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Harris-Courage & Grady, PLLC Nov. 22, 2017

Tired of the way things are going for you financially?

It might be time to adjust your perspective.

Looking at things a new way can help you make the changes you need to get and stay out of debt.

Here are 7 personal finance tips you may not have considered that can help you see things in a new light:

  1. Keep your car after it’s paid off. Many people think that they should get a new car as soon as the old one is paid off. If your car still works, there’s no need to replace it. Instead of putting a car payment towards a new car, keep putting the same amount of money into a savings account instead.

  2. Prepare for the 5 major financial emergencies. These are the most common major expenses that put people into serious debt. Create an emergency savings account so that if any of these emergencies come your way, you can handle them.

    • Home repairs

    • Car repairs

    • Funeral expenses

    • Medical issues

    • Job loss

  3. Spend 5 minutes reviewing your finances every day. You could easily find 5 minutes during a tv commercial break. Taking just a short amount of time every day can help you stay on budget and take care of any small issues before they become big ones.

  4. Go for free entertainment. Entertainment takes up a large portion of most budgets, but it doesn’t need to. There are many enjoyable things you can do without spending a dime. An internet search for “fun free activities” can spark your creativity if you can’t think of any ideas on your own.

  5. Get rid of your debts. If your debts are weighing you down, get rid of them! Bankruptcy is frequently the quickest and cheapest way to get out of debt. A free, confidential call to our office can help you decide if bankruptcy is right for you.

  6. Create a small money goal. Make it something easy to accomplish in the short term, like “I’ll save $20 this week and deposit it in my savings account.” Accomplishing a small goal feels good, and can help inspire you to work on bigger ones.

  7. Consider how much it costs to use an item one time. The more times you use the items you buy, the lower the per-use cost. If you’re going to wear your winter coat daily and keep it more than one year, spending more for a high quality one may make sense. On the other hand, something you get “on sale” but never use may have a very high per-use cost. Calculating the per-use cost can be eye-opening and can help you adjust your spending.

Try one or two of these tips, and see how your finances change.

Open your mind to new ways of looking at the same old challenges, and you’ll find solutions you’ve never considered.