There’s an old saying -- you know you're in trouble when you have more month left than money. There are some simple things you can do to make sure you have money left at the end of the month.
It would be great if we didn't have to worry about money, but for most of us, it is a concern. Where do we begin when it comes to income and expenses?
"The first thing you should do is prioritize your bills. So take a look at all of your bills, determine what needs to be paid first, and put together a schedule based on your paydays,” said Susan Utsugi of Central Pacific Bank.
Sounds easy but what should you do if you find yourself behind in making those payments.
"You should contact your creditor and see what you need to do to bring your status positive. And don't be afraid to ask for an extension or payment plan because often times, creditors will grant those requests,” said Utsugi.
There is a priority list when it comes to your monthly payments.
"You want to make sure you pay your taxes, you want to make sure you pay your rent. If you have credit card bills or loan payments such as a car payment, you want to make sure that you cover those payments so that you keep your credit report clean,” said Utsugi.
And again - if you find you have more month than money, don't hesitate to get in touch with the people you owe money.
"And stay in communication with your creditor. I think it's important you want to make sure that they understand your intent to meet your obligations,” said Utsugi.
Once you get to the end of the month and find you're short of cash, go back and review your expenditures.
"And if you can see how much spend, for example on food or dining, entertainment, you can identify what areas you can cut to meet your budget,” said Utsugi.
What's the best way to track those costs?
"A tip is to keep a budget diary and record when you spend every penny. And that way again, you can identify how you spent your money and where you can cut,” said Utsugi.
