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Dear Finance Savvy Mama,
This budgeting thing is for the birds, you know? Actually it’s the best plan when it comes to your family and personal finance but honestly – it can be overwhelming when you don’t have one in place, stressful when you’re about to go over it and very helpful when used as a tool to get your personal finances back in shape. Let’s face it, some people don’t have that issue but if you are one of the millennial moms or dads that went to college and grabbed those student loans only to find it’s not so easy to pay them back with that job that might not be meeting all your payday bills – it’s stressful. Add in kiddos, vacations you might have taken, bills and bills on top of bills, medical issues that arise out of nowhere like that bad tooth that gave you fits or the ER visit for little Johnny’s lacerated forehead – it’s life. Lots of people out there are just like you and I and struggle with the everyday stressors that finances and budgeting include.
So what can you do to ease the budget burden? There are lots of tricks and tools that are helpful. Here are some of the best that we have gathered to share and hopefully will tip the scale in your favor for less of the red and more of the black.
- Evaluate and Talk It Out – If you haven’t sat down and discussed with your family or spouse what’s hiding behind those financial closet doors, now is the time. Some people find it helpful to sit down and talk it out, discuss what you’ve got mounting and what to you need to tackle. Seeing your debts on paper is a great way to evaluate and talk out a strategy and plan to reduce your debt and plan a budget.
- By The Way, Get A Budget! – If you don’t have one of these bad boys, now is the time to get a budget. If you do have one, now may be the time to reevaluate that budget and change your goals. Write down your monthly income after taxes and subtract your rent/mortgage payment from this amount along with other monthly expenses such as childcare, student loan payments, insurance, utilities and groceries. Once you have subtracted all of your expenses, calculate how much you have left to pay off your debts.
- Make a Plan and Stick To It! – It’s time to tackle that to-do list for the bills, budget and basic financial plan you’ve set. Some people find it more helpful to pay off smaller bills first and roll in additional income towards a debt snowball program for beating the bigger bills. Get creative also and grab a side job or freelance so that you can fund the plan and knock those additional bills to the wayside. Call and negotiate with your lenders and creditors for a better way or option for paying off bills.
- Take a look at Debt Consolidation Loans! – There can be a number of advantages to using a Debt Consolidation Loan service and paying off your debt with one loan that you might pay back over time at a lower rate. Initially, make sure that your Debt Consolidation Loan has a lower interest rate than what you are paying on your current debt; If not it may be time to investigate different lenders or debt consolidation options! Additionally, if you don’t deal with the circumstances that lead you to accrue debt in the first place, then you will not benefit from a consolidation loan. It is important to not add any more debt after you have taken out your consolidation loan, or you will be in a worse position than you were before. A great place to start if this is something that you are looking for to help consolidate your bills and debts and pay off those student loans is a company that is fair and provides access to all the top lenders, possible interest rates and available options is DebtConsolidation.Loans.com and you can check them out HERE with any questions or to apply!
Getting rid of that uneasy burden of financial stress is so relieving. Starting the budgeting and debt consolidation plan early can offer young families and millennial a lifetime of freedom and positive gains. It’s never too early (or too late) to get finances in check, especially when it comes to family finances.