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"Cut it... Cut it... Cut it..." Okay, Okay, I’m having too much fun! On a more serious note, let's talk about our spending habits. Most people think that if they simply made more money (or could spend more money), their astronomically high bills will be less of a stressor. Girlfriends, you couldn’t be more wrong (more money… more problems, right?) So just for you, I have listed 3 ways we can "cut it" in order to have more money in our pockets and more importantly… in our savings accounts. Let’s dive in!
1. Find What You Can Cut Out.
Are you really using that gym membership you signed up for 2 years ago but have only been to a few times? What about those subscriptions (magazines, shoes, etc.) that are automatically debited from your account? Or perhaps you’re paying a bill or two for someone else while still struggling to make your own ends meet (that’s another topic for another day, hunty!). However, if this is you… we need to do some serious slicing and dicing. I’m sure there are a number of us that have bills that we pay for (or try to pay for) monthly that are completely unnecessary because the service or item you’re paying for is either unused or no benefit to you. So if this sounds familiar, let’s cut out these items and give our budgets a little more wiggle room, shall we?
2. Find What You Can Cut Back.
Are you seriously watching Cable, Netflix, and Hulu? Do you always have every light in the house on or have the TV watching itself? Or what about the expired food sitting in the refrigerator because you went shopping when you were hungry and bought up the whole store. Ladies, all these expenses that may seem small... definitely add up and put dents in your pocketbook. So try doing a review of all your bills to see what you’re being charged for (most people don’t even know) and then determine how each bill can be reduced (even if it’s only by a few dollars). You’ll be amazed at how much you could possibly save monthly by cutting back and paying for only items you absolutely need.
3. Find What You Can Cut Up.
Yes, I’m talking about those credit cards, girlfriends! Let’s face it… these days literally every store has a credit card that they so graciously offer you as you checkout to help you save 5% or 10% on your initial purchase. This is a trap, girlfriends… these stores do not (I repeat… DO NOT) care about you, your money management, or your credit score. Retail stores are in the business of making money for themselves, and the easiest way to do that is to have you (yes, you) sign up for a credit card that you do not need… knowing that you will, most likely, not pay off the balance in full every month… and make a financial killing off of you when they hit you with all that interest (Got ‘em coach!). Did you also know that when you open a new line of credit, a new inquiry hits your credit report and decreases your credit score by a few points? Now imagine opening a new credit card (or several) every few months. Girlfriends, there is no reason to have 5, 10, 12 credit cards in your possession at any time! All these cards are doing is digging you further and further into the debt hole and prolonging your journey towards financial freedom. So the next time you purchase something and the clerk asks if you want to save money by signing up for a credit card… politely decline, and keep it moving. And in the meantime, pay off those other credit cards, say bye-bye, and cut them up! I suggest having one (maybe two) credit cards to use in the event of an emergency only. But the good news is… if you have money saved… you won’t even need to pull out a credit card for emergencies. You’ll be able to take care of that thang (whatever it is) with cold, hard cash! Now that’s a bad chick!
Until Next Time,