you have expensive medical bills to pay, for an accident that was no fault of your own. Luckily, if this is the situation you find yourself in you can consult with a personal injury attorney to see if you have a case. Something that can result in compensation, so your medical bills are covered and are no longer straining your monthly budget.
Comparisons and negotiations.
Also, don’t forget that simple actions such as shopping smart for goods and financial products can make a massive difference to the money you have in your account that the end of each month.
Firstly, it is important to remember that on big items, especially electrical goods, the ticket price is often something that is negotiable. Yes, that is right, just because it says that the plasma TV is $500 doesn’t mean you have to part with that much. In fact, you can usually get a discount for paying with cash or taking a display model, or the very least you can get some added extras thrown in to make it a more cost-effective purchase.
In term of financial products, comparison is key to ensuring that you have a more substantial sum in your account at the end of each month. In particular, you must compare the interest rate that you will be charged at.
Remember the higher the rate, the more you will have to pay back each month. Therefore if multiple providers are offering the same credit card or loan, it is always best to pick the one with the lower rate of interest.
Pay debts before you save.
Of course, interest has another role is draining your money each month as well and it relates to a situation where you have debts and are trying to save at the same time.
In fact, doing both at once isn’t always the best idea because the interest you are being charged on any debt is always likely to be higher than the rate you are given on your savings.
What this means is, that no matter how much you save you will still end up out of pocket because your debts will continue to cost you. To that end, always try and pay off any outstanding debts first before you start saving and amassing any wealth. Yes, it may seem a little counter-intuitive, but, in the long run, this is the way to ensure you can avoid any end of the month money blues in the future.