Simple Ways to Save and Prosper

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

Simple Ways to Save and Prosper

Article courtesy of Carol Ammon

When bills and creditors come knocking, the sound can be almost deafening, sometimes to the point where people tend to lose focus.  While money matters are no joke, ignoring the problem only makes matters worse because creditors will impose interest and late charges.  Doing this repeatedly can triple the amount of the original outstanding balance so taking initiative to resolve this early helps when trying to get credit later.

Look at the Numbers. The first basic step in tackling money matter is to find out the truth.  For many, this is the most difficult step but it is the most crucial.  Some people find that once they have the numbers in front of them, they can draft a finance arrangement that may require a payday loan or other type of assistance such as a part-time or temporary job.

Communicate Directly for an Effective Solution.  Contact creditors directly to see if there is an amount acceptable for remittance.  Many realize that times are hard and no one is going to force their household into starvation mode just to pay off a balance.  Therefore, reaching a number that is a happy medium and paying it in a short period is becoming a common solution.  While settling closes the account completely, agreeing to pay a portion of amount owed is better than paying nothing.  However, it is best to get this writing from the creditor before assuming that a payment plan is acceptable.

Assess monthly expenses.  Another way to eliminate debt would be to write down all monthly expenses and find ways to reduce them.  If a person is having a hard time paying rent, they may want to inquire with their landlord or letting agent about bartering carpentry or landscaping services.  Depending on the circumstances, some income property owners will allow this because they do not have to pay someone directly.  There may be an ongoing opportunity for a person to work on a property for reduced rent.

Many utility agencies have reduced-rate programs that people may qualify for, even if they are working or earning an income.  Normally there is a qualification process, which may vary from one area to another.

Food and household items are another expense that can add up at the end of the month.  One way to cut back is to reduce or eliminate eating out at restaurants.  Also, try buying groceries in the middle of the week instead of the weekends.  Some people find coupons to be a hassle but many mobile applications are compatible with smartphones and similar devices.  They can also send alerts and other messages that are more convenient that carrying around a booklet of papers.

Another way to cut back on food is to volunteer at a food bank or other non-profit that helps those who are less fortunate.

• Building your Vision

  Take Advantage of Recycling Programs.  Not only is it good for the planet but all parties can benefit in the process.  Some companies offer a points program that is good towards store purchases for various merchants.  Though a slight handful may pay cash up front, another route would be to contact buyers through online classified ads or other place to conduct one-time sales.

Few people fall into debt overnight and getting out of it is not always easy.  However, the faster a person takes action, the faster they can eliminate late fees and harassing phone calls.

Carol Ammon is a professional blogger that provides financial information and advice to consumers and businesses. She writes for PureChecks.com.

There was once a time where I had to consider many of these options to make it to the next payday without running out of funds. This experience has led me to becoming determined to succeed in my own business so that I never have to depend upon one source of income.

I decided to partner with the Empower Network where I am learning how to market online, how to be more confident in my presentation and writing, and most of all, how to network with other entrepreneurs.

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