In recent years, my family has struggled like so many others. Between a recession, shaky job market, unsettled housing market, and numerous personal struggles, I have certainly had a hard time keeping my head above water. In 2012, we have made strides in ensuring our financial future will be much brighter. Here is a look at how we are improving our financial outlook this year, and preparing for a much brighter future.
Paying Off Our Debt
In order for our future to be brighter and debt-free, we need to start getting serious about paying down our debt. We gathered all of our bills together and determined what we owed on each, and went to work setting up payment arrangements and paying little by little on our bills each month. Not only did this improve our financial standing, it also helped raise our credit rating as well.
Consolidating Our Bank Accounts
Earlier this year, my husband and I severed our bank accounts and it turned out to be a complete financial nightmare. We discovered the hard way that we are able to handle our finances much more effectively when our money is allocated to one shared account. Now that we have consolidated our finances once again, our expenses are being handled much more effectively, and we have a little money left over to spend on things we want, rather than feeling like we are being strangled by bills.
Cutting Back on Spending and Finally Saving Money
Although we have a little bit of money left over out of our paycheck each week, we do not want to spend it frivolously. We decided to cut back on our spending, and put this money away for a better cause such as a down payment on a house or a family emergency.
Postponing Our Move
My family and I had originally planned to move into a larger house in September, but recently decided to postpone this move because our rent would increase with the move. During a time when we are trying to save money and pay down bills, we do not feel that it is wise to take on more financial responsibility.
The Bottom Line
Rather than allowing our financial situation to keep us under water, we are doing everything in our power to make sure we come out on top. From paying down debt to saving what little money we have, we are ensuring that, little by little, we are climbing away from our struggle and into a much sunnier financial situation.
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