Money doesn’t grow on trees, that is, unless you are in the lumber industry then you might consider the saying true. We work to earn the money that supports our lives and often families. Hopefully that work is also something that you enjoy because earning that dollar can be stressful. Sometimes it seems like is disappears faster than you can earn it! Money can be the root of a great deal of stress in our lives. This stress can build and is sometimes very hard to overcome. Below are a few tips to managing finances.
- Create a budget. Make a list of all of your monthly bills and don’t forget to budget for things like child care, diapers, groceries, gas and even pet food. Stick to the budget. If your budget does not have the flexibility to buy coffee every day, start bringing it from home. Choose wisely what to do with excess income. Do you want to spend it on date nights, save it, or put it towards debt?
- Have an emergency savings. You never know what life may throw at you. Whether that be a car accident, unexpected medical bills or a home appliance failing.
- Make a list of your debts from smallest to largest. Once you have the smallest debt paid off, roll that monthly payment into your next largest debt on top of the payment you were already paying monthly. This creates a snowball effect and can help reduce debt faster than following minimum monthly payments. This is a great place to put your excess income if you have it.
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