Money Management

 

"Budgeting", "money management" and "debt elimination" can cause the average money-minder to recoil with thoughts of a momentous change in lifestyle. While most of us shy away from honestly dealing with our finances, Express Money Center will affirm the best defense against financial difficulty is prudent money management - starting today.

 

Financial stability isn't about how much you make, but what you choose to spend. The first step to money management and financial stability is creating a monthly budget. A budget is simply reporting all sources and amounts of your monthly take-home pay, and tracking where you spend it all - giving you an idea of "need" expenses (rent, mortgage, groceries, electricity, etc.) and "want" expenses (entertainment, eating out, etc.). Knowing where you spend your money and where you can cut back is the first step toward effective money management.

 

To create a monthly budget, download Express Money Center's budgeting worksheet.

 

You can also visit the following links for more helpful information:

 

 

Surveys show that while Americans do a pretty good job of managing household budgets, most of us need occasional help. An increasing number of consumers choose a payday loan to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt. A payday loan is a short-term financial management tool that provides a sensible alternative to costly bounced checks, late payment charges, and tarnished credit ratings. There is a good chance you're reading this money management section and thinking of some debts you'd like to pay off.

 

A great way to start eliminating debt is by completing a debt elimination worksheet. List the debts you'd like to pay off left to right (most pressing debt listed first) in the first horizontal column. In each month, list the amount owed per item each month until the debt is paid. When the debt is paid, use the money you were paying to the first debt and roll it into the next loan.

 

For example: let's consider you're paying $100 per month to your credit card and $250 to an auto loan. When the credit card is paid off, add the $100 you were paying to the credit card to the auto loan - now you're paying $350 toward your auto loan. Soon, you're paying off debt with larger payments- meaning a faster pay-off, less interest and ultimately, more money in your pocket.

 

For more information, visit the following links about eliminating personal debt.

• Bankrate's Guide to Eliminating your Debt
• National Foundation for Credit Counseling (NFCC) (1-800-388-2227)
• Knee Deep in Debt

 

Budget and debt elimination don't happen overnight. Express Money Center encourages you to stay committed to your debt elimination plan. In the mean time, emergencies and financial hiccups will surely come your way and sometimes you'll find yourself in a cash crunch. You can always count on Express Money Center to help you through these times. If you are a member, login anytime to request a loan. If this is your first time to our site, apply today for a express cash advance and find out why thousands turn to Express Money Center for their short-term payday loan needs.