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6 Budgeting Pointers to Get Your Finances Back on Track

Money problems are one of the major things that people stress about. Living paycheck-to-paycheck with debt hanging over your head is very difficult (and stressful). Fortunately, there are things that you can do in order to get your finances back on track.

1) Keep Track of Your Spending

Many people live above their means because they do not keep track of their spending. It is easy to overspend when you do not know where your money is going. There are several ways that you can keep track of your spending. You can use apps like Mint to keep track of your spending.

You will also need to review your statements every month. Additionally, it is a good idea to set a budget every month.

2) Switch to a New Cell Phone Service

Cell phones are a necessity in today’s world. Not only do you need them to keep in touch with them, but they also be used for job and business purposes. However, you do not want to spend more on your cell phone bill than you have to. You can save hundreds of dollars on your cell phone bill by switching services.

When you are looking for a new plan, the price is not the only thing that you should look at. You should also look at the features you will be getting with your plan. Some cell phone providers offer you more features for less money. Don’t only consider the major 4 providers either. Be sure to look at other providers like Flash Wireless and similar companies as well.

3) Start a Meal Plan

The average family throws away $500 worth of food waste each year. Throwing away food is like throwing away money. A good way that you can prevent yourself from throwing away food is to start a meal plan. You can do a weekly meal prep. Not only will this help you save money, but it can also help you save time.

Additionally, you should consider eating more meals at home. The average family of four spends about $225 per month on eating at a restaurant. This may not seem like a lot of money. However, if you spend this amount of money every month, then you will be spending $2,700 per year. This is money that you could be paying down debt, or putting it in your savings account or individual retirement account (IRA).

4) Avoid Adding New Debt

You do not want to add more debt if you are trying to get your finances back in order. It will be easier for you to payoff your debt if you do not add any additional debt. Budgeting accordingly can help you avoid getting into new debt.

5) Buy Generic Medications Using a Health Savings Account

If you have to take prescription medications daily, then you are well aware of the fact that medication can be expensive. You can save money by getting your healthcare provider to write you a prescription for a generic medication. The money that use to buy prescription drugs, pay for deductibles and co-pays should come out of a special fund called a Health Savings Account if your employer has one you should use it. This money is put into the account ‘before taxes’ so it is tax free but it has to be used up each year. So take advantage of this loophole to get a bit more money and save a bit on taxes.

6) Find Ways to Bring in Additional Income

Making more money is one of the key things that you can do in order to make additional income. There are several ways that you can make extra money. You can get a part-time job. You can also babysit or pet-sit on the weekends.

Money problems are something that most of us have had to deal with at some point. Keeping track of your spending and finding ways to make extra money can help alleviate your money problems. Starting a meal plan, buying generic medications and switching your cell phone service will help you save money. Additionally, it is important to avoid adding new debt.

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