Power to Change » budget

3 Critical Tools for Paying Off Debt

Thu, 26 Jan 2012 08:05:40 +0000

This is the time of year when many people look at their debt situation and shudder. They dream of what it would be like to be out of debt. And, if they’re brave, they begin to plan a strategy to reduce the amount of debt they carry.

They’ll begin with high hopes. But many of them will quit before reaching their goal, disappointed, discouraged and defeated. Is there something that they could have done differently that would have given them a better chance at success? I think so.

You can find all kinds of advice about how to get out of debt. The web is full of the stuff. But, when you boil it all down, there are three things that form a foundation for a get out of debt effort.

1. Don’t expect immediate results. You won’t be getting out of debt in a matter of days or weeks. The only way to eliminate your debts quickly is to inherit a large sum of money, win the lottery or declare bankruptcy. The first two are unlikely. The third may remove debts quickly, but you’ll suffer with a lower credit score for years to come.

Recognize that it will probably take about as long to get out of debt as it took you to get into it. You can speed up the process but you won’t eliminate debt that took 10 years to accumulate in 10 months. You can shorten the time by being aggressive in your payback plan, but it still will be a long process.

What’s the take-away? You need to be prepared for a marathon race. This is not a sprint. If you’re prepared for the long haul you won’t be disappointed and discouraged when a year passes and you haven’t eliminated all your debts. You’ll expect a long battle and be ready to fight it.

2. You need a good plan. A good plan will stand the test of time. The longer you work with a good plan, the more you appreciate its usefulness. There are a number of good plans readily available. You may find that one is particularly well suited to your situation.

Any good plan will have a number of characteristics:

It will include all your debts. That’s important to help you see the whole picture.
It will help you evaluate exactly how bad your debt situation is. Not only will you know how much you owe, but you’ll know how much it’s costing you in interest each month/year.
It will include a priority of which debts to pay off first – smallest to biggest? Highest to lowest interest rate?
It will allow you to know how much money you’ll have each month to repay debts.
It will free you from having decisions to make each month. You know how much money you’ll have and which debt is being reduced first. The decision is already made. It’s just a matter of executing your plan.
It will allow you to calculate an approximate date that you’ll be debt free.
It will help you monitor your progress. You should be able to predict where you’ll be 6 months from now. And, then compare your actual results to that prediction.
It will take your personality into account. Some people need the motivation of seeing many small accounts being repaid quickly.
Others are happier watching the average interest rate their paying decrease each month. A good plan will be tailored to your personality.

A good plan will do all those things. Some offer other bells and whistles. But any good plan should do all of the above things. If your plan doesn’t do them, keep looking for one that does. This job is hard enough with a good plan. Don’t weigh yourself down with a bad one.

3. Find a way to keep yourself motivated throughout the process. Once again, you’ll need to know what would encourage you when you’re thinking of quitting. For some people, rewards along the way work well. Perhaps a nice dinner or that coffee maker you’ve wanted would be a good reward when your car loan is repaid. Knowing that a reward is within reach could be enough to keep you going.

For others one big reward at the end is the best motivation. I know of people who’ve wanted to go on a cruise for years. They’ve added the cost of the cruise to their debts. And when it’s all paid off they’ll be packing their bags. To remind them now, they’ve posted pictures of cruise ships around the house as a continual reminder.

Getting out of debt is a tough challenge, but it’s a worthwhile one. And it’s one that you can accomplish with the right tools and sufficient determination!

Take the next step:
Managing debt starts with a plan
Digging out of debt
Take a lesson: How to beat stress

Finding Financial Balance

Tue, 21 Jun 2011 08:00:10 +0000

It is often said that balance is the key to happiness. Financial balance is an important part of a balanced life.

Life can sometimes be like the balance scales our grandmothers used years ago with many different aspects of our beings coming together to balance and form the people that we are. We work and play, rest and expend energy, commune with our bodies and souls, exalt in joy and feel sorrow. Balance is the state that someone achieves when all of the aspects of life and self are in harmony.

What does balance mean to you?

While balance is necessary to have a satisfying, energetic, joyful life, it’s up to each person to determine what balance means to them. Nothing pull us more off balance than financial demands that challenge and wreak havoc on my relationships, health and career.

With your financial house is in order, you’re able to care for others. So that’s why it’s important to devote as much attention to your family’s financial health as you do to your physical health. When your family’s financial house is in order, you are better able to care for others.

Does your life need more financial balance?

The first step in creating financial balance is to take a look at where you are today. Grab a pen and take this quick quiz to find out more …

Do you avoid thinking about your finances?
Do you have a realistic financial plan for retirement?
Are you taking advantage of tax-deferred investments such as RRSPs?
Do you have a Registered Education Savings Plan (RESP) for your children?
Are you able to financially support your charities and church as much as you would like?
Do you have cash reserves to last three months in the event of an accident or disability?
Could your family live comfortably on your death insurance, disability or critical illness benefits?
Do you have an estate plan to ensure your family’s financial future?
Have you reviewed your Will in the past three years?
Do you have a clear and concise picture of your current financial position?

If you’ve answered NO to more than two questions, your life may need more financial balance. For help in getting your financial needs in balance so you can live a more generous life, contact FaithLIfe Financial.

Call 1-800-563-6237, or email communications@faithlifefinancial.ca.

Visit our website www.faithlifefinancial.ca

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How to Cope When You Lose Your Job

Tue, 07 Jun 2011 08:00:15 +0000

“Out of work” doesn’t mean out of hope. No matter how much you anticipated it or how many of your colleagues find themselves in the same situation, losing your job due to downsizing, restructuring or any other reason can be a shattering experience. In fact, psychologists agree that sudden unemployment is as emotionally stressful as divorce or the death of a spouse or parent.

The stress is magnified if you are your family’s principal income earner, making it a double-barrelled blow to both your ego and your security. The approach to dealing with it is to take action not only in looking for new employment but in restoring other aspects of your life.

Here’s how to get started:

Accept and understand your emotions. You have a right to grieve, feel anger, and recognize that you’re depressed. Give yourself time to acknowledge these feelings and share them with your spouse or trusted advisor or pastor. Then promise each other to move beyond them and take charge of your lives.

Reduce your expenses. Talk to creditors about extending loan periods and reducing monthly payments. Set a tight household budget and stick to it.

Share the facts with your children. Don’t try to hide the situation from them. Gently explain what has occurred and that some changes are being made for a while – you may not leave the house at the same time each workday, or you may not be able to afford some things the family had planned. Young children tend to blame themselves for family problems. Assure them that they did nothing wrong, and you will continue to love and protect them.

File for employment insurance and other benefits. This does more than create income; it demonstrates that you are taking charge.

Recall other challenges you overcame. If you faced difficult transition points in the past and handled them well, reflect on how you managed to deal with them successfully, and the inner strength you drew upon. Find ways to apply that strength again.

Seek solace in your inner confidence – and nowhere else. Alcohol and drugs may ease the pain, but they won’t put you back to work. Find strength in your friends and your faith.

Two essential words: Be patient. If you don’t succeed in the first few weeks or months, review your strategy. Is your resume convincing? Can you improve your demeanour? Do you need different references? Do you need to consult an expert for assistance?

Assess your personal strengths and goals. Many people evaluate losing their jobs as a turning point in their lives because it provided an opportunity to pursue a dream of independence or a career shift.

Like many other challenges in life, unemployment focuses our minds on the basics. Family, friends and faith suddenly become more valued than ever, and they are key to sustaining our strength during times such as these. Do not be shy about using them to help yourself and others.

Related Readings:

Coping with Your Husband’s Job Loss

For help in getting your financial needs in balance so you can live a more generous and hopeful life, contact FaithLIfe Financial.

Call 1-800-563-6237, or email moreinfo@faithlifefinancial.ca.

Visit our website www.faithlifefinancial.ca

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Can Your Financial Plans Keep Up?

Tue, 17 May 2011 08:00:42 +0000

Major changes — whether personal or professional — can significantly affect your family’s insurance and investment needs. A year-end review of your situation will help ensure that you have adequate coverage and that your investments are meeting your needs. Consider where you stand now in terms of your financial goals and what, if any, adjustments are required in your plan. Here are some big changes that you may be experiencing:

Your family has grown. Perhaps you got married. Your responsibility now extends to another person. The birth of a child increases your responsibility that much more. Be sure to expand your life and disability insurance coverage accordingly. A divorce, serious illness, or death in the family may also require you to adjust your insurance and estate plans. Changes in family obligations also affect spending patterns, investment goals and other aspects of your financial affairs.

Health concerns. If you have been diagnosed with an illness, it may affect how you want to structure your finances. Perhaps you need funds readily available, or you need expert advice on the best way to access your savings.

Your work has changed. Did you start a new job this year? Are you expecting a raise or promotion soon? Higher income means greater financial losses to your family if something were to happen to you. If you left a full-time job to raise children or start your own business, it’s crucial that you replace group insurance benefits with a personal plan. Think about how work is going. Do you expect a promotion? Is a layoff possible? Good news or bad — these should factor into your investment decisions.

You took on debt. Perhaps you’ve bought a new home or car, or borrowed money to renovate your kitchen. If you’ve taken on additional debt, make sure your insurance is adequate to cover all liabilities and interest payments.

You are approaching retirement. As you get closer to retirement age, an investment review and retirement plan is essential. Your tolerance for risk may go down, as you look for more stability and security. Your investment time horizon may also change to ensure that your funds are available when you want to access them.

For help in getting your financial needs in balance so you can live a more generous life, contact FaithLIfe Financial. We can provide a detailed financial analysis giving you the peace of mind that you have the necessary insurance coverage and investment mix for your current situation.

Call 1-800-563-6237, or email moreinfo@faithlifefinancial.ca.

Visit our website www.faithlifefinancial.ca

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Education – A vital gift

Tue, 10 May 2011 08:00:49 +0000

The most valuable things we offer our children cost nothing. But there are many other things we give them that cost money. The most expensive is often the opportunity for them to attend college or university. Without financial assistance, our children may have to forego post-secondary education or graduate with loads of student debts. We want to give them the gift of higher education, but can we afford it?

Education for children or grandchildren is an investment and, like all investments, the sooner you commit, the greater your reward. This may be difficult to grasp when you are managing mortgage payments and all the expenses of a growing family. With help from the federal government, qualified investment advice, and a little planning, education funds can be amassed over time.

RESPs

Start by opening a Registered Education Savings Plan (RESP). An RESP is a Registered Retirement Savings Plan (RRSP) for your children’s education. Contributions to the plan are invested and earnings from these investments remain free of income tax until applied to the beneficiary’s education, when they are taxed in the student’s hands. Since a student’s anticipated income is either nil or very low, the income tax is insignificant.

Unlike an RRSP, you cannot deduct RESP contributions from taxable income. The federal government, however, may increase the contributions via a Canada Education Savings Grant (CESG) and a Canada Learning Bond (CLB). (Residents of Alberta may be eligible for an Alberta Centennial Education Savings Grant.) Additionally, A CLB will provide up to $2000 over 15 years, to assist modest-income families who have children born after December 31, 2003.

Grandparents and family friends may open their own plan. You can launch an RESP for a grandchild, niece, nephew, or any child you wish to assist in obtaining a college or university education simply by naming them as the beneficiary.

RESP growth depends on your investment decisions. An RESP should be considered an investment, not a savings plan. Two elements that can maximize the growth of your RESP are an early start and professional investment advice. A $2500 contribution made annually combined with the maximum CESG contribution, will grow to a substantial amount. You may contribute a maximum of $50,000 to an RESP.

What happens if the child opts out of pursuing a post-secondary education? You have a number of options that are available:

Wait for your child to pursue post-secondary studies at a later date
Transfer the plan to a brother or sister who chooses to attend college or university
- Transfer the money to your RRSP (less CESG and CLB funds)
Withdraw your contributions tax-free. Investment earnings are subject to income tax; CESG and CLB contributions must be returned to the federal government.

Getting started

Start with a SIN and a telephone call. As the beneficiary of your RESP, your child must have a Social Insurance Number (SIN). For information on obtaining a SIN application, contact your local Service Canada Centre. After your child is assigned a SIN, contact a FaithLife Financial representative to help you choose the best available RESP plan and guide you through the government’s CESG application process.

For help in getting your financial needs in balance so you can live a more generous life as God calls, contact FaithLife Financial.

Call 1-800-563-6237, or email moreinfo@faithlifefinancial.ca.

Visit our website www.faithlifefinancial.ca

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Being Generous When Times Are Tough

Wed, 27 Apr 2011 08:00:34 +0000

In difficult economic times like these, it’s natural to search for ways to cut expenses and reduce the pressure on your family income. Among the many ways to lower expenses, the easiest may seem to stop making donations to your favorite charities. If we truly believe in what these organizations are doing, discontinuing our financial support means that we stopped believing that they are important. What happens to our personal values when we reject one of the primary principles by which we live our lives?

When times are difficult for us, they are even more difficult for those in need. The organizations designated to assist them must accommodate for increased demands and decreased revenue during economic stress. Charities across the country have reported a drop in donations of as much as 30 percent, even as the number of people dependent upon their assistance rose steeply.

Government expenditures maybe have helped some industry sectors, but who is helping individuals in personal distress? How do those individuals cope in regions where these industries aren’t located? The key source of assistance continues to be people like you, giving from their hearts.

Tax benefits

Tax benefits soften the impact of charitable donations on the family budget. The first $200 of a contribution to registered charity qualifies for a federal tax credit of 15 percent of the amount donated; amounts beyond the $200 level earn a 29 percent tax credit. Provincial tax credits may also apply; the amount varies from province to province.

In order to take advantage of the larger tax credit for $200+ donations, married or common-law couples may pool their donations and claim them on a single return. Another hint: If your income varies widely from year to year, you can carry your charitable donations forward as much as five years when, thanks to a higher taxable income, you could receive a larger tax benefit.

You may also assist a charity and earn tax credits by donating real estate or a life insurance policy. A life insurance policy will generate a tax benefit based on its cash surrender value. You could consider transferring an existing life insurance policy (or open a new policy) with the chosen qualified charity as the owner and beneficiary. Each premium payment qualifies as a charitable donation and is eligible for a tax receipt.

See the faces behind the numbers

Though practical aspects of charitable donations are not to be ignored, it is the human factors that inspire our offerings. Those in need of food, shelter and emotional support continue to depend upon assistance from you and your neighbors.

Our communities may be in need of repaired roads, extended parklands, and various bricks-and-mortar aspects of our lives. We should never forget, however, that our spiritual lives are equally important. The assistance we provide to others less fortunate than ourselves helps define who we are and the values we treasure.

For help in getting your financial needs in balance so you can live a more generous life, contact FaithLife Financial. We can provide a detailed financial analysis, giving you the peace of mind that you have the necessary insurance coverage and investment mix for your current situation.

For more information: Contact FaithLife Financial, call 1-800-563-6237, or email moreinfo@faithlifefinancial.ca.

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The Vanishing Pay Check: Where does it go?

Tue, 12 Apr 2011 08:00:26 +0000

Many families suffer “hole-in-a-pocket” syndrome, meaning the money

they earn seems to slip away leaving no trace. As a result, plans we have for our family, home, church or charity giving and future are set aside. We say “we can’t afford it” even when the family income suggests that the plans are – or should be – affordable.

This happens because we are not aware of our spending habits and how they may be in conflict with our goals in life. Instead of changing our goals, we need to change our spending habits. Changing a habit can be difficult, but it becomes easier when we commit to following sound and trusted financial principles.

Knowledge is power – and money in your pocket

Knowing where your money goes is the first step in spending it wisely. As we will see, it is also the first step in doing more with money we already have, and that’s like finding cash we didn’t know we had. When this happens there’s no longer a hole through which our money vanishes – now there’s a piggy bank where that money adds up. With a little effort we can stop referring to “spending habits” and start calling them “savings habits.”

Now, wouldn’t that be nice?

More money is not the answer

We have enough riches and wonders on this earth both to meet our needs and help others with difficulty. So why do so many of us live from one pay cheque to the next? Because we do not set goals.

Goals enable us to ignore today’s temptations in favour of tomorrow’s treasure. No matter how we define those future riches – higher education for our children, financial security for ourselves, support for our church, assistance for those in need – the pride we feel when achieving them outweighs by a thousand-fold the pleasure from purchasing something we do not need and perhaps cannot afford.

Needs, wants and whims

Many of our problems with budgeting are caused by misidentifying our reasons for spending money. Each spending decision we make can be classified according to three categories:

Needs – These are vital to the physical and spiritual well-being our ourselves and our families. They may also be required to fulfil commitments to governments (taxes), creditors (mortgage lenders, credit card companies) our church (tithing) and our community (charitable donations).

Wants – Many expenditures are made on goods and services that enhance our lives. We may consider books and attendance at cultural events important in this regard; others may choose to spend money on their hobbies or travel. True “wants” are those that enrich our lives and justify their cost.

Whims – Whims are purchases that others decide we should make, rather than ourselves. This usually happens through the power of advertising. If last year’s television set is working fine, do we really need this year’s model with its fancy gizmos? Which should we obey first: an advertising pitch or our own needs?

With those definitions in mind, pause and think of the items or services you purchased in the past month and decide which were Needs, Wants and Whims. You may be surprised.

Start with a spending diary

Here’s a “Need” purchase worth making if you truly want to track your spending. Purchase a small pocket notebook, complete with an attached pen, and carry it with your wallet. (See our “Expense Tracker” under “Track your Spending”).

For one complete month, write down every purchase you make, to the penny, in your diary. Note the date, the amount and a description of the purchase. Be sure to include all purchases made by credit cards, cash, cheque and on the Internet. Don’t forget the coins you slip into parking meters and vending machines. At the end of the month assign each purchase a category – Food, Transportation, Clothes, Miscellaneous, etc. – and add the totals.

Chances are you will be shocked by the many unnecessary ways money slips through your hands from payday to payday, month to month, and year to year. If so, take the next step to managing your finances. Once you can see where you money is going you can start to redirect it to where you want it to go.

Go to TRACK YOUR SPENDING and start your journey.

For help in getting your financial needs in balance so you can live a more generous life, contact FaithLIfe Financial.

Call 1-800-563-6237, or email moreinfo@faithlifefinancial.ca.

Visit our website www.faithlifefinancial.ca

FOLLOW US ON Facebook and Twitter

Dreaming the ABC’s

Sat, 19 Mar 2011 08:00:04 +0000

Do you have unrealistic expectations in life? We are here to listen.

“Forget what happened long ago! Don’t think about the past. I am creating something new. There it is! Do you see it” (Isaiah 43:18)?

For most of us we survive each day, week, and year. We examine our budget, take a deep breath, and walk away. The monthly calendar is marked by scribbles of appointments and meetings. The ‘to do’ list continues to grow in double digit numbers.

Dream? Who has time for that? Max Lucado in his book, Fearless –Imagine Your Life Without Fear says to Dream Wildly. Those two words reminded me to evaluate things again. How can I begin to dream when reality is so tough some days? That is why I need to dream. If we stop dreaming, we stop hoping. We need hope in a world of war, earthquakes, disease and pain.

The Old Testament prophet, Isaiah said, “Forget what happened long ago! Don’t think about the past. I am creating something new. There it is! Do you see it?’(Isaiah 43:18) The pages of Scriptures describe the God of the Universe who wants us to hope and dream. So why not take steps to join with Him to create something new?

Start today to dream again and keep it simple by using the ABC’s. Make a list and date it. Let’s start!

Amazing Dreams! Write out your most wild and bizarre things that you have ever thought to do. Pretend that the sky is the limit. This list is yours and no one else’s. It can be plain and simple – Amazingly CRAZY. Smile, enjoy, and dream. Alright, you have your first list.

Believable Dreams! This time make a list with reality flavored in the mix. Keep dreaming though. It may mean planning a trip even though your present budget says, “You have got to be kidding”. Maybe it is signing up for your very first college course toward a degree (who cares if you will get your degree just as you are about to retire!) For some, it is learning a new instrument or purchasing a home. Twelve years ago I prayed to travel more and this year I went to Mexico!

How is your list going? Lastly, but never in permanent ink……

Creditable Dreams! What are your dreams for the next 12 months? This is where you practice your ABC’s. What are the current steps you can take to make some of these dreams become a reality? Take some time to write the steps that you will need to take for it to happen. As you dream, write it in pencil so you can be flexible with your adventures. As you dream, also remember contentment with life is ‘daily’. Months later you can enjoy this list with the fact that you did dream and hope. This is your dream list so have some fun

In Psalm 37:4 it says to “delight yourself in the Lord and He will give you the desires of your heart.” Let Him have your heart today as you dream the ABC’s. He is the creator of the alphabet!

Father God, thank you that You care for us individually and that You enjoy when we dream. Help us in our next steps in this life. Thank you that You hold our heart and enjoy the adventures with us. Thank you that You are our Hope and want to guide us in our personal ABC’s. In the precious name of Jesus, Amen.

TAKE THE NEXT STEP: Realizing your dream

Questions: Do you have a dream? What are the current steps you can take to make your dream(s) become a reality?

About the Author Linda McCutcheon

Control your Credit Cards

Tue, 22 Feb 2011 09:00:05 +0000

Today, the number of credit cards in Canada had grown to almost 65 million while the value of annual purchases made with credit cards increased more than ten times. The hard truth: More credit cards mean more credit card debt per person. Many Canadians are swamped by their monthly credit card obligations. Credit card debt is painful because often it developed as a result of unnecessary purchases, leaving only unpaid balances subject to high interest charges. If your credit card balances are out of control, here’s how to take control and prevent a recurrence.

Do you really want to spend more money than necessary? Research proves that consumers spend substantially more money when purchasing with credit cards than with cash. If you’re intent on budget restraint, use cash or debit cards.

More cards mean more debt. Don’t get caught in the good-credit cycle that qualifies you for higher credit limits on existing cards and offers of new credit cards. The more cards you carry in your wallet, the more likely your debts will grow to an unmanageable level.

Resist introductory low rates for new credit cards. Some cards promise unusually low interest rates for new cardholders, suggesting they use their new card to pay off their old credit card debt. But read the fine print: When does the introductory low-interest period end? What will the new rate be? Does the new card include annual or monthly fees? Will a transfer fee be charged when moving one credit card balance to another?

Remember how credit card companies make money. It’s from the interest charged on your unpaid balance. Typically, this ranges from 12 to 18 percent annually (retail department stores may charge 28.8 percent). At those rates, credit card companies want you to maintain a substantial balance as long as you make minimum payments because it maximizes their profit.

Get your credit card debt under control:

Destroy all but one or two of your current credit cards. Keep the cards with the lowest interest rate and no annual service fee.
Pay off the card with the highest interest rate first. This card represents the biggest drain on your budget.
Wherever possible, pay for purchases with cash or a debit card. You cannot reduce the balance on your credit cards if you keep adding charges to them.

Remember: Credit cards are not a source of income. They are a convenient on-the-spot loan that must be paid back, often at very high interest rates.

For help in getting your financial needs in balance so you can live a more generous life contact FaithLIfe Financial.

Contact FaithLife Financial for more information.

A Penny Saved: Ten Painless Ways to Save

Tue, 08 Feb 2011 09:00:52 +0000

In these uncertain economic times, we’re all looking to save a little money, especially if we can do it without changing our lifestyle. Here are ten ways you can do just that. Taken together and applied over even a few months, they could make a noticeable difference to your family’s budget.

The “small stuff” pays off. Pennies and nickels add up. Drinking coffee instead of cappuccino each day saves $40 a month. Reducing soft drink consumption by one litre a week saves $6 a month. Tucking away 50 cents in loose change a day equals $15 a month. Brown-bagging lunch saves $60 a month.That’s over $120 per month or almost $1500 each year back in your wallet.
Install a programmable thermostat. Many models are available for $50 or less. Easily installed, they can cut heating costs by 10 to 20 percent. Use one to reduce temperatures (and heating costs) in winter, and increase temperatures (and cut air-conditioning costs) in summer during hours when no one is home.
Reduce the hot water temperature setting to 50 degrees C. Electric water heaters are the second biggest energy consumer for most homes; lowering the water temperature lowers your electric costs. Drain five or six litres of water from your heater every three months to remove sediment and improve heat transfer.
Review telephone and cable TV bills. Identify unwanted or unused services and ask the provider to eliminate them. If they don’t, consider changing companies.
Change banks to avoid fees. Some banks charge substantial fees for cheques and other services, while others provide them free without needing to maintain a minimum account balance. Talk to your bank to see if a different account could save you money.
Prepare a shopping list and stick to it. Shopping without a list guarantees you’ll buy things you don’t need. Preparing a list also helps you save by planning meals that will use up the food you already have.
Reduce convenience foods. Frozen dinners and microwaveable foods reduce preparation time but add a substantial cost to your budget. An hour spent on weekends making casseroles, roasting chicken breasts and preparing other meals for the week saves a bundle each month.
Master the 10-second rule and the 30-day rule. Use the 10-second rule to ponder impulse purchases that are not on your shopping list. Ask yourself why you are buying the item and if you really need it. Without a good answer, put it back. Use the 30-day rule when considering major purchases. After 30 days, ask yourself if you really need it.
Plan get-togethers at home instead of going out. Potluck suppers and bridge nights with friends can be as much fun (and far cheaper) than dining out at restaurants.
Avoid shopping as a means of relieving stress. Many people go shopping when faced with stress as a result of work or family strife, but it’s an expensive cure. Try substituting meditation, yoga or just private quiet time in its place.

These are steps we can all take to get our budgets under control, leaving you more money to reduce debts and save for the future. Contact FaithLife Financial for more information.