12 Ways To Start Fixing Your Finances

When you’re struggling financially, it’s almost impossible to feel like you can get ahead in other areas of life. Yet it can seem so intimidating, many don’t know where to start when it comes to making sustainable changes.

Although reasons for individual money struggles vary, there are still many simple changes you can make to impact your bottom dollar. And hopefully help create some breathing room in other ways as well.

1. Identify the Issues

If you’re serious about changing your financial situation, the first step is to determine what’s standing in your way. It could be a low salary, debt, a high recurring expense or an addiction—whatever it is, get it in writing and form a plan.

2. Set Financial Milestones

Where do you see yourself in a year—or five years? Think about all the milestones you want to reach in that time and get those down on paper. If you can envision it, you’re more likely to achieve it.

3. Make Payments On Time

It’s not just about avoiding the late fees or annoying phone calls. On-time payments add up to improve your credit score, but it takes many more of them to make up for late or missed payments. Just something to remember as you prioritize your monthly expenses.

4. Avoid Applying For Things

Many things you apply for run a credit check, which shows up on your report as a hard inquiry. You want to have less than six in a year (and ideally as few as possible) because any more than that raises your perceived risk—and tanks your credit. This includes applications for things you may not think about like leasing an apartment or buying a new phone. If in doubt, always ask.

5. Focus On Eliminating High Interest Debt

If you’re carrying debt on credit cards or personal loans, prioritize paying off those balances when you plan your monthly budget. Not only for the peace of mind of being debt-free but because it reduces the hefty interest payments that snowball when you carry a high balance.

6. Plan Weekly Menus You don’t have to be a chef to create your own menu every week. In fact, we don’t care if it’s frozen meatloaf and canned veggie. All that matters is that you planned it. Why? It streamlines your grocery shopping, reducing spontaneous buying and food waste. It could even be a chance to plan healthier options (Just saying!). Plus, you can use coupon apps to tally up manufacturer coupons —and give your savings back. Or you can clip them the good old-fashioned way.

7. Fast A Favorite For A Month

It can be an existing event like Sober October or No Meat November, or one more personalized to you, but a fast is a smart way to save. Don’t go to extremes, but instead make it fun. Think of your own name for it, like No Junk Food June, and make it a challenge. For extra fun, get a jar to fill with money you would have spent on that item. At the end of the month, see how much you earned.

8. Love Where You Live

By this we mean don’t move to another apartment or rental house if you’re in a safe and comfortable situation. If possible, try to live in a stable location for a while to save on costly moves, deposits and potentially pet fees. It’s normal to want a change, but you’d be surprised at the effect you can get from a deep clean and some light redecoration.

9. Save Your Change

Many bank accounts offer a service that rounds your purchases up to the nearest dollar and puts that change in savings. It seems like a little thing at first, but it can add up fast.

10. Go On A Spending Freeze

How many people have rummaged through the cabinet and found a forgotten box of ramen or mac n’ cheese? It happens all the time but can save you quite a bit to go ahead and use them. Going on a spending freeze—or a junk purge, however you like it—forces you to use only what you have for a given amount of time. If you gamify aspects of it, this can actually be a fun challenge.

11. Check Your Subscriptions

You’ve heard it before but those monthly subscriptions sneak up on you. Go through them on your bank statement or use an app like Truebill to cancel unwanted subscriptions and save.

12. Look For Special Savings

You may think you know about all the perks you qualify for, but we’re here to give you a few ideas just in case. Because they’re out there everywhere. For example, you can get low prices on your prescriptions and telehealth appointments with GoodRX®, even without insurance. Take advantage of your job’s perks, too. Many offer fitness programs with free gym memberships or continuing education to bolster your resume. If you’re traveling or buying tickets for an event, check for GroupOns or perks from your AAA Membership or insurance rewards program. Happy Hours, senior days, or daily savings like military, nurse, teacher and first responder discounts can also add up when you choose to go out.

We hope these tips help you find more wiggle room in your wallet and some peace of mind, too. There are many other great tips and resources out there, not only for financial wellbeing but also help for addicts and problem gamblers. Visit arpgcouncil.com or call our national helpline at 1-800-GAMBLER.

Sources:

https://www.nbc.ca/personal/advice/credit/tips-financial-problems.html

https://www.thebalancemoney.com/get-control-of-finances-2386026