Most of us have several loans: mortgage, car loan, perhaps an extension of mortgage for a second home and staff to give us some credit that whim that we could not afford, but given the economic boom as we drove and the ease with which banks gave us money, decided to hire confident they could cope with all payments, loans completed with a credit card.
However, after the housing bubble burst and plunged into the current economic downturn, the situation has changed so much, that for many families all these loans are a burden which is very hard to shake, and the situation worsens when, leaving trouble, ask another loan to pay previous loans, which we see with the water neck and without knowing how to get out of the situation.
The first thing you have to do is take stock of expenses and income, so that we have a clear idea of what our financial position and with what funds we have.
Then we have to work on two fronts: one is to limit expenses and another increase revenue. We must dispense with all unnecessary expenses and limit ourselves to the strictly necessary. On the other hand, we find a second job or activity you provide extra income to help us get out of debt.
Finally, we record all our loans along with the interest rate they have. The will order from highest to lowest, and start paying the highest interest, which will be the most even of our economy. We will pay the fee and any extra income we get, we will use it to repay the loan, which will finish ahead of schedule pay. Then go on to the next credit, and pay the same fee to which we will add the fee we paid for the loans interest. In this way, we can go rid of loans one by one.
Many families are faced with the problem that can not save, can not save or even 1% of their income because everything is destined for consumption or expenditure.
They can be several factors both inside and outside the family that make the members can not save anything at all.
But. How I can get my family to save? There are no simple answers to this question and simple, there are no magic formulas or an already established program steps, it is more a question of dialogue and common sense. What I can assure is that the first thing you need is the will, if you have the desire to save his family and also help you take advantage, and although that is not the only success I say that is a battle won. And although this culture is a matter of saving her own I can suggest that you follow these tips:
l Make a strategy: When the family is involved the issue of savings, we must make a plan to see that among all members is met each part corresponds, however small, to involve all members of family makes them feel participatory household financial decisions.
l Develop a monthly budget together: This usually teaches every member of the family to see how much money comes in and how much has to come out, is also a great strategy to raise awareness among children. Doing something the participatory budgeting can be beneficial, you never know where a good idea can come.
l Establish a period: It is no use having a perpetual plan, its name says it will never have an end, we can not see the results, try to have a term plans to view and analyze the results that can be improved.
l Detect weaknesses: Do not think that your finances are approving all, observe your spending, know your weaknesses, if you spend too much on one area or if someone else makes them discuss it, ask yourself why it happens and if it can be corrected it is best to do, for the sake of saving.
l It would audit, better see: When we are all involved in the savings plan are all partners, not good that someone is controlling all the movements and chiding by overspending, all of that consultation, and thus talk given solution.
l Try to reduce luxuries: If you go out to buy clothes two times a month, try to improve gradually sacrificing one of those outputs in order to save, if you go to the movies every week to see the movies, try to be 2 or 3 and you will see a small savings in the first instance, but substantial in the long run.
l Choose the days of deals: Usually supermarkets and malls have fixed days of deals, remember that you can save a few bucks if you buy these days.
l reach a common goal: Generally when a beginner in this issue of savings, we must have incentives to do so, start with a small goal, any electronic item or holiday, this will make everyone involved look at the goal.
l Never give up: There is no third or fifth overcome bad, saving is simple is a discipline and financial discipline. As the savings requires a lot of practice, so do not worry if you do not have the expected results in the first month, keep trying, remember that practice makes perfect, excellent start ever, ever be corrected on the fly.
I hope these tips will help your financial life and your family life, remember it’s a great lesson that will let their children or teach him his wife (or) and this always help them in life.
I recommend also find tips on household savings are small ideas that can always be helpful.
My best wishes for your financial life.