Tips from an experienced Consultant – Keep Track of Your Finances!

Budgeting and Finance Tips

Staying within your budget is very important. Paying off your debts can help you to get a better deal when you decide to buy a home, a vehicle, or when you apply for a credit card. You don’t want to see all your money going to interest and you don’t want to get turned down when you apply for credit.

Assess your Budget

Your spending habits may need to be changed if you are continually putting items you don’t need on credit. Make a list of your income, all of your required bills, and items that you could pay off.  Establish a weekly allowance you can use as spending money. Once it is gone, it is gone until the following week.

If you have high credit card debt, make a commitment to stop adding anything new to them. Then focus on the one with the highest rate of interest and work to pay it off. Cutting back on eating out and entertainment are easy ways to have more money in your budget to reduce your debit.

You can also sell items you no longer need so you can use that money to pay on the balance. It is encouraging as you see the balance get lower and lower. Make sure you pay all of your bills on time so you can keep your credit score higher and you can eliminate late fees. Make sure you put a percentage of your income into savings for emergencies each month. This will prevent you being in a situation where you have to use a credit card and pay interest to take care of that need.


Your credit score plays a huge role in obtaining financing as well as the amount of interest you will pay. If you have poor credit or lots of current debt, don’t buy anything new. Don’t apply for any new credit either. Focus on getting those balances down and your credit score will go up. Do your homework before you apply for any type of credit when you do need a credit card, a vehicle, or you wish to buy a home.

Compare Credit Cards

When it comes to credit cards, don’t apply for any that have high interest associated with them. You should also avoid those that charge you any annual fee just to have that card in your wallet. Stick with those that have lower interest and that don’t charge you any annual fee. If you have zero interest promotions, it may be wise to transfer high interest debt to them. Make sure you read all the terms and conditions of the offer first though.

Don’t apply for a car loan or a home loan until you have found the right type of loan and the best lender. A vehicle is generally financed for several years, and you don’t want to waste money on interest. Likewise, the typical mortgage is for 30 years, and paying even 1% or 2% higher interest adds up to plenty of money that you are throwing away. If you already have a mortgage or car loan at a high rate, get your credit in order so you can refinance at a lower rate.