Finances are difficult. It can be even more difficult when you add in raising kids, or if aren’t quite prepared or when life hands you the impossible. For those of us who grew up without proper education when it comes to managing money and credit, it can seem like a daunting task to recover from the mistakes of our youth.
Even if you have perfect credit–life-changing situations (divorce, medical bills, unemployment) can put us in a serious bind and well…life tends to throw us a curveball that we are either not prepared for or are unable to recover from
In order to get our life back on track, so that we can make sure that our financial future is healthy, my husband and I use CreditRepair.com. We are able to stay on top of our credit, which is imperative if you want things to move in the right direction.
CreditRepair.com is a leading provider of credit report repair services in the United States. I love that they are a team of credit professionals who educate and empower individuals to achieve the credit scores they deserve.
1. Set Financial Goals and Then Act On Them
We know that our credit score is not written in stone and that it can change based on what we do (or do not do). Not only that but its important to understand when starting this journey that you are more than a credit score.
This is a habit that we ALL need to get into doing. Sitting down and understanding what we want to achieve and the timeframe that we may need to do it is important. People who are frugal like my husband, tend to value their money; so they know what they want to spend it on and where they want to spend it. And if they don’t want to spend it, they hold on to it.
Having a written set of financial goals allows you to visually see what it is you want to accomplish. I like to keep them on a spreadsheet, so I can always be able to access it no matter where I am ( I can easily download a compatible spreadsheet app onto my phone). This gives you a plan of what you want to do with your money and ways of achieving it.
Once you have your plan in place, it’s time to act on it. Your credit won’t fix itself. If you need a place to start, I suggest that you get help from CreditRepair.com today with a free consultation and kickstart your credit repair efforts.
Did you know that better credit could save you thousands of dollars in high-interest rates? Past clients have seen an average score increase of 40 points in just four months*.
2. Live Below Your Means
While there is nothing wrong per se with “keeping up with the Joneses”. you have to make sure you can afford to do so.
Those who fall into the frugal category tend to enjoy having a cushion with their funds. This is commonly referred to as a “financial margin”. Since we have 5 kids, I try to make sure that we don’t have to sacrifice quality when it comes to items they may need (like diapers). So in many other areas (such as cable, or have a contract phone plan) we have been able to cut out. Not only are we able to save, but we can put other money into areas where it is needed most.
3. They Make Financial Decisions Together
In order for a family to achieve financial security and goals as a family, they understand that it is important to discuss the goals with one another. In order to be successful, you have to be open to your plan and everyone has to be on board. When it comes to finances, one bad apple can spoil the bunch.
4. They Appreciate A Home Cooked Meal
I’m not saying frugal people never eat out, they just know that it’s cheaper to eat at home. If they are truly frugal then they may even commit a line item within their budget for eating (and will not go over it).
4. Do Not Spend is Their Mantra
If they have second thoughts about a purchase they tend to err on the side of caution and will not spend anything. Frugal people know when to say no, and always look for ways to either not spend money, or spend a little as possible.
6. Shop Smart, Even If Everything Is On Track
Shopping for deals and coupons isn’t something frugies do just to say they do it, it’s a way of life. Since they understand the value of money, they understand that they can always find what they are looking for slightly cheaper if they just keep looking. This goes from clothing to groceries. Saving money every chance you get is a great way to jumpstart frugality and financial freedom.
Saving money doesn’t come easy. You have to find creative ways to spend less money, which isn’t always easy, but it can be done. By incorporating these steps into your daily lifestyle, you will begin to save more money, begin your journey to becoming debt-free and decreasing your overall expense.
* Not all clients saw such a result as all legal cases are different. You should not expect to see the same result and it is not guaranteed.