Rising above when market conditions get tough There is no shortage of data documenting rising delinquency rates, losses trending upward, and dropping collateral values. The near prime to subprime market has seen the worst performance and has been grabbing the headlines as of late. We have also seen reaction to current market conditions with some…
With the New Year upon us, many Americans will make various resolutions to improve their mental, physical, emotional, and/or financial health. Because old habits die hard, many consumers will break their resolutions within a couple of weeks. But, for those resolving to have better finances next year, taking steps early on can help you achieve and maintain your goals for the rest of the year.
Below are three great ways to cut down your expenses that can have long-term benefits for you budget.
Refinance your loans. Mortgages, credit cards, and of course auto loans, could all have the potential for refinancing. Changing either the interest rate, loan term, or both, puts money back into your pocket in both the short and long term. The best way to get the more competitive rate on your new loan is to shop around. For auto loans, we do the shopping for you.
Trim the fat. Though the literal definition of that phrase may apply to another resolution, in terms of finances, we mean it figuratively. Many of us survive on our television sets complete with cable or satellite packages with “the works”, enjoy our monthly subscription boxes with trinkets and material things, and feel we need to go out to eat in order to appreciate our meals. For those of us on a tight budget, these luxuries can be eliminated to make way for more important expenditures (or saving).
Shop more consciously. Grocery shopping is an essential part of our survival, but many of us overspend in order to satisfy our more expensive cravings. In addition, many Americans seem fixated on purchasing specific brands in order to maintain a certain persona. Coupon clipping, price comparisons, and brand swapping can add up quickly in your wallet’s favor.