| May 20, 2013

Growing your savings through smart budgeting

Most people are aware that developing a solid budget is one of the core strategies to building a healthy savings fund, but the confusion often lies in how to create a sound spending plan. When individuals are faced with daily expenses, housing costs, insurance and bills, saving money can be challenging and consumers may feel hopeless about their ability to plan ahead for the future. If additional factors play a role in their finances, such as credit card debt, bankruptcy or medical bills, these feelings may be greatly exacerbated. By developing a money management plan, individuals can take the first step toward disciplining their spending and making determinations about their financial conditions. 

The first step when creating any budget is to tally up and examine all expenses. This ranges from what consumers are paying for groceries to their heating bills, mortgage and credit card balances. All expenses should then be placed into a fixed or variable category, with those fixed expenses representing amounts that will never fluctuate, such as mortgage payments and student loan bills. As for the variable expenses, such as groceries, gas and some utilities, consumers should try to focus on ways to cut down on these costs. For example, groceries represent a larger expense than most people may realize, and small steps, such as shopping with a list, relying heavily on coupons and purchasing seasonal items can make a significant difference in how much they spend.

Other steps, such as switching to more affordable service providers, carpooling with co-workers and eliminating pricey cellphone and cable packages can also free up more income to devote toward savings. Paying close attention to discretionary purchases, such as clothing, entertainment and eating out may also alert individuals to excessive spending that inhibits them from putting money in the bank.

Making tough decisions

Budgeting can be a smart first step toward freeing up more income, but if after setting a money management plan individuals are still strapped for cash, the problem may run deeper and require professional assistance. Credit counselors can help consumers make decisions about how to handle debt and other burdens that are slowly forcing consumers to go under, and suggest a number of solutions, such as debt management or consolidation programs. In some cases, downsizing to a more affordable residence or vehicle may also be necessary. However, speaking with a professional and knowing all the options can help individuals feel more empowered and in control of their financial futures. 

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation
VE Interactive