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Tips to Keep Your Finances on Track!

5/24/2016

Your paycheck is deposited on the first and third Thursday of every month. Your mortgage is due the 5th. Cell phone is due the 10th. Utilities the 15th. Credit Card the 19th. Car the 22nd. We get it, it’s a never-ending cycle and if you don’t have control of your finances, unexpected purchases or emergencies can drain your savings and can cause unneeded stress and worry about where the money will come from while debt continues to mount.

Staying on top of your finances and knowing how and when to spend and save can better help you manage everything from every day expenses to nights out on the town to emergency situations.

  • Have a budget. Know what is coming in and going out. Take a month of spending, review it and decide where you can cut expenses.
     
  • Stick to your guns. It is so easy to just make that impulse buy. Resist it. Think about it, see if it fits in your budget. Is it a need or want? If you know it is a want, save up for it and resist pulling out your credit card.
     
  • Pay your high interest debt down first. The higher the interest, the more the balance grows each month. Assessing which bills need to be paid down and off first can increase your savings in the long run as you won’t be putting so much money to the interest charged.

What do you do though if you just can’t seem to get things under control after you have tried all these measures? You have friends who have filed bankruptcy; you see the commercials on your T.V. maybe you should just file yourself?

Bankruptcy is not as easy as it seems. It makes a lasting (and negative) impression on your credit record. Plus, you may have to part with things and sell off property - cars and more - as deemed necessary by the judgement.

What should you do first? We recommend you start by speaking with a financial advisor and asking for their expertise. Next up, call and speak with your creditors to see if there is any way to lower interest rates or consolidate debt, refinance your vehicle or home, or lower your monthly payments on other services you pay for like your cell phone and cable bills.

If you have any questions or want to talk to someone about your finances, Shore to Shore is here to help. Stop in and speak with a representative or give us a call toll free at 866.661.8328.



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