You might have seen or played a recent social media game known as #ThrowbackThursday<\/strong> (#TBT<\/strong>). It has become the<\/em> nostalgic web trend of the year, letting you post pictures from \u201ca while\u201d ago so that you and your friends can enjoy reliving past events and laughing about good memories.<\/p>\n While fun for some, others would prefer to forget the past, especially if it included trouble paying off debt<\/strong>.<\/p>\n What does your \u201cthrowback\u201d reveal about your financial picture?<\/em><\/p>\n If you\u2019ve paid debt down, congratulate yourself because that is a really tough thing to do. But, if you owe the same or more than you did 3 years ago, ask yourself if you\u2019re ready to do something about it.<\/p>\n Despite living modestly, trimming expenses and using a budget outline, many people don\u2019t realize that they actually spend more than they earn<\/strong>. As life changes, so too must our spending, making budgeting a bit of a balancing act.<\/p>\n Making significant life-style changes and decreasing your spending is never easy, however struggling with debt year after year is even harder.<\/p>\n Here are three things you can do to get back in control<\/strong> of your money:<\/p>\n Review your overall household budget<\/a> periodically and then discuss expenses, priorities and changes with all affected family members to help you keep on top of the fine balance between income and expenses.<\/p>\n It might be necessary for everyone to track their spending<\/a> (again) to see where their money is actually going. You can use an app, an Excel spending tracker spreadsheet, or plain old pencil and paper. Keep it simple and easy for everyone.<\/p>\n When you look at your tracking and spending details, you might quickly be able to see where your budget is out of balance. Or it might be a combination of things that are throwing your budget off track.<\/p>\n Either way, there are steps you can take to ensure that you regain your financial balance quickly, before your reliance on credit turns into a mountain of debt.<\/p>\n Decreasing expenses is one way to work towards a balanced budget. There are plenty of tips online for living frugally<\/a>, trimming household spending and saving money.<\/p>\n Check a few websites, sign up to get tips by email from newsletters<\/a> and blogs you like, or follow sites through social media channels.<\/p>\n Related:<\/strong> Save Money on Cell Phone & Bank Account Fees, Cable & Internet Packages, Groceries and Gas<\/a><\/p>\n If you aren\u2019t sure how much to spend on household expenses, try our one-of-a-kind Excel budget calculator spreadsheet<\/a><\/strong>. It will give you guidelines and tips as you fill in your income, expenses, savings and debt payments.<\/p>\n Consider selling assets that are either tied to debt or which can pay off debt<\/strong> fast. If you have car loans, determine if it makes sense to temporarily downsize your vehicle or find a less expensive vehicle to own. Sometimes just freeing up part of a monthly car payment is enough to give your budget some breathing room.<\/p>\n Related:<\/strong> How to Pay Off Debt Faster<\/a><\/p>\n Increasing <\/strong>your overall household income <\/strong>works best when everyone also consciously reduces <\/strong>household expenses <\/strong>and personal spending. A budget and reduced debt payments will help.<\/p>\n If you have teens at home, get their input and ideas about saving on expenses around the house and earning their own spending money.<\/p>\n As you investigate increasing your hours at work or taking on a part-time or second job, be conscious that you don\u2019t take on more than you can reasonably do. You don\u2019t want to consider options that will jeopardize your full time job or cause a stressful home life.<\/p>\n Look for ways to increase your income by doing things you like. If you can do yard work, accompany a senior for shopping, or give music lessons, hire out your services or take on a part-time job that lets you get paid for doing these things for others. You might be able to work a few hours a week in a craft or gardening store if these are hobbies you enjoy.<\/p>\n More ways to increase your income and keep yourself from spending more than you earn:<\/em><\/p>\n Every little bit extra will help, so be open to creative solutions that add up!<\/p>\n Paying off debt<\/strong> is much harder than accumulating it, so use #ThrowbackThursday<\/strong> to remind yourself of your goals. Focus on what you can<\/em> do and how good it will feel to have paid your credit cards and debts off! Ask your social media friends to help you stay motivated and on track \u2013 or better yet, to join you!<\/p>\n <\/p>\n Related articles:<\/strong><\/p>\n Sign Up for a Free Webinar or Workshop – Learn How to Save and Manage Money Better<\/a><\/p>\nWhat Would a Financial \u201cThrowback\u201d Picture Reveal About Your Credit Card Balances?<\/h2>\n
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Take a look at your credit card balances<\/strong>, or what you owe on your line of credit today. Now throwback, financially speaking, and ask yourself if the balances are higher, lower or about the same as they were 3 years ago.<\/p>\nUpdate Your Budget to Avoid Spending More Than You Earn<\/h2>\n
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1. Create a Household Budget \u2013 Track Expenses to Reveal the Truth<\/h2>\n
Evaluate What You Learn from Tracking & Deal with What\u2019s Throwing Your Budget Off Track<\/h2>\n
Where to Find Ideas to Decrease Expenses<\/h2>\n
How Much Should You Be Spending on Household Expenses?<\/h2>\n
2. Pay Off Debt to Free Up Money in Your Budget<\/h2>\n
3. Increase Income or Reduce Expenses \u2013 How to Decide What to Do<\/h2>\n
What to Watch Out For If You Look for Ways to Increase Your Income<\/h2>\n
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\u201cThrowback Thursday\u201d \u2013 Can the Social Media Trend Motivate You to Pay Off Debt?<\/h2>\n