Keep Your Finances In Order With These 5 Tips

Posted: 11 Jan 2012 04:00 AM PST

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In the hustle and bustle of daily life, keeping finances organized can pose a challenge. To keep your cash from flying out of your pocket into uncontrollable directions, try out the following tips. Following these tips will help you stay financially organized and keep you from spending your hard-earned cash.

1. Become an “Extreme Couponer”

Have you ever watched the show, “Extreme Couponing?” This show has taken the world by storm, because it has exposed the incredible amounts of money that people can save by making a conscious effort to collect coupons. The best way to become an “extreme couponer” is by creating a binder filled with clear pocket pages. This way, you can clip out coupons from newspapers and keep them organized by product, store, or however is easiest. Even if you only save $10 or $20 each time you go grocery shopping with coupons, these savings can definitely add up over the years to be thousands of dollars. [Small Town Alternatives to Extreme Couponing]

2. Track Expenses

Every time you spend money, you should be jotting down this expense. By jotting down every expense you incur throughout a day, you are staying aware of your spending habits. This will help prevent any unnecessary splurges on products or services you do not need. There are a few ways you can track expenses. Some people prefer to write down their expenses in a small journal, while other people prefer to record expenses in an iPhone or blackberry device. Whatever way you choose, just make sure it is an easy way for you to record expenses.

3. Check Credit Card Balances Regularly

Some people have a knack for keeping credit cards paid off. If you are one of those people, then you are probably already in good financial shape. However, do not let the fact that your credit cards are paid off keep you from regularly checking up on balances. Forgetting that you have a balance on one credit card can be all too easy. Even if you have a small balance that has remained unpaid, such as $10 or $20, you will find that a credit card company will still report your unpaid balance to a credit reporting agency. This can negatively impact your credit score and keep you from taking out loans in the future. It is very important to check your credit card balances at least once a week.

4. Buy Fresh Groceries

Not only does buying fresh fruit and vegetables cost less than buying canned or frozen versions, but it will also keep you healthier in the long run. Maintaining a balanced diet will help you stay focused and energetic in your career, which can then have the direct result of providing you with a promotion or better salary. Be sure to eat healthy as one way to keep your finances in check.

5. Set Specific Budgets

Many people think having one major budget is enough to keep finances in check. The truth is that the more specific you are in creating multiple budgets, the more likely you are to stick to a financial plan. For example, during the holiday season you should try setting a budget for specific gifts on particular people. This will keep you from overspending on any one particular person in your family.

Following these tips will lighten your debt load and help you keep your finances in order.

About the Author
This article was written by Phill of CompareLogbookLoans.co.uk – an independent financial website comparing logbook loans.