You might read so many advices from me or other about the way to improve your credit score or credit reports. Before this blog, I was just like you consuming their ideas to handle the credit debt, accounts, and so on. I also found out not many experts discussing about a sustainable solution. So what would be another way to strengthen your credit reports without concern of debts?
You might step too deep in debt worries in term of managing a stronger credit reports, and this makes you forget another perspective of finance: saving. Indeed, saving is a even more important puzzle than debt as this is the strongest tool to control your money, heals all finance issues in your credit reports.
So you must open as many as possible flows of cash. However, the point is you are managing your finance, therefore you have to put it into a clear plan for balancing save and expense. In a simple plan, state the exact saving amount in a particular period, divide this by months or weeks for a clear direction. A good plan has to be realistic with your current status, you can’t save more than your left amount after due payments. The following tips suggest some efficient ways, put you on the point to achieve your target ASAP.
Quick saving period
This is a strategy forcing you to spend as less as you can in a certain period. You have to manage well all expenses in a limited duration. It sounds like what you are doing now, however, looking at another side, a saving spree is an effort in short-term and is easy to complete rather than your current annual saving plan. Because you can commit with ease in not going out in next 2 weeks, no shopping in a month, and stick to the plan with some new cheaper alternatives.
Some good practices are such as: cooking at home with your current ingredients for dinners or lunches, canceling TV cable contract in a month and switching to Youtube or Netflix. Sharing with your friends that you are in a quick saving time so they won’t mind when you refuse to go out for drinking or coffee or concerts.You can also utilize the free sampling in malls or hotels.
In case you can point out which is the most weighed account in your expenditures, the progress would be faster since you can concentrate on other options replacing the existing expensive costs. According to Nasdaq consumers, some of the most common expense are: housing, transportation, foods and utilities. Investigating a deeper look for these is effective to create a big surprised bump after the spree.
Sell unnecessary things
After years with non-managed shopping, we usually have things never used or did it in some times. This might be the right time to farewell some clothes, old toys, items in a collection, functional electronics, motorbike or bike and welcome some resale money.
You should google for the price of above items to determine the great deal for you and buyers. You also gain some idea of a place to sell no-needed items. It could be Facebook group, eBay, Amazon or even Craigslist in online; in a weekend flet-market or traditional garage sale.
This strategy can return a few hundred bucks from clothes, a collection’s item, electronics that you haven’t thought about it. This could be enough for you to handle with some due payments that impacts your credit reports later.
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Collect cash from hiding places
Have you forget a small lending amount to your friend after a dinner? Have you gather reward points from current credit cards? These are only 2 in many hiding cash people miss all the time.
When it comes to saving, money is money literally so collecting these little funds is another practice. With cash-back check or new credit or gift cards, you don’t have to spend your precious money for some kind of purchases.
When I was working in Philippines in a year, I hadn’t notice that my electricity bill and cable bill could be done by my Citi credit card and get a rewards up to USD 50 each month. So I learnt a lesson of checking promotions with credit cards and utilize the reward points or cash back as much as it could.
Another fund normally is missed from your account is Paypal or any other e-wallet. You topped-up for online shopping, but you don’t intend to shop in next few months so what the reason could be to leave it in the balance when you have something to pay now.
Open a new income stream – Vitalize credit reports
Well this sounds the most exciting thing but I leave it in the last tip since this is the most challenging thing. However, when you reach the top, the new cash will come into your account quickly and vitalize the whole credit reports.
Basically you must find a new job beside the current one that makes it a challenge. At this point, you can execute it in two different paths. Firstly you work for others. There are many part-time jobs for you to choose and fit with your schedule as well as capabilities. It could be: cleaning houses, walking dogs, babysitting or freelance jobs like writing, paperwork assistant, conducting researches, etc. You will be paid from $10 – 20 per hour.
Secondly, you work on your own. This may be a new blog or vlog of beauty, traveling, cooking, home decorating tutorials or anything you got a great knowledge of. For instance, after years I’d been struggling to step of student loan, now I have a great insights of financial management to share with people are likely who I was.
What about you don’t have much time or blogging or video speaking ability, you can utilize your skills and wiseness to do it yourself in reality. For example, you are an amazing home baker, why don’t you make some beautiful birthday cakes and sell them online on Facebook. This idea can apply for many kind of hand made products: cards, gifts, foods. Just do what you are the best, a new door will open.
With above tips, you can have choices to save money from now onwards. The more practice, the better strategy found out. If you think these suggestion are great, let’s share this with your mates.