Is your spending pattern driving your credit score in Australia to its lowest point? Here are some tips to help you save more, spend less and earn more in the process.
Accept the importance of making a budget
Knowing exactly how much and where you will spend your money each month will make the whole concept of saving and spending much clearer. Budgeting may sound quite hard, but in the end, you’ll realize that it was worth all the calculating and plan making. You get to track all of the things you spend your money on, which makes controlling your expenses much easier- and it might even give you less stress; or even no stress at all. You wouldn’t have to go worrying about your money when you’re at work, since you’re already confident that they all have their special places allotted within your financial plan. You might even find that what you budgeted was more than the exact amount you need, thus, extra money and more savings. Extra money might also mean that you finally get to eat out, even once. You’ll finally get to try that new restaurant that you’ve been planning to go to but never got to it since you didn’t have enough money on your budget. Budgeting also saves you time. Instead of going to different places to collect your documents regarding your financial transactions, you already have all of them listed down and printed out within your grasp. Budgeting really doesn’t have much flaw on it. It helps reduce stress, and makes life easier. All it takes is a pen, paper, and a whole lot of calculating.
Create a budget worksheet
Now, as mentioned before, budgeting is quite hard. But with the right guide and planning, you’ll get to it quickly and easily. The first thing you have to do is pick up a pen and paper- If you don’t want to lose the paper, you could use a notebook or a journal. Then, after grabbing the things needed, start thinking. Think about your financial status. Are you wealthy? Or Average? If you don’t know exactly how to identify yourself as, past transactions or documents might help you. How you spend your money periodically also helps. Even the debts you owe and have paid will. Upon doing this, you’ll know exactly how you’re doing financially. This is the time you’ll start the planning. Planning ahead of time will give you a feeling of assurance that will help you reduce the stress that everyone gets when it comes to spending. All the things that you spend your money on monthly should be written on that journal. This includes the bills you have to pay- you might want to pay extra in advance so that they wouldn’t pile up when the time comes that you don’t have much money on your plate. After that, allot a small portion of your money for savings. You’ll never know where you’ll need them for when the time comes. Now, flip to the next page and mark it as “WANTS”. Having a budget doesn’t mean that you won’t get to get what you want. You could grab a little money from your savings or the extra money from your budget and then buy the things that you want. But having the chance to get what you want doesn’t mean neglecting your NEEDS. They should always be put first. Having extra jewelry and not having anything it eat isn’t as pleasant as it seems. Aside from this, you need to put into mind that you need to use the right guide. Your journal should include all the little details needed for budgeting- How to paying your debts, track your expenses, and then the periodic budget. This makes budgeting and everything else much easier. Now, with this budget journal as your guide, you’ll have no trouble with spending, saving, and repaying your debts.
Clean your credit
Request for a copy of your credit report to check if the information contained therein are accurate. A poor credit score is due to the negative items on your credit file. If upon requesting your credit report, you noticed that there are accounting errors, or wrong information submitted by collection agencies, creditors and credit bureaus, it is time to repair your credit. Genuine errors can be removed, after filing proper disputes and attaching evidences to the contrary. You can also use DIY Clean Credit Repair Kit to request for the removal of erroneous entries.
There are easy to follow instructions and list of the right contacts that will help you take down items which shouldn’t be in your credit file in the first place. Learn more about our DIY Clean Credit repair and boost your credit score Australia by making an enquiry today!