Trimming your budget and getting your finances in order doesn’t have to be a complicated or time-consuming process with these 3 quick fixes:
1. Take a look at your Credit- Many people avoid checking their credit out of fear of what they might find, but this is a big mistake. Identity theft is becoming more and more common nowadays, and of the best ways to catch it is to take a close look at your credit report. There are plenty of services that offer an in-depth credit report for a low price, or you could go directly to the credit bureaus themselves which are Transunion, Equifax, and Experian.
2. Cook your food instead of eating out- This is a financial change that is one of the most underestimated, but it certainly shouldn’t be. Eating out is one of the largest unnecessary expenses that Americans engage in, along with going to Starbuck’s every day. So, what’s the big deal? Well considering that investing $150 per month at an average annual return of 10% will net you nearly $1 million in 40 years, and I’d say it’s a big deal. Once you learn that personal finance is mainly an endeavor of personal discipline, you’ll see the advantage of cost saving ideas like cooking your food instead of eating out.
3. Cut your monthly bills down to size- There are many bills that the average consumer pays little attention to, such as their cable bill, utility bills, and cell phone bill amongst many others. While each of these bills seems small on its own, when combined they can become a large financial burden on the average consumer. That’s why it’s important to lower these bills as much as possible. For your cable bill, consider switching to a service like Netflix or Hulu for TV, and just pay your cable company for internet service, as this is often less expensive than the cable company’s bundled packages. When it comes to electricity bills, many areas allow you to price shop and pick the best deal for you, which can reduce costs considerably. The cell phone bill is another area where consumers can save, as the market has become saturated with worthy competitors.