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This site was created by Nicholl McGuire, Inspirational Speaker and Author. Feel free to comment, share links and subscribe. If you have a business or would like to guest post feel free to contact. Check out topics on this blog and select what interests you. They are found at the bottom of this page. Peace and Love.


17 Tips to Help You Take Better Control of Your Finances

You really don't want to go through the red tape of bankruptcy; the lawyer fees and the further scarred credit rating. And, if your one to put yourself in the entrepreneurs' shoes, bankruptcy would hurt your business if everyone filed because they didn't want the hassle of paying bills. Morally, bankruptcy is the wrong way to go, but trials and tribulations have caused you to consider this "way out." Maybe it isn't too late to avoid bankruptcy and get out of debt in other ways. So here are some examples to assist you with your financial burdens:

Debt Consolidation/Debt Management Programs

There are many companies who will assist you with consolidating your debts, but you must be careful there are some scams out there too. Most of these companies charge fees. Ask someone who has used a consolidation program other than a credit counseling service. These companies generally do not stop the interest, thus it takes longer to pay bills off.

Cut up Credit Cards, particularly those high interest ones.

Forget what you heard about keeping one credit card in case of emergencies. Most people max out the one credit card they have left; therefore they still need monies in a crunch. Learn to save money. Discipline yourself to take a portion of monies from each paycheck and put into a savings account. If you can’t set aside the money, you may want to consider finding a company that will automatically deduct monies and put them into a savings account for you.

Stop leasing cars, televisions, computers and entertainment systems.

There has been many news shows that have shown leasing companies charging more for products than what they are worth. They do this by allowing you to pay a very low monthly fee to own products such as a living room set. It is more sensible to save for the item that you need, rather than paying a company monthly and risk being charged additional fees when you are late. In some cases, customers have found they don’t need the furniture and will send it back to the company after paying on it for some time. Now they have wasted money, because the company will not allow them to take the money they paid for one item and transfer those payments on something else.

Forget using your checkbook.

If you find yourself often bouncing checks, the best way to begin a new habit is to break an old one. Don’t bother writing checks; instead use money orders. This way you have the money in hand and will not have to be concerned with the worry of wondering when someone will cash your check.

Avoid unnecessary insurance plans.

Are you transitioning a lot between jobs, living arrangements and have other personal changes? Then you don’t need to spend money on insurance plans until you are more stable in your life. Otherwise, you will find yourself making commitments, then breaking them and eventually losing money. Get stable in your life first. Then consider a whole life insurance plan that you can borrow money from in the future if you are ever in a financial crisis. If you know you will be settling down in one location for a period of time, then consider renter’s insurance.

Manage money with PC software.

Sometimes people do well when they are in complete control of their finances. Consider purchasing a software program that will alert you to when bills are due, assist you with managing your bills, and help you with savings.

Don't convince your child to go to college if you can't afford to help them.

Too many parents are not able to assist their children with college expenses and as a result many children are in debt before they graduate and can’t keep up with the student loans. Instead, explain to the potential college student that the loan he or she takes out for school must be paid back. Be honest with your child about your money troubles, so that they aren’t anticipating your financial assistance. If the student plans on studying something such as acting, and the future salary attained is not the equivalent of what the loan is worth in the future, he or she may want to consider another career.

Avoid eating out at restaurants.

If you must go out to eat, research which ones are the least expensive and use coupons whenever possible.

Search for cheaper gasoline service stations.

Pay attention to special rates. Avoid gasoline credit cards--they have very high interest rates.

Break from the holiday hustle and bustle.

There is no rule that says you have to buy someone something every year. Take a break from the holidays and when you are ready to start again, have a spending plan. Don’t try to buy gifts for people who have everything, sometimes doing something simple is better such as buying a card and putting some money in it. You can also avoid feeling obligated to buy for family and friends by staying home for the holidays.

Watch cable rather than visit the movie theater or video store.

Avid movie watchers will want to take out their calculators on this one. If you are spending more a month on video rental then what a cable monthly bill costs, then you may want to become a subscriber.

Cancel all membership to music clubs and book clubs.

Make the time to read what you already have. Most companies are charging you more than what the books and CDs are worth (add shipping and handling costs as well.) If you must have a certain artist or author, shop around for the cheapest price rather than joining a club.

Utilize your existing job to increase your wages

Offer to work additional hours, ask for more responsibilities, and request to be placed on projects to get your manager’s attention. When you make efforts like these, you will put yourself in a position to make more money.

Get a second job part-time

This will put you on the fast track to achieving your goals as long as you plan to use the extra money for your intended goals.

Advice for parents: Stop buying for your 16 year old!

Tell your child to get a job. If you stop buying, they will start working.

Make a plan for your finances before you spend it

Each time you receive money you know what bills are due and what money you will need to pay for groceries, transportation, childcare, lunch, etc. With a plan, you will know exactly how much money you can spend on each responsibility on your list. You will also know how to best curb your finances in the short term and how to better save in the long term.

Use every opportunity to save money

Coupons, store points, product offers, sales, etc. There are plenty of opportunities to save money. Use them! When you know you buy a lot of a certain product each month, then buy it in bulk when it’s on sale. Go to stores that double coupons or provide bargains to consumers for visiting. Don’t waste time shopping at stores that rarely have “real” sales. You will know how “real” those sales are when you comparison-shop. Find similar stores offering the same items and see how their prices compare with the others. 

The more you know about money management, the better you will be able to handle your financial woes.  Also, consider software programs, television programs that provide tips on saving and spending money and offline and online business seminars as well.

Nicholl McGuire

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