Soaring oil prices, rampant unemployment, and housing crisis are some of the things that make saving money for important expenses difficult. Many are still dealing with the effects of the negative economy and personal bankruptcy. One good thing about the current negative situation is that people have learned to make do on the little they have. They have learned to purchase more affordable things of good quality and apply to bad credit auto lenders who specialize on providing people with cost-effective cars. Here are more ways to save more money during economic slump.
1. Repair that credit score
The good news today is there are companies that specialize in car loans for bad credit and after bankruptcy auto loans. There are also cash advance schemes in some states for people who always seem to be short on cash. This should be abused, though, and people should repair their credit scores as soon as possible. There are books and ebooks available for those who want to improve their credit scores. In addition, there are resources on the internet that can help people with bad credit histories.
2. Pay off all debts
Paying off all outstanding debts is easier said than done, but doable. This would take a lot of effort, scrimping, and discipline, but the end result would be amazing. For those who cannot pay all their debts instantly, there is hope. They can write to their creditors and arrange a payment option where they will pay a portion of the debt every month. Amazingly, many creditors would agree to this arrangement as they would rather get some each month than nothing at all.
Financial experts say that at least 10% to 20% of the income of a person should go to a savings account, preferably a certificate of deposit and a bank account with compound interest. The money can be withdrawn only once it has earned a decent interest or in the event the family or the individual would need funds for something important, such as an emergency or to purchase a used car. There are valuable resources on the net consumers can use to help them in saving more money. They can track every expense by using a calculator for determining a personal income and expenses, as well as use a compound interest calculator and savings goals calculator.
4. Buy used instead of new
People who want to purchase a car can buy a used car instead of a new one. They should make sure, however, they purchase ones that have low mileage on them and in mint condition. This would also apply to other expenses, such as books, jewelry, pieces of furniture, and some electronic devices.
People who have poor credit histories are fortunate that bad credit auto lenders are in business to help them get the car they need. Still, getting car loans for bad credit and after bankruptcy auto loans are only temporary solutions. Borrowers can follow the tips listed above and they will be on their way to better financial help.
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