9 Tips For Getting A Month Ahead On Your Bills
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6. Get rid of debt as quickly as possible
Being in debt is a dreadful situation and often means more than a monetary obligation. Debt can barely let you sleep peacefully until it’s completely repaid and you can barely save any money when you know that you are buried in loans. Moreover, the monthly interest obligation will eat up a big chunk of your paycheck leaving you with little money to put in your savings account. Before starting a savings plan to stay ahead on your bills, it’s important that you create a debt repayment plan and get rid of any debt that’s keeping you deprived of a healthy financial life.
7. Get rid of unnecessary expenses
Cut back on any unnecessary expenditure that’s leaving a hole in your pocket. Do away with the gym subscription if you haven’t been hitting the gym for months and see if you can do with a cheaper phone plan if the current one is turning out to be costly. Do your laundry rather than sending it out and pay your bills on time to get rid of any late fees.
8. Live On Last Month’s Income
The easiest way to always stay ahead on your bills is to save up your current month’s paycheck and live on the last month’s income. This will not only provide you a cover against all your monthly expenses, but will also give you a sense of financial security. You will know that no matter what happens, you are covered against your needs for the next 30 days.
9. Build a solid budget
Having a household budget is important for your family’s financial health as it acts as a road-map towards long term financial success. A solid budget will always keep you on track by helping you manage your expenses and income. Head over here for a detailed post on budgeting for beginners.
Saving up in advance is extremely simple if done while keeping your financial goals in focus. It can open the doors to living a financially healthy and stress-free life. Also, make it a point to build your emergency fund before you start trying to get ahead on your bills. I use an Emergency Fund Tracker for this purpose in order to keep a track of the progress.
Staying ahead would allow you to focus on things other than worrying about being late on your bills. The very fact that you won’t have to wait for your paycheck to buy your groceries would give you a sense of satisfaction and you’ll feel happy about finally taking the step.
