Look to Harrison Funding to Help Get Your Finances Back on Track

If you live life paycheck to paycheck, you know how difficult it is. You are always one paycheck away from poverty. Unfortunately, a large percentage of the workforce lives this way, either through poor management of their money or a climactic event in their lives. Thankfully, if you currently live life this way, you can make a change. 

Achieving Current Status

If you’re behind on your bills, bringing them up to date can seem like an impossible task. You can borrow money from a family member. However, if this is not an option, you can apply for a small personal loan through a lender like Harrison Funding. It will afford you one low monthly payment and allow you to bring your bills current.

Monetary Benefits of Keeping Bills Current

When bills fall behind, it isn’t just stress that you encounter. You can also increase owed balances through accumulated interest and late fees. If that’s not enough, your credit score gets pushed into a downward spiral, costing you even more financially. 

Importance of a Good Credit Score

Having a good credit score is advantageous. It affords you the lowest interest rates on mortgages, auto loans, and personal loans. Having excellent credit also makes it easier to purchase a home, rent an apartment, and gain access to the best insurance companies. People with good credit don’t have to pay deposits on utilities and are able to borrow large sums of money. The good news is that, even if your credit is poor, you can raise your score. Paying your bills on time as well as reducing the amount of debt you owe and the number of accounts you have open are a few effective ways to achieve it.  

Money Management

Learning how to manage money leads to financial success. It takes time to develop a system that works. A household budget is an essential tool that will allow you to see what you owe out to creditors, your net monthly income, and where you waste money. You can use the old method of listing what you owe out against what you bring in or you can look online for a free, downloadable budget app and just fill in the blanks. 

Know your expenses, including groceries

Know Your Expenses

In order to improve your current financial situation, you need to get a handle on your expenses. Most people don’t know the dollar amount they pay out each month. Keeping track of them will enable positive change. Once you see the entire picture, you can take steps to reduce your monthly expenses. 

Identifying Your Debt

Many people end up in financial ruin because they owe more out than they take in. They pay their monthly bills and then come up short for essentials like food, gas, and school fees. Reducing your debt will free up cash that you can use to pay for these items with no reliance on credit cards. Start by saving the receipts for all of your expenses including groceries, take-out, utilities, and child care. This will do two things. It will let you know exactly what you spend and what you spend it on. Use this information to curb wasteful spending.  

Resolving Household Debt

Once you discover where you waste money, you can take the necessary steps to reduce that waste. For example, if your take-out food receipts add up to a few hundred during the month, cut back on dining out to once a month. If your utility bills are extremely high, lower the costs by using less energy. Replace light bulbs with energy-efficient ones, do your laundry and run the dishwasher during non-peak hours, and install a programmable thermostat. 

Emergency Fund

Many people who live paycheck to paycheck get into financial difficulty through the occurrence of an unexpected expense. Since they don’t have a savings account, any expense, large or small, takes away from money already allocated to pay bills. Putting away a small amount of money weekly for emergencies only will prevent this from happening. 

You can get your finances back on track. Make 2021 the year you achieve your goal.


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