Search Results for: budget

4 Tips to Help You Avoid Bankruptcy

November 3, 2022 By Erin H Leave a Comment

If you’re feeling swamped by debt and money problems, you might consider bankruptcy as a solution. After all, a Chapter 7 bankruptcy can get your debts discharged in 90 days. This is a very tempting solution that works for some people. However, it has major consequences, so you’ll want to avoid bankruptcy if at all possible. Here are some tips to help you avoid bankruptcy.

1. Keep Track of Your Spending

You need to have a budget. If you have an incomplete budget now, it is time to tighten it up and make sure it includes everything you’re buying. If you don’t keep track of your spending, you’ll end up spending a lot more money than you anticipated without realizing it. This might lead to you taking on debt in order to cover the remaining bills. Chapter 7 bankruptcy can discharge debt like credit cards, medical bills, personal loans, and overpayment. But it comes at the cost of your credit and has a lot of consequences. If you track your spending carefully, you’ll be able to tell where all of your money is going. It will also let you find the holes and plug them up, preventing you from wasting money.

2. Don’t Overspend

Even if you know where your money is going, spending too much of it will still put you at risk of bankruptcy. Don’t overspend on purchases, both large and small. Instead, learn how to research prices and find different savings opportunities. You might be able to find a cheaper alternative to the item you’re looking at. Or you can get it on sale during certain times of the year. When you avoid overspending, you can also avoid taking on debt since you’ll be working within your income. So be conscious of prices when you’re buying and look for ways to bring those prices down.

3. Work With Your Creditors

If you’re overwhelmed by your debt, there may be ways to make it easier without bankruptcy. Lenders are often willing to work with you if you explain what is going on. Call your credit card company and tell them if you’re struggling to make your payments. While they won’t cancel the balance, you might be able to get a lower interest rate or avoid a penalty for late payment. These companies don’t want you to get in trouble with your debt. They’d rather work with you to find a way in which you can still pay them and avoid bankruptcy. In 2016, there was an increase from 24,797 companies in bankruptcy in the first quarter of the year to 25,227 in the second quarter. If you work with your creditors, you may be able to avoid being part of this.

4. Consolidate Your Debt

Often, you have debt coming from all different sources. You may have credit cards, auto loans, medical bills, or other loans you’ve taken out and can no longer pay. One way to make these manageable is by consolidating your loans. In this case, you’ll take out another loan and use it to pay off all of your debts. Then you’ll only have one bill to pay, with only one interest rate. This can make your payments much smaller each month, giving you a chance to get back on your feet.

While bankruptcy is a solution to financial troubles, it can be a difficult one. You want to find ways to avoid it if at all possible. If you’re struggling with debt, consider applying these solutions to your problems first. By figuring out your financial situation and looking for assistance, you will have a better chance of getting back on your feet without filing for bankruptcy.

Our Favorite Ways to Combat High Meat Prices

October 24, 2022 By MelissaB Leave a Comment

The prices in the grocery store keep rising, especially for protein. Like most people in the country, we try to keep our grocery budget within budget despite inflation. However, we still want to eat healthy meals and rely on something other than carbs to fill us up. So instead, we use these ways to combat high meat prices.

But First, a Clarification

We are not vegetarians and have no desire to be. We like carbs, but we don’t eat a carb-heavy diet. Instead, we try to eat a well-rounded diet, including plenty of vegetables and fruit.

Our Favorite Ways to Combat High Meat Prices

Here are the strategies we use to save when buying protein.

Buy Direct from the Farmer

For years, my husband and I bought a ¼ side of beef direct from the farmer. We’d get a lot of ground beef and cuts like chuck roast, T-bone steak, and stew meat. We didn’t buy the latter items at the grocery store because they were too pricey for our budget. However, buying directly from the farmer saved us money so that we could enjoy the more expensive cuts of meat.

Buy Clearance Meat at the Grocery Store

I love to buy meat from the clearance rack for other types of meat. For instance, a week after Easter this year, our local grocery store had eight-ounce packages of diced ham on sale for .49 cents! I bought five of them and used them in soups and omelets over the next few months. We also frequently find sausage on clearance. My husband cooks those up on the weekend, slices them, and packs a few for his lunch. Typically, he’ll eat about ¾ of a sausage with his lunch.

Use Meat as a Condiment or Meal Component

We almost always use meat as a condiment or meal component. For instance, we’ll add about three ounces of meat to our spaghetti, which makes four servings. Or, we’ll make soup with one-half pound of meat in it. Likewise, stir-fries are a great way to eat a lot of vegetables with a small amount of meat.

If we make steak, we’ll serve the four of us a portion of the steak so that a 10-ounce steak will feed all four of us. We’ll have ample vegetables on the side.

Add in Some Starch to Stretch the Meal

One other idea is to add some starch to stretch the meal. For instance, I like beef stew as is, but my husband and kids always add a bit of rice to it. They enjoy the flavor, and it helps to stretch the meal further.

Final Thoughts

While we are all struggling to maintain our grocery budgets now, know that this time of high inflation will recede. However, we always combat high meat prices with these strategies. We prefer to eat this way, regardless of what the economy and grocery store prices are doing.

Read More

8 Tips to Stop Food Waste

How to Feed Your Family on a Low Budget

5 Tips to Save on Groceries This Year

5 Ways to Save Money on Your Internet Bill

September 19, 2022 By Erin H Leave a Comment

It’s no secret that your Internet bill can take a chunk out of your monthly budget. The good news is that there are a few key ways that you can lower your bill. Since the internet is an essential part of many people’s work and home lives, you’ll want to apply these tips to your life to save some money.

1. Lower Your Data Usage

In many situations, your bill is based on how much data you use. The more data your activities require, the bigger bite this will take out of your budget. Think about how you can lower your data usage. For instance, if you’re running a server, the amount of RAM you’ll need is dependent on what you’re running and how many players you have. If you’re running Vanilla Minecraft on a small server, 2 to 3 GB or more is recommended. Adjust this to your personal situation.

If you are using data to browse the internet, spend as much time hooked up to wi-fi as possible. Take advantage of the wi-fi available in public places and make sure that you’re always connected to your home network if you have one. This will help lower your data usage, as well as your bill.

2. Consider Switching Your Server

If you do business online, you likely use a hosting company to do so. These companies all charge different rates for their services, so take some time to look at all of your options. The global web hosting industry is estimated to grow from a value of $102 billion to $321.5 billion by 2025. This means there are many different options available to you. Some may offer the same services you’re receiving now, but at a lower cost. If you take the time to shop around, you can save money on your internet bill.

3. Buy Your Own Modem and Router

When you sign up for internet service, your provider will offer you a modem and router to use. While this is convenient, you are charged for this service. These expenses can add up, taking unnecessary money out of your budget each month. Consider purchasing your own modem and router to use with the internet service you sign up for. According to The Spruce, small appliances like these require 15-amp circuits in order to work. If you have access to these circuits, then you’ll only need to pay a one-time charge to get your hardware. The monthly savings will make up for that initial investment.

4. Ask for Discounts

It never hurts to ask about discounts and promotions. Internet providers are in competition with each other, so they want to both attract new clients and hang onto the ones they already have. These could include monthly rate reductions, rebates, or other promotions. If you’re looking to cut your internet costs, call your provider and ask what kinds of discounts they have available. This is a simple step that can save you a lot of money.

5. Research Government Programs

The government is aware that internet access is no longer a luxury. People need it for things like job applications, medical care, and access to public services. This is why many places have programs that can help you afford internet access if you’re struggling. Look into discount programs through your local, state, and federal governments. Many will have certain requirements you’ll need to meet, but if you do, it can save a lot of money on your monthly budget.

Internet access is essential, but it can also be expensive. If you’re trying to save money on your internet bill, apply these tips to your life. By planning ahead and taking a few simple steps, you can cut this part of your budget significantly.