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Money Savings Tips - The Money Diet
Article by Courtney.Skyler.Dubb | Read more submitted articles here
Sometimes a last minute resort to pay off those debts won't suffice. A loan from the bank creates more debts and usually has high interest rates and a loan from a friend may lead to animosity in the friendship. So is it really worth it? The short answer is no.
A working girl in South Africa around the age of 20 something starts to build a credit rating, she opens accounts at stores that allow her to buy all those pairs of shoes today and pay the bill at the end of the month. She starts to feel special and continues to buy more and more shoes and clothes, leading to a larger bill to pay at the end of the month. Maybe she needs a car to get to work but can't lend one from a friend or family member. Her only hope is to buy her own car for transport. This, in turn leads to more debt at the end of the month.
Although the 20 something year old is building a credit rating, is she really building a good credit rating or is she setting herself up for trouble? Logically, in any part of the world, a 20 something just out of school or college graduate doesn't earn the big bucks. So, she might be pushing for too much month at the end of her money.
So, here is the solution to counteract and even beat the end of month stress. The working girl and even you can go on a strict money diet to save money and quickly pay off those debts.
First things first, she will need to write down her monthly needs and monthly luxuries. For some, buying that pair of shoes might be a necessity and others can live without it. For her, her needs are paying rent for her one bedroom middle floor apartment, buying basic groceries, her car payment and of course petrol and cellphone costs. So, she has put buying that extra pair of vintage heels on her luxury list, even though the shoes fit perfectly with her new dress.
The second step is to calculate the costs involved in the needs and luxury lists. Calculate the two lists separately, total them and then add them both together for a final total. Then she needs to minus that total from her net monthly salary. The trick is to not be afraid of not spending. The final amount must be put into a savings account that accumulates interest (speak to a banking teller about this).
Banks usually reward the account holder with higher interest over a period of time once the amount of money in the account has grown. Provided that she doesn't break her strict money diet and stays within the permitted spending amount, she will soon have a large, fat bank account to spend on a luxury holiday and pay off her debts.
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