In an ideal world, you’d be far exceeding the minimum payments on your credit cards, but what do you do if money is so tight that even the minimum payments are out of reach? Many of you have faced a temporary situation like this at some point in your life, and it can take a toll on the other areas of your life when you know that you’re falling behind on monthly bills. As dire as the situation looks, you’ll be pleased to know that there are a few ways to get out of the mess without having to resort to the dreaded bankruptcy.
Realizing that you can’t pay your debts is a terrifying prospect, and it’s tempting to bury your head in the sand and hope that the situation somehow resolves itself. As scary as it sounds, you need to get in touch with your creditors and inform them of your situation so that they can be more receptive to the prospect of negotiating your debt repayments. Here are some tips for negotiating with your creditors:
Work out your budget
Creating a budget is essential for keeping on top of your finances, but drawing up your own often creates too much headache and not enough results. We all know that budgeting is important, but actually sitting down and taking the time to write one is another story. Fortunately, you don’t have to if you sign up for You Need a Budget (YNAB), because this budgeting software does the hard work for you.
What Is It?
YNAB uses what it calls the “Four Rules of Cash Flow” to help you manage your cash. These are fully explained in the introduction to the software, but here is some brief information on the four rules.
If you’re traveling abroad, you’ll need to make some decisions about how you’ll actually spend some cash. Usually, the choice will be between credit cards and debit cards, cash and travelers checks. And everyone seems to have a different opinion as to whether you should take money out as you go with a debit card, bring cash with you, or take traveler’s checks.
Credit and debit cards
Getting away from it all is the perfect way to spend Spring Break, but how do you choose a suitably exotic destination without spending a fortune? You don’t have to spend a lot of money during Spring Break to go somewhere nice. You just need to be smart, pick a spot that makes sense, and make a few compromises. Here are our top picks for where to go for your Spring Break on a budget.
I don’t use public transportation all that often, but when I do need to take the bus or train, I can’t help but notice how expensive itls become. Using public transportation may be unavoidable if you don’t have any alternative means of getting from one specific place to another, but there are some ways that you can make it more affordable. Here are a few ideas to save money when using buses and trains.
Are you tired of spending a ton of money on skincare products? Making your own beauty products is a great way to save money, and it has the added bonus of being greener than most shop-bought offerings. Most of the ingredients that you’ll need are probably already in your cupboards, but they are inexpensive if you don’t already have them.
There’s no need to buy expensive skincare products to take care of your skin. Natural cleansers, toners and facial scrubs can work very well and don’t contain harsh chemicals.
Dating can be costly, but don’t let this put you off, because it’s more than possible to have great dates without breaking the bank. We often fall into the trap that we can’t have fun with our significant other without spending a bunch of money, but that’s simply not true. Whether you’re on the hunt for your perfect partner or are looking to inject some romance into an existing relationship, here are some ideas for dating on a budget.
Following my post about getting music downloads for less, I’ve been thinking about how to cut entertainment costs in general. If you’ve had to tighten your belt recently, luxuries like a cable subscription were probably one of the first things to be dropped. Entertainment costs can quickly become excessive, but you don’t need to spend lots of money to have a good time. Here are some ways that you can get cheaper entertainment without having to sign up for cable again.
If you are self-employed, your tax situation will be different than that of someone who is an employee. Preparing self-employed taxes can be a bit of a minefield, but you can reduce your tax bill by taking advantage of deductions. Here are some tips for preparing for your self-employment taxes.
1. Keep on top of your paperwork
If you’re self-employed, you’re responsible for keeping your own records, especially your income and expenses. To take advantage of tax deductions, you’ll need to keep hold of all relevant receipts in case you’re selected for an IRS audit.
2. Decide how you’ll pay