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Start living within your means - Part 2

July 30, 2008

Here are some more ways to stop living beyond your means.

Get your bills under control. If you don’t have some sort of system to organize your bills, make one. Start by making a list of all of your bills and the due dates for each bill. Mark the dates on your calendar, so you’ll be sure to pay all of your bills on time. A great way to make sure to pay on time is to set up an automatic withdrawal online. Nothing can derail a budget faster than late fees. Of course, if you decide to use automatic withdrawal, you must make certain there is money in your account. Overdraft fees are a budget killer, too.

As mentioned in my previous post about living within your means. If you can’t afford to pay all of your bills, it’s time to look at cutting back wherever possible.

Paying your bills on time is also a good way to maintain your good credit score or improve a bad credit score. Positive credit history is an important component of your score.

Finally, it’s important to build up savings. If you are not saving any money, start with an amount that you feel is manageable. The recommended amount for savings is 10 percent of your take-home income. If that’s too much, start with $5 or $10 a week and work up from there. You can always increase your savings once you’re in a better position.

Written by admin · Filed Under Misc., Debt 

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