Consider Cutting the Cards
If your spending got way out of hand because of your credit cards, try to get rid of a few of them in order to spend more responsibly.
Establish A Budget
Look at how much you earn every month as well as how much you spend. Find out specifically how much money is going out, and determine if you need to keep some of it in your account.
Use Your Hobbies to Make Money
If you are good at something like technology, writing or public speaking, get out there and get some experience! You might be surprised to find that people will pay you to do what you used to do for free.
There are many advantages to carpooling, but saving money is a big one. If you have to commute every day, pair up with someone. Besides, it might make going to work more interesting.
Cut out some expenses in your budget you don’t need, like subscriptions to online services. You can get many of these for free, with a little bit of work.
Go Cash Only
This can be a nuisance, but think about keeping cash on hand and using credit cards only to pay recurring bills. You might find that you’re spending a lot less money.
Cut Going Out
Everyone goes out and spends money. Coffee, restaurants and movies are a few places that can become big monthly expenses. Think of creative alternatives. Making your own coffee each morning, limiting eating out to once a week and renting movies to watch at home are easy ways to save money fast.
Get A Cheap Hobby
There are many relaxing things you can do that cost little and have high value. Music, cooking, crafts, reading, and the infamous “long walks on the beach” are all good alternatives. You don’t have to spend a lot of money to have a good time.
This article was published in the Founders FCU's Transaction Newsletter (January 2012). Portions of this article from creditcardassist.com.