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It’s the time of year for resolutions and starting fresh. For some that involves better financial health. LPI Loans would like to help guide you in this process.
Sticking to your budget is like managing your weight. Just as eating no more calories than you burn each day will help you maintain your weight, spending less than you earn will help you balance your budget. If you can exercise control of your cash flow, you’ll stay in better financial health.
Look for small ways to save every day on items such as groceries or insurance. Try shopping the grocery ads, then make a list and stick to it, by doing so you will avoid costly impulse purchases. Make sure you comparison shop for your insurances. You would be surprised at the amount of money you could save each month by switching providers.
I also recommend you track your spending for one month. Once you get a clear picture of where your money is going you can put a limit on your spending. Maybe you need to start packing a lunch and save yourself an average of $3 a day, that’s $720 a year! If you make small changes, such as these, you’ll quickly see that you’ve got extra money in your bank account.
Remember to pay yourself! Set up an automatic transfer every month for a fixed amount, and put the money into a savings account. The simple act if paying yourself, will allow your savings to grow effortlessly and efficiently. Do a little research and find a savings account that will pay you a good interest rate, because after all your money should always be working for you!
*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.