Take Control of Your Debt
Millions of people struggle with financial woes. In fact, consumer debt in America has risen to nearly $2.4 trillion. That means that the average American over the age of 18 carries more than $10,000 in personal debt. Although there may not be a simple fix, there are many ways that you can help yourself. Whether you refinance a loan or cut back on spending, small changes can make a big difference. You can get your debt under control by being smarter with your money. Lending Made Easy offers financial resources to help you get started.
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Online Financial Resources |
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Mint.com offers free personal finance software to assist you with managing your money. Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more with your money, for free! |
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Google's Tip Jar is a collection of money saving tips submitted and ranked by the web community. Tip Jar gathers tips in one place and invites people to rank them in order of usefulness. Over time, the best and most useful tips will rise to the top. |
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CNN's Money 101 is a step by step guide to gaining control of your financial life. This guide contains over 20 chapters that cover topics ranging from personal and family finances to investing for the future. |
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GoSimplifi.com provides financial planning tools and information on money management. They will also show you how to budget and provide free financial advice, as well as debt management, retirement planning and investment advice. |
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MyMoney.gov is brought to you by 22 Federal entities that work on improving financial literacy and education. It is a central place for unbiased, reliable information and materials on financial topics of interest to you. |
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Save Your Money |
One of the ways you can stretch your budget is by increasing your financial savvy. As with many things, the smallest changes can make a big difference. Here are some tips to consider:
- Strive to put at least 10% of every paycheck into your savings. Although it may seem difficult, you'll quickly notice your account begin to grow. Try this simple savings calculator from Bankrate.com to determine how much you can save.
- Prepare your own meals. In other words, eat breakfast at home, take your lunch, and avoid going to restaurants for dinner. It may be hard to break this habit, but it is a great way to save a few hundred dollars a month. Try this "Lunch Savings Calculator" from HughChou.org.
- Avoid credit cards when possible. This is an absolute must if you are going to manage your debt.
- Try generic brands. Whether you're looking for cold medicine or cereal, there is always a cheaper, generic version of the same thing. For example, you can search the FDA to see if there is a generic version of your current prescription.
- Assess your monthly needs. It's a given that you have to pay your monthly car payment. However, do you need that premium cable package? What else can you cut out of your monthly budget? You can use the free personal finance software from Mint.com to help you manage your budget.
- There are plenty of things you can do around the house to lower your utility bills. Some of these things include: turning off the lights when you are not using them, using less water, turning up the thermostat, using energy-efficient bulbs. When you think about it, most of the changes you can make are pretty obvious. Visit EERE to learn ways to save money while being more energy efficient.
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