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Save Money

Saving Money and Reducing Your Credit

News flash. You might have noticed that the economy has taken a knock globally. Well, whether it will get worse before it gets better, which is usually the case when the economy gets worse than usual, somehow society in each and every country always find a way to get back on their feet and thrive.

With that being said, so can you. The main problem in society and the many reasons why we get into trouble regarding our financial status is due to paying for things we cannot afford. This tends to raise a lot of problems without some even realizing it.

Paying for something that you can’t afford might seem like a daily ritual that is presented in society as normal. On the contrary, however, it’s like a big scheme and you’re the bait. Every time you go to a store and receive a discount because you made either a payment or received a voucher upon buying something, you’re automatically given a chance or opportunity to buy more. This can lead to consistent buying that raises your credit card and monthly payment bills so high that you end up having more to pay than you bargained for.

With hundreds of millions of people in debt all across the globe, remaining in debt for years, even though they’ve stopped buying, could be detrimental to your lifestyle and your bank account.

Just how do you stop buying and how can you prevent getting into credit, or even just more credit?

Different Ways to Save Money and Invest to Get Ahead

Ask and Be Informed

One simple thing you can do when either opening a new account, agreeing to certain terms or ‘extras’ and paying for the things that you probably don’t need, is ask questions.

Ever thought that the product you plan on buying might have a cheaper version of it? Ask yourself a couple of questions as well and think whether you can get the same product for free, whether you can get a cheaper version of it, as well as whether you’ll be able to exchange it for something else. Thanks, Flipkart and eBay.

cash-jar

Boost Your Credit

Sounds crazy right. Why would you want to boost your credit if it includes a direct temptation to buy more? Well, having great credit, practising control or even just not using it at all might earn you more than ever before. If you can strive towards keeping your credit in great condition, then you can get the lowest interest rates on, pretty much everything. A win-win for both your bank account and your future payments.

How to boost your credit

Start with paying your bills on time which will add points to your perfect score. Also, be sure not to max out your credit cards. Just because you’ve got $10,000 on your card, does not mean you should be using it. It’s also important to avoid all bad forms of credit and lastly, keep your old and fully paid accounts open for all the credit gurus to see. Extra points for you.

Shop Mindfully

When shopping or deciding on buying that new car, think to yourself, do you really need it? Perhaps a car with a lower interest rate will do? Maybe, you’ll even find one that has half the interest elsewhere. Always be mindful of where and what you buy. Also, be sure to compare prices before you make any purchase.