The Money Jar Budget – Get Debt-Free & Survive Rainy Days

You can avoid fiscal blues if you exercise financial discipline that helps to control your bad spending habit. People usually fail to track their expenses and end up incurring overwhelming debt. These debt stricken consumers are clueless about their liabilities and their monthly expenses. Instead of saving for future they splurge their hard earned money to maintain a lavish lifestyle. And their income does not suffice to maintain a high standard of living and end up borrowing money to manage their expenses.

Here are a few tips that will help you avoid financial problems and help to secure your future:

1. Save a fraction of your income:
You should deposit a portion of your income in the savings account by instructing the bank to automatically deduct from your paycheck account. You can also save money in 401K plan as it will help to meet your retirement goal. The emergency fund can be beneficial to manage your urgent expenses that pop up at the middle of the month. Make sure you spend within your means as it will help regain control over catastrophic financial situation.

2. Prepare a budget worksheet:
You can check the National Foundation for Credit Counseling website in order to get a budget worksheet. Try to calculate your total monthly income that includes wages, Social Security, interest, rental income or retirement income. Now you can prepare a stringent budget plan that will help you save a considerable amount of money. You can use this extra fund towards paying off your debt. Try to curtail your flamboyant lifestyle and make sure that you spend on things that are essentially required.

3. Evaluate your monthly budget:
You need to review your monthly budget in order to ensure that your expenses do not exceed your income. You need to modify the budget plan according to your financial situation if your expenses are more than your income.

4. Increase the flow of your income:
If you are keen to avoid financial blues then it is advisable to increase the flow of your income. If you are free on weekends then take up a part time job as it will help to boost your income. You can also work as a freelancer that will help to increase the flow of your income. You can sell your old watch, camera at ebay and use this extra fund towards paying off your debt.

These are the four innovative tips that can guide you to control your fiscal situation. But if you are still unable to manage your financial blues then you can approach a credit counseling agency to assist you pay off the debt in order to get financial freedom.

Tips: Taking and Paying Back Your Student Loans

Last year, student loan debt exceeded credit card debt in the US, peaking at $850 billion. Credit card debt reached about $828 billion around the same time. One can’t help but wonder:  will students ever be able to pay back all those loans? There are a few precautions and tips you can follow both before taking out loans and after you graduate from the school of your choice. Here are some simple tips to consider.

Make Folders or Binders For Your Loan Paperwork

Higher education can be an expensive ordeal, and getting acquainted with the student loan process can be confusing and time-consuming. Most students have to take out multiple loans to pay for tuition, room and board, AND books. In order to keep up with impending payments and information related to your loans, keep track of each loan in a binder or folder. You can use dividers to separate loan types, or create a binder or folder for each loan!

Additionally, banks require you to go through loan counseling and information sessions before providing loans. Take advantage of these sessions, and ask as many questions as you can!

Fulfilling Yet Pragmatic

If you are planning on taking out over $100,000 in loans, remember: YOU HAVE TO PAY THEM BACK. How will you do so? Will your degree program enable you to find a job after college? Find a degree program that is fulfilling AND practical. Part of being an adult is learning to balance idealism with pragmatism. You want to find a job that will allow you to pay off your loans. A minimum wage job post college is unlikely to help you pay them off in a timely manner!

Keeping Up with Student Loan Payments

Once you are organized, it should be easy to stay on top of you loans. The hard part is giving up part of your paycheck towards loans. You have to be consistent with payments and realize your investment is in your education. Without a college degree it can be close to impossible to find a job in this day and age (and this economy).

In addition to this self-realization, you should be consistent with making payments to keep your credit score high. Your credit score can affect future loans as well (mortgage payments, car payments, and many others).

Deferment, Consolidation, and Acceleration

When you first graduate, you have a few options for paying back your loans. Be sure to read the fine print for each option! For example, if you are facing financial woes (can’t find a job/have a family emergency), you can choose to defer your loans. For a specific period of time, you may not have to pay interest on your loans. However, make sure this is the case before you defer! Other options include consolidating your loans, where you can group all your loans into one category. Lastly, you can choose to accelerate your loans. This is probably the best option if you can afford it. It is much better to put as MUCH money as you can towards your loans. This means, you will be paying less interest in the long run! To calculate information about payments and time required to pay your loans, you can use a loan payment calculator. Good luck!

Your food budget can represent a significant portion of your monthly budget, especially if you have a large family. Finding ways to cut costs without sacrificing nutrition is key to keeping a balanced budget. Here are some of our tips for saving on groceries:

Plan Your Meals

If you don’t know what you plan to cook for dinner on Thursday or to take to work for lunch on Monday, you’re likely to buy more than you need at the grocery store – or to not buy enough and need to then eat out instead. Make a weekly meal plan so that you know exactly what you need. You’ll be less susceptible to impulse purchases if you know exactly what you need, and you may be able to buy some ingredients in bulk if you know you’ll need a lot of them.

Stock up on Staples

Pantry items like rice, dried beans, and other grains are not only inexpensive, but they also are nonperishable. You can buy them in bulk and have them on hand for dozens of inexpensive and filling meals. Because these items are typically loaded with fiber, you’ll also have to eat less to feel full, and you’ll be eating a nutritious meal.

Buy in Bulk

But only when you need items in bulk! Discount wholesalers have made buying in bulk very popular. However, many of us ever really need 2 gallons of ketchup. Some items are great to buy in bulk, such as staples like toilet paper, rice, or even cereal. Meats are great to buy in bulk or family sizes, as these can be portioned and then frozen for later use. (Speaking of meats, try to skip premium cuts such as a filet for less expensive choices.) Families can often benefit from bulk purchases. Just be sure that you really need large quantities of whatever you’re buying. Otherwise, you’ll end up with mayonnaise that spoils or chips that go stale in your pantry – and that’s just wasted money.

Skip Packaged Foods

Pre-made pastas and soups look appetizing and can save busy families a lot of time on meal prep. However, these meals can often be made from scratch for far less. Making your own casseroles, pastas, soups, and other meals is also more nutritious, as you can use fresh ingredients and skip the preservatives and artificial flavors. If time is an issue, make your meals in bulk and then freeze portions for use later in the week.

Shop at Local Markets

Farmer’s markets and local food co-ops not only offer fresh food, they also offer lower prices. You can buy fresh produce that is in season for a fraction of the cost. As a bonus, your purchases are helping to support the local economy and local farmers.

There are many, many more ways to save on your grocery budget, including using coupons and taking advantage of store specials. What are some of your top money-saving tips at the grocery store?