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Can I Be Too Frugal?

counting pennies

Every penny counts, and monitoring your spending is a big part of controlling your finances. However, it is possible to switch to the extreme and let your frugal habits get in the way of enjoying life. It is important to find a good balance.

Ways to Count Your Pennies
Money in Your 20s Spotlight10

Weekend Challenge 16: Get Connected

Thursday April 17, 2014

It can be difficult to change your habits, and change the way you handle money. If you have established bad habits, or if you really just do not know where to start making changes, it can be tough to figure out how to change. it can be even tougher if you do not have a support system in place cheering you on and giving you advice on how to change. You may need to get advice from others, read financial books, and make drastic lifestyle changes in order to make the changes stick, but you can do it. This week's challenge is about finding that support system.

You can start by taking a class on budgeting or reading a book about it. Talk to your friends and coworkers, especially the thrifty ones to learn the tricks they use to stay on budget. There are community classes on budgeting, coupling and other money saving strategies that you can take advantage. These are great places to meet people who have similar financial goals. You can build a support system that will cheer you on instead of hold you back as you work towards your goals.

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Are Credit Cards Holding You Back?

Wednesday April 16, 2014

It is easy to find yourself in a lot of credit card debt. The debt can add up quickly and within just a few months, you may find that you owe a lot of money. When you spend with a credit card, you tend not to think about your budget as much. You may spend more than you planned or have other issues that you have to deal with. It is important to stop relying on your credit cards each month, and work to pay off the money as quickly as you can.

Credit card debt can limit what you can do financially. If you are making large credit card payments each month, you may not be able to invest or save as much as you like. it can limit you when you are ready to buy a home or to take the next step forward in your life. If you feel like your credit card debt is holding you back, you can work on paying off your credit cards more quickly so that you can do what you want o in the future. Make the changes you need to today.

 

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Don't Forget to File Your Taxes

Monday April 14, 2014

The official deadline for filing your taxes is tomorrow. If you cannot fill them by tomorrow, your extension and payment for your taxes is due tomorrow too. If you haven't already begun the process, it is time to begin. Although the days of standing in line late at the post office to get your return stamped with the right date seem to be fading, there still is a made scramble to submit everything online electronically in time to meet the deadline. It's best if you allow yourself enough time that you don't have a major meltdown if there is an Internet glitch or other issue with submitting your return.

Be sure that you have a plan in place to spend your refund, or you may find that it gets eaten up by little things that do not really benefit you. It's a great way to pay off some debt or you build your emergency fund. If you received a huge refund, you may want to adjust your withholdings os that you have the money throughout the year. This can let you reach your financial goals much more quickly.

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Do You Need to Cut Back on Your Spending?

Friday April 11, 2014

Sometimes it can be difficult to scale back from living a certain way, to finding a more affordable way to live. You may need to cut back to due to pay cut, a decrease in hours, or to help you reach a financial goal. It is important to make the changes in a way that they will stick. It is simple to sit down look at your figures and decide that you can arbitrarily cut $100.0o a week from your grocery budget, and another to make it happen.

  1. You can start by separating your wants from your needs. Then begin to systematically cut back the amount that you spend on your luxury items.
  2. Next, you should see if there is any way to reduce the amount you are paying for your needs. Can you cut back on your phone plan or cable package? Should you move to a cheaper apartment?
  3. Make the steps you take small and then work on making them bigger. Try to cut back $10.00 a week on groceries, and then add another $10.00 to that by cutting back gradually, you can begin to see areas that you don't need to spend in.

These gradual changes can help you cut back so that you can reach your financial goals and stay out of debt. If you mess up one week or month, it is important to start again the next month. It's a process, not a one time event. When you realize this, you can really begin to take control of your financial future.

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