No one wants to pay bills, but it’s just another part of life. When we exercise financial patience and restraint, our bank statements grow along with our monthly budget. Nevertheless, according to Time Magazine, consumer credit card debt is on the rise. Today, the average American household is indebted a whopping $15,355. With our heads barely above water, it’s hard to see the life raft. As bills pile up and unknown expenses come out of the woodwork, it’s a wonder if we’ll ever get back on stable ground; but we will, and we can. All we have to do is budget. Taking our finances by the reins, things like our monthly car insurance statements will pay for themselves. Though if you live in a state like New Hampshire where liability auto insurance is not mandatory, you could forego that monthly car insurance payment altogether, but that’s a story for another day.
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It’s All About that Budget
USA Today found that 39 percent of Americans with credit card debt habitually need financial support to afford medical expenses, college expenses for their children, and possible bouts of unemployment. If you’re someone who relies on credit cards to get by month to month, it’s time to really examine the numbers. Is it that your salary is just not enough to support your living expenses, or like some of us out there, you’re spending more than you have? Let’s take a quick look at some tips we can use to create a healthier financial budget and in turn be able to pay for the monthly car insurance payment.
- -Be pragmatic about your budget: If this is your first time making a monthly budget, start by figuring out how much money you’ll be taking home after taxes. Then compare this number with the amount of money you think you’ll be spending on bills and groceries. When you know these numbers, you’ll be better at sticking to your budget.
- -Assume expenses will be higher: The economy is always fluctuating. While we are leaving an economic depression and making our way towards a more stable economy, inflation will rear its ugly head. Though gasoline may have cost $2.75 last week, it might cost $4.05 the next.
- -Discern between necessity and luxury: When we see our monthly earnings hit our checking account on payday, we’re overwhelmed in jubilation. Before we head over to the J. Crew sale, we need to make sure the things we need have been paid for. This includes rent, utilities, groceries, doctor’s visits and car payments. Ask yourself: Do I really need that scarf or do I need to make a payment on my college loan? The loan should win.
- -Make a savings expense category: Having a savings account will bring you peace of mind. If your car should break down on the side of the road and your checking account balance is low, you know that your savings will save the day.
- -Make a “rainy day” expense category: CollegeinColorado suggests that once you’ve totaled all of your monthly expenses, you should take 10 percent of that total and place it in a category of its own. This provides you with more financial flexibility and helps to protect you should your bills rise or a surprise expense pops up.
- -Keep bill statements and payment receipts organized: No system is perfect. Even if you know you paid your car insurance premium, it’s wise to have records. Organizing your monthly statements and paid receipts will help you contest any discrepancies and keep an eye on your spending history. And with tax season upon us, having all of our statements and receipts in one place will make for an easier time of filing.
