While you can start working on an opinion outpost or two to try and round up some extra money, but if you can make adjustments with your daily finances is where you will have the best way to free up extra money to put to good use, now and setting yourself up in the future. We all want to continue our current lifestyle in retirement when we do finally walk away from work, so the earlier the better to increase contributions will only happen when you can improve your current money moves.
Check Your Credit
These days you often hear about card information getting hit whether you’re at the gas pump or leaving your card out too long while you’re paying a bill, not to mention stores getting hacked, and most recently even the credit bureaus aren’t safe. Basically, who knows you could possibly have your information so it’s a good idea to pull your credit to verify all information is up to date an accurate. The three major credit bureaus will offer a free copy of your credit report at least once a year to pull, although the score will not be including, you can view that monthly on your credit card statements.
Build Up a Cushion
Much like never knowing who can find your information at any time, you also never know what life will throw at you and hit you with an unexpected expense, so it’s a good idea to be prepared just in case. If you can put a few months’ worth of expenses into an account to have when you need it, you can avoid using your credit card when it comes to paying medical, vet, or auto repair bills that come up, and even float you for a few months in case if you are in between jobs.
When it comes down to freeing up money every month you have to examine the amount that is going out. If you take a look at last month’s credit or debit card statement you can really get a feel of every dollar that went towards monthly bills, food, gas, and spending money to see where you can make some cuts. A good place to start that you will see instant savings is avoiding going out to eat, and going grocery shopping and preparing meals at home instead. After that, maybe you take a look at cutting the cable cord to free up another hundred dollars.
Use a Rewards Credit Card
Sure, credit cards can be scary if you have a spending problem and finding yourself spending too much more than you can afford to pay back when the statement balance comes due, but if you can avoid carrying over a balance and paying interest, by making the purchases that you would have made anyways with a debit card, instead you can earn rewards in the form of points, miles, or dollars back, which by not taking advantage is just leaving free money on the table, and you never want to do that!