If you are like most of us, managing your money is typically on the back burner. With work, chores and family the last thing we tend to think about each day is our money; that is, until a problem arises. Financial hardship can strike the best of us even when we thought we were prepared. Here are a few easy tips for improving your financial profile:
Outline and Track — Unfortunately, few people actually take the time to outline and follow a budget. Budgeting and tracking your spending is a vital part of smart money management. Not only will it keep you from overspending, but it can help you monitor your progress towards financial goals of saving or investing. With easy online or Smartphone apps available to help you keep up, why not keep a closer eye on your money?
Save, Save, Save — Most people don’t know that you should have more than one savings account. Your emergency fund should have three or more months worth of monthly expenses in case you were to lose income. You should also have a separate savings account that you use for unexpected expenses like car or home repairs. Having another savings account for a down payment on a car or house should be in its own account. The idea is to allocate your money to specific purposes and not dip into a fund unnecessarily. This helps with keeping you on track for each of your financial goals.
Ask For Help — Needing help with your finances or debts is more common than you think. Why suffer with missed payments and debt collections when you could seek help and regain control? Whether you are just starting to sink under your financial hardship or have been battling delinquent debts for a while, a Clearwater bankruptcy lawyer can help review your situation and outline a plan for financial freedom.