living within your means

Living Within Your Means - In short, it means cutting your expenses so that you have money left over at the end of each month. By planning your expenses carefully, you should have plenty of money left over each month.

But wait: Before you rush to spend all that extra money, take a moment to think about the future.

Living Within Your Means

Make sure you have a budget, clear financial goals and a plan to cut costs. (See the first article in this series, "Money Now - Before You Start Looking for a New Job.") Then, start saving some money for the future. You should set aside at least 10 percent of your gross monthly income for retirement. In most cases, this money will go into a tax-deferred 401(k) plan until retirement.

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Don't stop with the retirement plan. There are many other reasons to save as much money as possible. Save for a down payment on a house or car, college, a rainy day, or something to pay yourself off.

Saving money really pays off. It makes more sense to save money than to rent or buy things on credit.

Credit is not free money. You will pay a lot for the option to pay something over time.

Credit cards can be easy. They need to rent a hotel room, rent a car or put down a deposit on plane tickets. However, credit cards get millions of people into trouble every day. In theory, they are great. We pay a small fee (interest) for the benefit of spreading the payments over months or years. But in fact, we pay a lot of money for this convenience.

The Art Of Living Within Your Means

Let's imagine that you have just purchased a television set that costs $1,000. Depending on how long you take to pay off your card balance, you could end up spending hundreds of dollars in interest.

The least thing to do is to buy something with money. If that's not possible (and it's not always), try to pay off your balance each month. Remember that a lower monthly payment means bigger bucks in the end. In addition, by saving for purchases, you actually earn money in the form of interest.

The idea of ​​renting a new TV may seem like a great idea. After all, you don't need any money up front, and in most cases you don't need good credit. Before renting something like a TV, assess how many months you need to save to buy it. Then see how many months ahead of time your rent payments can afford. In the end, you will find that renting consumer goods and furniture is rarely a good idea.

This is not a good idea. These sites allow you to borrow against your paycheck, but they charge you a lot of money for the benefit. This is another reason to plan your budget carefully.

Live Within Your Means

Unfortunately, many people feel buried under a mountain of debt - often borrowing from one card or account to pay another bill. If you think you're in over your head, it may be time to contact a credit counselor.

A reputable credit counselor can help you consolidate your loans (some can even help you negotiate with credit bureaus) and develop a plan to get out of debt. For many, it's the last stop before submitting for a charge-off that can stay on your credit record for up to seven years.

Consumer Credit Counseling Service has offices throughout the United States. Your advisors will help you consolidate your debts (save on interest) and create a plan to pay off your debt. We will not charge you upfront for your services, but you may receive a monthly fee.

CCCS is financed by a credit company, which is interested in paying off your debt without going into bankruptcy or filing for bankruptcy. The service can often help negotiate better rates or repayment terms on loans.

How To Live Within Your Means And Still Finance Your Dreams

Whichever loan counselor you choose, look for one that doesn't ask for money up front. This is a sure sign that you are being cheated on.

Your credit score tracks the health of your credit. This includes information about how much you owe, unpaid loans, and even late payments. Unfortunately, your credit score may affect more than your ability to borrow. It can also affect your ability to get health insurance and in some cases prevent you from getting a job.

Many potential employers will look at your credit report before hiring you. They do this to see if it can pose a risk to their business.

This may not seem fair. However, many believe that a large amount of debt or a bad credit rating makes it more likely that employees will steal from the company - or that they will be too busy with their own problems to do their jobs.

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Because your credit rating is important, you need to make sure your credit reports are accurate and up-to-date. You have the right to dispute any incomplete information, and in some cases you can provide your own explanation for the problem.

You can order a copy of your credit score from one of the three major credit reporting agencies. While some places will offer to sell a copy of your credit report for $50, you can order it for less from major companies.

Also, the Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting agencies (Equifax, Experian, and TransUnion) to give you a free copy of your credit report every 12 months if you request it. Follow the links to the three main reporting agencies:

Now that you've created a budget and checked your credit score (and created a practical plan for paying off any debt), start thinking about what this means for your job search.

How To Accumulate Wealth And Live Within Your Means

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