Tips For Managing Your Finances In 2009

Managing your finances, especially if you have credit card debts, can seem like a struggle week after week, month after month, year after year. For the most part it is a struggle, and it likely will be in 2009 as well as a direct result of the economic crisis. However, it need not be that way if you get organised!

Many people just shred their statements from credit card companies after paying the bill or keep them without ever looking at them. Well this is a big mistake because there may be direct debits on a bank account or recurring payments on a credit card that are unecessary and can be cancelled. You also need to have a good idea of how much you have spent and paid back every month to keep on top of your spending.

When a credit card bill comes in, try to pay a further 25% on top of the minimum payment where possible. This will actually help you to reduce your bills quicker and reduce the interest. This will help if you struggle to meet payments at a later date!

Try keeping a wall chart or writing notes to put on the fridge using magnets. Either one of those will enable you to keep better track of what you are doing from one week to the next. You could even have two magnets - one for a to do chart and one for a progress chart to keep tabs on what you have and have not done. Alternatively, keep a list of all of your expenses because this will allow you to keep track of what you have paid out but also what you have spent that is unecessary. This serves a purpose in that you can see whether you can cut down your expenditure further or not!

There will be more tips to come in the coming months because many people are goingto struggle this year so keep checking in for frugal tips and tips on managing your money with a view to saving some!