5 Tips for Managing Your Finances

Managing your finances in recessionary times can be difficult, but it is also essential for keeping a balanced budget.

Here are 5 tips for managing your finances:

1. Make a list of your expenses and income - You have to know if you are taking in more than you are spending.
2. Identify budget allocations which can be eliminated or reduced - Consider cutting budget allocations for dining out or trips to the spa.
3. Keep an eye on your credit cards - Be sure to make monthly payments on credit cards and do not use them to forgo debts.
4. Enjoy simple pleasures - Reward yourself by doing inexpensive things such as going to the beach or going to the park, or get together at a friend's house instead of going out to a bar.
5. Save - As much as you can, even if it's only loose change or a couple dollars a day.