Cash Flow Banking Pay Off Credit Cards Or Keep Cash Practical Budgeting

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Practical Budgeting

Budgeting is as difficult as dieting: keeping track of money spent is at least as challenging as keeping track of calorie intake. That’s why there’s such a wide variety of budgeting software available today, but are they really making our lives easier?

If you’re not computer savvy or don’t have enough computer time to learn a budget program and then update it regularly, don’t worry, you’re not alone. There’s another great, cheap, and practical method for keeping your budget on track and controlling your expenses: using envelopes and cash.

Once you’ve determined your budget, label each envelope according to the expense category you’ve identified (eg groceries, medical expenses, etc.) and fill each envelope with a certain amount of cash for that week or month, depending on how much money you feel comfortable with for storage and of course depends on your cash.

When you make a purchase, exchange the cash with the receipt in the appropriate envelope. Avoid using debit cards as you can’t see the money coming out. They make it too easy to spend; thus destroying your budget.

Only use your bank account for online or pre-authorized payments such as mortgage, rent, loans and utilities. Avoid using credit cards unless it’s an emergency to keep your high-interest debt under control.

If you pay a monthly membership or subscription, keep a close eye on them, especially if they’re charged to your credit card or automatically deducted from your account. Memberships and subscriptions often renew automatically unless you request otherwise in writing. So you might be paying for something you don’t even know is still active.

Set up your subscription notebook to say:

– Date of enrollment

– Monthly amount

– Date of maturity

– Expiry date

– Whether you need to request cancellation to avoid automatic subscription renewal

– How far in advance do you have to send the cancellation request

This will help ensure that we do not charge you beyond the desired contract term or amount.

If you can’t seem to find a way to balance your budget at all, you may have too many payments to too many creditors. Consider consolidating your debts into one monthly payment by applying for a debt consolidation loan. Even those with bad credit can get a debt consolidation loan if they own a vehicle. A car title loan is approved based on the value of your vehicle, regardless of your credit rating.

Once you’ve set a budget and stabilized your cash flow with a debt consolidation loan (if needed), you’ll be back in control of your finances and with some persistence, you’ll be out of debt in no time.

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