Household Budgeting Tips - CreditGUARD of America

Most consumers overspend because they buy things on impulse. The next time you’re tempted into making an impulse buy, ask yourself the following questions:

“What do I need this for?”
“Should I spend my hard earned money on this item?”
“Do I need my money for something else?”
“Will this item go on sale?” “Should I wait to buy?”
“Can I afford to buy this item?”
“Does it matter if I buy brand-name or can I get by with generic?”
“What do consumer magazines say about this item?”
“Do I know anyone who bought this item?” “Were they happy with it?”

If you take a moment to think about what you are buying, you will probably not spend your money and save it for something important.

You should always pay yourself first before spending money on anything. That means putting part of your household budget into savings. There are three easy steps to increasing your savings account as you pay yourself towards future financial stability.

1) Every paycheck, set aside about 5 to 10% of your household income into your savings account and don’t touch it. Make that money your “rainy day fund” for handling financial emergencies.

2) Deposit any extra income that you get into a savings account or use it to pay off debt rather than go on a shopping spree.

3) Empty your change into a jar each night. When enough is accumulated, deposit that into your savings account.

Save money by being a smart shopper. Every Sunday, go through the newspaper and clip out coupons for groceries. Check the mailers and see if any of the regular items you buy are on sale. Wait for sales, and comparison shop to find the best deal. Here are some budgeting tips for comparison shopping::

Go to the store and look at items you want to buy.
Check product reviews to make sure the item is a good buy.
Check the newspaper and online to see if you can find a better price.
On the 2nd trip, go and buy the item once you’re satisfied that you’re getting a quality product for a good price.

If you find a better price online, be sure you’re buying from a reliable company and that you’re still getting the better deal after shipping/handling charges.

Use our online budgeting tools to track your expenses and keep your household budget in check. Make sure that you create realistic goals and if you have more questions about maintaining a personal budget, please Contact us online or call CreditGUARD of America at 1-800-500-6489. Certified credit counselors are available Monday through Thursday 8:00 a.m. to 12:00 midnight; Friday 8:00 a.m. to 11:30 p.m.; Saturday 10:00 a.m. to 6:00 p.m. Eastern Time. For online service, 24/7, use the Credit Card Debt Analyzer to calculate your estimated interest and payment savings available, through our debt management program.

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Household Budgeting

Budgeting Tip #1: Ask What, Spend Not

Budgeting Tip #2: Save & Pay

Budgeting Tip #3: Clip, Shop & Compare