To have a job that takes care of the bills is a blessing for those affected by the recession. The other side to this is that many who were out of work or forced to take reduced pay may have found themselves having to stretch their money. For some, this meant having to call in extensions with creditors and pay excessive fees or close their accounts because they were unable to pay in a timely manner.
People who took the latter route may find that having bad credit can place them in a deeper financial hole – even when they have a steady job or make a nice salary. While there are some companies that are willing to work with those who have a history of late or missed payments, they charge higher interest rates for the privilege. Of course, this can place people trying to get ahead in a deeper financial hole.
The simple solution that many credit consolidation companies suggest is to pay off outstanding balances as soon as possible. Before sending payment to a creditor, a person should make copies of the remittance documents. Then keep copies for their records and credit reporting agencies, as they apply, will receive a copy to update their records once confirmed that the creditor has received payment.
This may seem like a daunting task for some but definitely worth the savings when it comes time to make a large purchase such as house or new automobile. What some people may ask is ‘Where is this extra money supposed to come from anyway?’ or ‘I just started receiving regular paycheck, can I have a little time to catch up?’
If a person were to take a dollar or two out of their wallet and place it to the side every day of month, they would find that they have enough money to pay at least one monthly utility bill. Now, if a person were to think about that same amount in the form of a credit card late fee, it can feel like being stuck in a hole. These amounts sound miniscule but add up over time.
With these simple methods, anyone save enough money to pay off creditors and establish enough funds to rebuild their credit history. Of course, for those with large amounts of debt this will take more time and it is best to speak with a professional about possible debt resolution options. However, it is never too late to start good money habits that will help to save in later years.
Healthy Brown Bagging
For the cost of lunch at a casual restaurant, anyone can buy bulk processed sandwich meats that will last for weeks. Though very inexpensive, these are loaded with sodium and preservatives that can lead to health issues when consumed over a long period. Low-sodium canned tuna or fresh leftover meats are a good alternative that are also easy to carry and store. Brown rice also lends itself well when it comes to meals that are healthy and filling. The boil-in-bag or instant rice can be served with salsa, fresh chicken salad or inside a wheat tortilla with fresh beans or chopped vegetables.
Also, do not forget about buying large sizes or store brands. According to the Consumer Reports website, shoppers can save up to 30% when they buy generic. Therefore, even if people consider themselves to have a discriminating palette, there are some food items where they most likely would not know the difference.
Effective Shopping
Anyone can find coupons inside magazines, newspapers and of course, online. Using these with grocery store shopping cards can even reward more savings but there is one area that some tend to overlook when they want to save big. Inside most supermarkets is a little corner with day-old bread that still smells fresh, cans with dents and other items that are marked down to as much as 75% of regular retail price.
Another suggestion for saving on food is to volunteer at a farmer’s market or food shelter in your area. Sometimes volunteers receive produce and non-perishables as an incentive or they may be able to buy leftover merchandise at a discount.
Getting Paid to Shop
This is not a myth nor are there tricks and definitely no investment. By visiting the Mystery Shopping Providers Association website, anyone can view jobs in their area and register with nationwide companies at no charge. Getting certification is optional and the purpose of having this is to let employers know that you are familiar with the basic protocol. This mostly entails the ability to make discreet purchases, write detailed reports, and follow other simple directives. Some assignments require shoppers to purchase specific items and others will pay just to visit a retailer to make simple observations. With experience, pay may increase and sometimes bonuses are included.
Even if a person were to save only $20 a week, this amounts to more than $1000 annually. By developing a system that includes taking discounts and not giving into temptation, anyone may find their way out of the debt they incurred during their “staycation”.
Robert Langdon is a professional blogger that writes for GreatDeals.com. Great Deals offers thousands of deals at hundreds of retailers across the web.
